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life insurance practice exam pearson vue
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life insurance practice exam pearson vue
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Name: Score:35 Multiple choice questions
Term 1 of 35
a payor benefit rider provides which of the following benefits
a reduction in the premium amount for the insured
an automatic payout of the policy value upon the payor's death
a temporary waiver of premium should the payor die, until the insured reaches a
predetermined age
a permanent increase in the death benefit for the insured
Term 2 of 35
an individual who, for the purpose of collecting premiums, acts for another in negotiating a
contract of insurance is considered to be a
a director
a broker
a consumer
a producer
Term 3 of 35
controlled business is defined as insurance a producer writes on all of the following individuals
EXCEPT the producer's
teachers
family
friends
neighbors
,Term 4 of 35
all of the following provisions must be included in group life insurance policies issued in this
state EXCEPT
murder
accidental death
suicide
homicide
Term 5 of 35
a producer may be guilty of misrepresentation if the producer
tells an insured the deductible on a policy is less than it actually is
a temporary waiver of premium should the payor die, until the insured reaches a
predetermined age
a producer returns a portion of the commission to an insured
it may be provided through a group or individual policy
Term 6 of 35
a client needs a substantial amount of protection but has limited financial resources. Which of
the following insurance policies would BEST meet the client's needs?
whole life
term life
annual renewable term
group life
,Term 7 of 35
federal income tax laws generally treat proceeds of life insurance policies as
deferred taxes
tax deductible
nontaxable
the insurance commissioner
Term 8 of 35
a type of annuity in which the cash values are invested in securities is called
constant
coefficient
variable
fixed
Term 9 of 35
which of the following statements is CORRET about insurance producers who fail to satisfy the
continuing education requirements
it is renewable at the option of the insured
their licenses will be terminated
their licenses will be suspended
the insurance commissioner
, Term 10 of 35
an insurance producer who makes false statements that harm the reputation of another
insurance company is guilty of
negligence
a certificate of authority
libel
defamation
Term 11 of 35
all of the following groups are considered eligible for group life insurance except
group life
volunteer religious groups
veterans associations
labor union groups
Term 12 of 35
which of the following statements about credit life insurance is CORRECT
it may be provided through a group or individual policy
it is only available as a group policy
it can only be purchased by individuals over the age of 50
it requires a medical examination for all applicants
Term 13 of 35
an insurance company doing business in this state must operate under the
a producer's license
a certificate of authority
a reinsurance license
an approval of certification
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