Exam (elaborations)
WEBCE TEST QUESTIONS AND ANSWERS 2024
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WEBCE TEST QUESTIONS AND ANSWERS 2024
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WEBCE TEST QUESTIONSjeff is a licensed producer in both NY and PA. he is charged with embezzlement in
NY and his first pretrial hearing is March 1. he must notify the PA commissioner of
this charger within how many days of the hearing? - ANSWERS-30 days
they must report any diciplinary action taken against them within 30 days
an agent who sells insurance for an insurance company that does not have a
certificate of authority to operate in that state represents - ANSWERS-a non-
admitted insurer
in converting a term policy to a permanent policy, the premium for the
permanent policy is determined on what basis? - ANSWERS-the premium for the
permanent policy is determined on either the attained age basis or original age
basis.
in an annutitant driven deferred annuity contract, what happens upon the death
of the annuitant prior to annuitization if the owner is still alive? - ANSWERS-the
contract terminates and the death benefit is paid to the beneficairy
in a back end loaded universal life contract, when and from where does an insurer
deduct administration fees? - ANSWERS-from full or partial policy surrenders
during the first 10 or so policy years
,which of the following riders waives the cost of insurance from being deducted
from a universal life policys cash value in the event the insured becomes disabled
- ANSWERS-waiver of monthly deductions rider prevents the cost of insurence
from being deducted from the UL poliocys cash value
zelda, a health insurance producer, assures a prospective applicant that the
insurance she sells is backed by the PA life and health insurance guarantee
associaiton. what is true about this kind of assurance? - ANSWERS-it is prohited at
all times
which one of the following statements most correctly describes a universal life
insurance feature that is NOT available with traditional whole life insurance -
ANSWERS-accessing the cash value must be done through a partial surrender, not
a loan. traditional whole life policies provide access to the cash value thru a loan
who would be able to access their life insurance policy cash value through a
partial surrender but not a policy loan
Tonya, who owns a variable life insurance policy
Gina, who owns a term life insurance policy
Tim, who owns a universal life insurance policy
Abe, who owns a whole life insurance policy - ANSWERS-tim, who owns a
universal life insurance policy. Tim can access his cash value through a partial
surrender but not through a policy loan. traditional policy loans are NOT available
with universal life insurance policies
,most of the combination, or 5th, dividend options involve what?
extended-term insurance
one-year term life insurance
renewable term insurance
one-year permanent insurance - ANSWERS-one-year term life insurance
combination dividend options involve one year term insurance
what provides an additional death benefit for death due to any cause, accident or
illness?
accidental death benefit rider
cost-of-living rider
term rider
return of premium rider - ANSWERS-term riders provide additional death
benefits for any cause of death
all the following statements on children's term riders on life insurance policies are
correct, EXCEPT
A children's term insurance rider provides a modest amount of coverage
Children's term riders often are issued for a specified amount
, A children's term rider can be issued for a specified percentage of the primary
insured parent's base policy
The modest amount of coverage in a children's term rider reflects the small
amount parents are willing to pay for children's insurance. - ANSWERS-IT IS NOT
TRUE that a modest amount of coverage in a children's term rider reflects the
amount of parents willing to pay for children's life insurance
In a viatical settlement arrangement, the party who enters into the arrangement
with the policyowner is called a:
viatical settlement provider
viator
viatical settlement broker
viatical settlement purchaser - ANSWERS-viatical settlement provider
When calculating the surviving family's ongoing cash needs at the death of the
prospective customer, the agent must consider all of the following expenses
EXCEPT:
utilities
transportation expenses
family medical expenses
the insured's funeral expenses - ANSWERS-the insured's funeral expense is not
considered because it is not an ongoing cash need
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