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Exam (elaborations)

Pearson Vue Comprehensive Exam Part 1

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Pearson Vue Comprehensive Exam Part 1

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  • October 20, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Pearson Vue
  • Pearson Vue
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29 Multiple choice questions

Term 1 of 29
In order to make sure that a creditor of the insured is not paid more than the outstanding loan
at time of claim, the policyowner should:

Specify a dollar amount the creditor should receive at time of claim


Indicate the percentage of the face amount that creditor will receive

Name the creditor as a primary beneficiary

Purchase a decreasing benefit policy that matches the loan repayment schedule

Term 2 of 29
All of the follow are TRUE regarding non-qualified retirement plans, except:

Contributions are not tax deductible

Upon withdrawal only the earnings are subject to taxation.

Contributions are immediately tax deductible

Earnings can be tax deferred until withdrawn

Term 3 of 29
Admitted life insurance must pay interest, at a rate specified by life, on death benefits from the
date of the insured's death, through how many days following the date the insurer receives the
claim?

15 days

20 days


30 days

31 days

,Term 4 of 29
An individual purchased a fixed annuity with flexible premiums. When she annuitized the policy,
she chose the Life Income 10-Year Certain option. What would the beneficiary receive if the
annuitant dies 4 years after the annuity payout began?

10 more years of payments


6 more years of payments

The undistributed balance


Nothing

Term 5 of 29
A(n)___________ plan calls for the business to purchase life insurance policies on each of the
business owners.

Cross Purchase

Entity

Group

Credit Protection

Term 6 of 29
The policy loan amount cannot exceed the __________________.

The cumulative premiums paid

The loan balance

Available cash surrender value


The face amount of the policy

, Term 7 of 29
For ____________ purposes, the client should know that if they are a third party owner, the value of
the death benefit will be added to their estate upon death of the insured.

Estate planning


Federal income tax

State income tax

State inheritance

Term 8 of 29
All of the following are correct pertaining to Decreasing Term, except:

The premium declines throughout the term of the policy

Its most common uses is in credit life insurance

The death benefit decreases


The premium stays level

Term 9 of 29
A producer must complete a _____ credit hour training course in order to sell annuity products.

3


4

6

8

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