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MILLWRIGHT LEVEL 1 FINAL EXAM, THE NEWEST ACTUAL EXAM COMPLETES 300 QUESTIONS AND CORRECTS DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A £6.74
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MILLWRIGHT LEVEL 1 FINAL EXAM, THE NEWEST ACTUAL EXAM COMPLETES 300 QUESTIONS AND CORRECTS DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A

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MILLWRIGHT LEVEL 1 FINAL EXAM, THE NEWEST ACTUAL EXAM COMPLETES 300 QUESTIONS AND CORRECTS DETAILED ANSWERS VERIFIED ANSWERS ALREADY GRADED A

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  • July 12, 2024
  • 31
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • millwright level 1
  • millwright
  • millwright level 1 final exam

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  • MILLWRIGHT
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LIFE INSURANCE EXAM QUESTIONS/ 180 VERIFIED ACTUAL EXAM
QUESTIONS WITH CORRECT ANSWERS. ALREADY GRADE
A/2024/2025


1. J has a life policy with the Guaranteed Insurability rider. J has just celebrated
their 42nd birthday and realizes that she wants to use her rider and buy more
death benefit. Which of the following will apply to J's request?
A: The insurer will allow J to add more insurance without proving insurability.
B: The insurer will allow J to add more insurance pending a paramedical exam.
C: The insurer will deny J's request to add more insurance.
D: The insurer will allow J to add more coverage pending proof of insurability and extra
premium.: C: The insurer will deny J's request to add more insurance.
2. An insured has a policy with a Waiver of Premium rider. The insured has
suffered an illness that will prevent them for working for two years. When will
their premiums be waived?
A: Immediately
B: After the first nine months of disability
C: After the first six months of disability
D: Never, premiums cannot be waived because illness is not a disability.: C:
After the first six months of disability
3. The clause that defines and describes the scope of coverage and the limits of
indemnification is known as the:
A: Insuring Agreement
B: Incontestable Clause
C: Payor Clause
D: Entire Contract Clause: A: Insuring Agreement
4. D has just paid off his mortgage and has decided that he no longer needs his life
insurance policy which he originally purchased to cover the house payments
should he die. If D explores the possibly of selling his policy while he is still
alive, it is known as:
A: a life settlement
B: an annuity
C: a Viatical settlement
D: STOLI: A: a life settlement
5. Combination/Variation Plans insure:
A: Groups
B: Two or More lives under one contract
C: Two or more people under separate contracts
D: are a form of variable life insurance: B: Two or More lives under one contract
6. What is the tax consideration for taking a cash dividend option?
A: The dividend is fully taxable as income


,B: The dividend is paid tax free
C: Depending on income bracket of the insured, the dividend may be taxable D: If the
company gets to keep half of the dividend it is take free: B: The dividend is paid tax
free
7. Which of the following is not true regarding a renewable option on a term
policy?
A: The policy must be renewed regardless of insurability.
B: The rates cannot be more than standard rates at renewal.
C: Premiums are based off of attained age rates.
D: A policy can be renewed, however, the insured must convert to a different policy.: D:
A policy can be renewed, however, the insured must convert to a different policy.
8. Which of the following is considered to be part of the Entire Contract?
A: Declarations Page
B: Buyers Guide
C: Copy of the Application
D: All of the Above: C: Copy of the Application
9. Company A has a partnership with Company Z. There is an agreement in
place that if the CEO of either company were to die, the other company
would receive money to buy out the partnership. This is an example of:
A: Buy/Sell Agreement
B: Crosse Purchase plan
C: Business Entity Plan
D: Key Person: C: Business Entity Plan
10. All of the following are true regarding the Guaranty Association EXCEPT:
A: A claimant may receive less benefits than what they had from a policy.
B: The Association is comprised of All member insurers
C: The Association is comprised of All member insurers and have a right to end
membership while still transacting business in IL
D: There is a $250,000 limit on the present value of annuity benefits.: C: The
Association is comprised of All member insurers and have a right to end membership
while still transacting business in IL
11. G has a credit life policy and is replacing that with a whole life policy. The
agent must:
A: formally replace coverage and include all forms to the insured
B: notify the existing insurer with a notice regarding replacement form
C: sign the application and forward all signed documents to the replacing insurer to
send to the existing insurer
D: None of the Above: D: None of the Above
12. Each of the following is an unfair claims practice by an insurance company,
EXCEPT:
A: Failing to acknowledging important communications regarding claims filed in a
timely manner.


