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EXAMFX EXAM AND PRACTICE EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS|ALREADY GRADED A+|NEWEST|GUARANTEED PASS|LATEST UPDATE$22.49
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EXAMFX EXAM AND PRACTICE EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS|ALREADY GRADED A+|NEWEST|GUARANTEED PASS|LATEST UPDATE
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EXAMFX EXAM AND PRACTICE EXAM 2024-
2025 WITH ACTUAL CORRECT QUESTIONS
AND VERIFIED DETAILED ANSWERS
|FREQUENTLY TESTED QUESTIONS AND
SOLUTIONS|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS|LATEST
UPDATE
EXAMFX EXAM AND PRACTICE EXAM 2024-
2025 WITH ACTUAL CORRECT QUESTIONS
AND VERIFIED DETAILED ANSWERS
|FREQUENTLY TESTED QUESTIONS AND
SOLUTIONS|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS|LATEST
UPDATE
In a variable life insurance policy, all of the following assets are held in the insurance company's general
account except
Cash surrender values
with adjustable life, the owner can change all of the following except
the insured
which of the following terms refers to the nontaxable portion of each annuity benefit payment?
Cost base
Which of the following is not a characteristic of variable insurance and annuities?
Benefits are determined solely based on the policy premium.
Suitability of annuity sales to senior consumer requirements would apply to all of the following except
a direct response solicitation
if the annuitant dies before the annuity start date, which is true?
the interest is taxable
According to the life insurance replacement regulations, which of the following would be an example of
policy replacement?
a policy reissued with a reduction in cash value
The needs approach to calculating the amount of life insurance needed is based on
1|Page
,predicted needs of a family after the premature death of the insured
Which of the following statements concerning the Medical Information Bureau is correct?
The MIB assists underwriters in evaluating and classifying risks
Key Person Insurance can provide protection for all of the following economics losses to a business
except?
Pay death benefits to the estate of the insured
If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it
would be an example of which legal concept?
Reasonable expectations
Life settlements sold in Wisconsin must allow for the rescission of the contract within
30 days.
An insurance organization that does not issue insurance policies but provides a meeting place for
underwriters to conduct business is known as a
Lloyd's association.
Which of the following is NOT true regarding the needs approach method of determining the value of an
individual's life?
Need is predicted using the number of years until the insured's retirement.
Which of the following is a presentation that includes nonguaranteed elements of a policy over a period
of years?
Illustration
Which of the following settlement options in life insurance is known as straight life?
Life income
What does "level" refer to in level term insurance?
Face amount
If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding
loans on the policy, what portion of the death benefit will be paid to the beneficiary?
A full death benefit
Life insurance policy illustration rules apply to which of the following types of policies?
Whole life insurance
An insurance company receives an application with some information missing and issues the policy
anyway. What is this called?
2|Page
, Waiver
The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is
disabled is called
Waiver of premium.
Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement
option?
It does not guarantee that the entire principal amount will be paid out.
Which of the following is NOT fundable by annuities?
Death benefits
Death benefits
An individual buys a flexible premium deferred life annuity with 20 year period certain. What would his
beneficiary receive if he died 5 years after beginning the annuity phase?
Payments for 15 years
If the Commissioner issues an order and the person who is the object of the order demands a hearing
within 30 days, within how many days must the hearing be held?
60 days
Which of the following is an intermediary who acts in the procuring of insurance on behalf of an
applicant for insurance or an insured?
Insurance Broker
An insured wants to transfer his personal insurance policy to a friend. Under what conditions would this
be possible?
The insured will need a written consent of the insurer.
Which of the following is NOT a term for the period of time during which the annuitant or the
beneficiary receives income?
Depreciation Period
Which of the following best describes what the annuity period is?
The period of time during which accumulated money is converted into income payments
The death protection component of Universal Life Insurance is always
Annually Renewable Term
Which of the following is TRUE about nonforfeiture values?
They are required by state law to be included in the policy.
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