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Exam (elaborations)

Pearson Vue Insurance Practice Exam

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Pearson Vue Insurance Practice Exam

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  • October 20, 2024
  • 53
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Pearson Vue
  • Pearson Vue
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56 Multiple choice questions

Term 1 of 56
An employer can deduct premium payments as an ordinary business expense for which of the
following life coverages?

individual


universal life

group

period

Term 2 of 56
Which of the following statements is correct about group life conversion privileges?

Death during the conversion period is covered if the departing employee chose not to
conver the policy.

The policy can be converted to a higher coverage amount without additional premiums

Conversion must occur within 30 days of employment termination


Conversion privileges are only available to employees who have been with the company
for over five years

Term 3 of 56
All of the following provisions must be included in group life insurance policies issued in this
state except

Homicide

Murder


Assignment

Suicide

,Term 4 of 56
Which of the following features allows an insurance policy to remain in force for a specified
number of days beyond the premium due date?

Nonforfeiture option

Consideration clause


Variable

Grace period provision

Term 5 of 56
Which of the following group life plan requires at least 75 percent of the eligible members to
participate?

Defined Contribution


Representations

Contributory

Variable

Term 6 of 56
An insured intentionally understates her age on her application for a life policy. At death, the
insurer will take which of the following actions?

pay a reduced death benefit based on the insured's actual age

pay the full death benefit regardless of the age stated

increase the premiums due to the misrepresentation


void the policy entirely and return the premiums

,Term 7 of 56
Reinstatement of a life insurance policy requires an insured to take all of the following actions
except

Pay all past-due premiums


Pay the death benefit

Make collateral assignment to the insurer

Value of the nonforfeiture options may decrease

Term 8 of 56
An individual appointed by an insurance company to solicit applications for a policy of
insurance on its half is known as

An insurance producer

A producer

A consultant


An insurance broker

Term 9 of 56
In life insurance, the free look provision begins on the

policy delivery date

date that the insurer issues the policy

effective date of coverage

date of application

, Term 10 of 56
Which of the following statements is NOT correct about representations?

A flexible premium variable annuity


They are true in every respect

Grace period provision

Entire contract

Term 11 of 56
The major difference between a mutual insurance company and a stock insurance company is
the

Amount of dividends paid to policyholders

Regulatory oversight by state authorities

Form of ownership each company is permitted


Types of policies offered to consumers

Term 12 of 56
The right to change a beneficiary designation is reserved for the:

Revocable Beneficiary

Policyowner


Insurer

Sex

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