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Exam (elaborations)

Pearson Vue Comprehensive Exam Part 2

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Pearson Vue Comprehensive Exam Part 2

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  • October 20, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Pearson Vue
  • Pearson Vue
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25 Multiple choice questions

Definition 1 of 25
An insurer considers all of the following when determining the fixed annuity payments, except:

The accumulation amount

Stock market values

Interest rate

Expenses

Definition 2 of 25
At least how many days in advance must an insurer give the affected party notice of non-
renewal?

30

60

90

180

Definition 3 of 25
James is nearing retirement and has accumulated $175,000 in an annuity. He wants the largest
possible monthly benefit for as long as he lives. Which option should he choose?

Fixed Amount


Life Income with Refund

Joint Life


Life Income

,Definition 4 of 25
The exception to the rule concerning the non-deductibility of life insurance premiums is:

Key Employee Insurance


Employer paid group life insurance premium up to $50,000 of coverage

Life insurance to fund a Buy-Sell Agreement


Third-Party Ownership Policies

Definition 5 of 25
Which of the following statements about Equity Indexed Life insurance is TRUE?

The policyowner can decide which separate accounts to invest the policy's cash values
into

The insured/owner bears all risk regarding cash surrender value, as negative stock
market performance can cause the cash values to decrease


The interest credited to the policy is based off of the performance of a stock market
index like the S&P 500

To sell Equity Indexed Life, a producer only needs a securities license

Definition 6 of 25
All of the following are the benefits of having an employer sponsored retirement plan be ERIS
A qualified, except:

Employer contributions are immediately tax deductible

Employer contributions are not taxable to the employee until withdrawn

Plan withdrawals are tax free


Earnings on contributions grow tax deferred

, Definition 7 of 25
Which of the following is NOT considered one of the essential elements of a contract?

Competent Parties


Offer of Acceptance

Conditions

Legal Purpose

Definition 8 of 25
K owns a variable annuity with an assumed interest rate of 4%. If the actual performance of the
separate account is 5%, the affect on this month's income benefit check will be ________:

Higher

Same

Lower


It all depends on the separate account selected

Definition 9 of 25
A client wants to make sure that they have permanent life insurance policy several years from
now when they can afford it without having to prove insurability. What feature should they
make sure they have on their new term life insurance policy?

Flexibility

Renewability

Convertibility

Adjustability

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