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PRIMERICA LIFE INSURANCE EXAM 2024 |Question and Answer| 100% Correct CA$16.69   Add to cart
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PRIMERICA LIFE INSURANCE EXAM 2024 |Question and Answer| 100% Correct

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PRIMERICA LIFE INSURANCE EXAM 2024 |Question and Answer| 100% Correct An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of in...

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  • May 31, 2024
  • 83
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • primerica life insurance exam 2024 question and a

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  • Primerica Life Insurance
  • Primerica Life Insurance

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PRIMERICA LIFE INSURANCE EXAM
2024 |Question and Answer| 100%
Correct
An insured purchased an insurance policy 5 years ago. Last year, she received a dividend

check from the insurance company that was not taxable. This year, she did not receive a

check from the insurer. From what type of insurer did the insured purchase the policy?



a. mutual

b. reciprocal

c. nonprofit service organization

d. stock *Ans* A. mutual



funds not paid out after paying claims and other operating costs are returned to the policy

owners in the form of a dividend. if all funds are paid out, no dividends are paid



Following a career change, an insured is no longer required to perform many physical

activities, so he has implemented a program where he walks and jogs for 45 minutes each

morning. The insured has also eliminated most fatty foods from his diet. Which method of

dealing with risk does this scenario describe?



a. retention

b. reduction

,c. transfer

d. avoidance *Ans* B. reduction



the insured's change in lifestyle and habits would likely reduce the chances of health

problems



In insurance, an offer is usually made when



a. an applicant submits an application to the insurer

b. the insurer approves the application and receives the initial premium

c. the agent hands the policy to the policyholder

d. an agent explains a policy to a potential applicant *Ans* A. an applicant submits an

application to the insurer



in insurance, the offer is usually made by the applicant in the form of an application.

acceptance takes place when an insurer's underwriter approves the application and issues a

policy



the causes of loss insured against in an insurance policy are known as



a. perils

b. losses

c. risks

,d. hazards *Ans* A. perils



perils are the causes of loss insured against in an insurance policy



what documentation grants express authority to an agent?



a. agents contract with the principal

b. agents insurance license

c. fiduciary contract

d. state provisions *Ans* A. agents contract with the principal



the principal grants authority to an agent through the agent's contract



which of the following best describes an insurance company that has been formed under

the laws of this state?



a. domestic

b. sovereign

c. alien

d. foreign *Ans* A. domestic



a company is domestic when doing business within the state in which it is incorporated

, which of the following factors is NOT considered by an underwriter when determining the

premium rates for an individual seeking insurance?



a. medical history

b. sex

c. age

d. race *Ans* D. race



age, medical history, and sex provide sound statistical date for determining the probability

of loss. Race, religion, sexual orientation, etc. are the factors that cannot be used because

there is not sound statistical data to show that they effect the probability of loss; therefore,

they are considered to be discriminatory



in insurance transactions, fiduciary responsibility means



a. handling insurer funds in a trust capacity

b. maintaining good credit record

c. being liable with respect to payment of claims

d. commingling premiums with agents personal funds *Ans* A. handling insurer funds

in a trust capacity



an agents fiduciary responsibility includes handling insurer funds in a trust capacity

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