Exam (elaborations)
Pearson Vue Comprehensive Exam Part 1
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Pearson Vue Comprehensive Exam Part 1
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Name: Score: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Earnings can be tax deferred until withdrawn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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