,B: Supplying brochures to claimants that indicate a competitor is in a precarious
financial position.
C: Purposefully misrepresenting important policy coverage and provisions to all
claimants.
D: Not supplying claims forms with proper instructions regarding their completion.: B:
Supplying brochures to claimants that indicate a competitor is in a precarious financial
position.
13. All of the following statements pertaining to a temporary license are true,
EXCEPT:
A: they survive the transfer of ownership of an insurance company who sponsored the
licensee.
B: the fee is $50.
C: the Director may limit them in any manner in order to protect the public.
D: a licensed sponsor may be required.: A: they survive the transfer of ownership of an
insurance company who sponsored the licensee.
14. A Temporary License (180 days) allows the holder to engage in all of the
following activities, EXCEPT:
A: a surviving spouse of a producer can use the authority to help effect the sale of the
insurance business.
B: make certain that insureds are paying renewal premiums in a timely man-
ner.
C: ask the Director to extend the authority if an anticipated agency sale is taking longer
than 180 days.
D: sell a new policy to an existing client.: D: sell a new policy to an existing client.
15. The subject of a market conduct examination for non-financial matters may request
a hearing within how many days after receiving the examination report? A: 10 days
B: 15 days
C: 20 days
D: 30 days: A: 10 days
16. Which of the following sales is classified as controlled business?
A: A producer places a one million dollar life policy on the life of his employer
B: A producer places a one million dollar life policy on the life of his son
C: A producer places a one million dollar life policy on the life of his niece
D: A producer places a one million dollar life policy on the life of his neighbor: A: A
producer places a one million dollar life policy on the life of his employer






, .
17 The resident licensing fee for a Limited Lines Car Rental license is
A: $50 every year
B: $180 every two years
C: $50 every two years
D: $250 every year.: B: $180 every two years
18. What is the maximum length of time a producer license can be suspended by
the Director?
A: A producer license suspension is for a period of time deemed appropriate by the
Director.
B: 6 months
C: 12 months
D: 3 years.: A: A producer license suspension is for a period of time deemed
appropriate by the Director.
19. All of the following is an example of an unfair practice EXCEPT:
A: An applicant being denied based on military experience
B: An applicant being denied based off partial blindness
C: An applicant being denied for being a sky dive instructor
D: An applicant being denied solely for being disabled.: C: An applicant being denied
for being a sky dive instructor
20. All Viatical Settlement Providers must report on or before _______ of every
year.
A: January 1st
B: Depends on License Issuance
C: March 1st
D: Birth month of the Licensee: C: March 1st
21. Each of the following is a requirement for a Life, Health, Property and
Casualty prelicensing course, EXCEPT:
A: The licensing candidate must spend 7.5 hours in class per line.
B: The licensing candidate must complete a 20 hour course per line. C: An exam
proctored by a course provider must be successfully passed before a prelicensing
course is successfully completed.
D: An exam that is graded by a course provider must be passed before a prelicensing
course is successfully completed.: C: An exam proctored by a course provider must be
successfully passed before a prelicensing course is
22. F, a producer in Illinois for twenty years failed to finish his entire continuing
education requirement by his license renewal date. Which of the following
will likely happen to F's producer license.
A: Nothing, there is an automatic 30 day grace period.
B: The producer license will lapse automatically.
C: A producer holding a license in Illinois for 20 years or longer automatically is
licensed for the remainder of his or her lifetime without a renewal require-
ment.

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