Exam (elaborations)
Pearson Vue Insurance Practice Exam
- Course
- Institution
Pearson Vue Insurance Practice Exam
[Show more]
Content preview
Name: Score: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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller codersimon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now