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Indiana Life Insurance Exam Questions and Answers | 100% Correct
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Indiana Life Insurance Exam Questions and Answers | 100% Correct Which of the following is NOT a characteristic of a Variable Annuity? A. Premium Payments may be level or flexible or single premium B. The cash values are invested in securities. C. The non-forfeiture values will provide for the...

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  • September 1, 2024
  • 70
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • indiana life insurance exam questions and answers

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  • Life insurance
  • Life insurance

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Indiana Life Insurance Exam Questions
and Answers | 100% Correct


Which of the following is NOT a characteristic of a Variable Annuity?




A. Premium Payments may be level or flexible or single premium

B. The cash values are invested in securities.

C. The non-forfeiture values will provide for the return of the cash value should the

annuitant die during the accumulation period.

D. It provides for a tax-free death benefit. - Answer✔️✔️-D. It provides for a tax-free death

benefit.

All of the following policies provide for the tax deferred accumulation of cash value

EXCEPT:



A. Interest Sensitive Whole Life

B. Single Premium Variable Annuity

C. Variable Universal Life

D. Term Life - Answer✔️✔️-D. Term Life

All of the following are true statements about the taxation of life insurance benefits

except:



A. Policy loans are taxed as ordinary income

,B. The cash value in a life insurance policy grows on a tax deferred basis.

C. The interest earned on the "interest" Settlement Option is taxed as ordinary income.

D. The death benefit of a life policy is received by the beneficiary federal income tax

free. - Answer✔️✔️-A. Policy loans are taxed as ordinary income

Which of the following statements is true about the Group Life conversion privilege?



a. Death during the conversion period is covered even if the departing employee

chooses NOT to convert to an individual policy.

b. The departing employee must pay the premium if they elect to be covered during the

conversion period.

c. If a departing employee elects to convert their life insurance, the company must offer

Term insurance as a choice.

d. Under the COBRA laws a departing employee may elect to remain a member of the

Group Life plan for a limited period of time. - Answer✔️✔️-A. Death during the conversion

period is covered even if the departing employee chooses NOT to convert to an

individual policy.

Which of the following is a combination of Decreasing Term and Whole Life?



a. Family Income Policy

b. Family Maintenance Policy

c. Modified Life

d. Family Policy - Answer✔️✔️-A. Family Income Policy

A type of Annuity in which the cash values are invested in securities is called:

, a. Variable

b. Deferred

c. Joint and Survivorship

d. Flexible premium - Answer✔️✔️-Variable

Mary is receiving an annuity payout from her Variable Straight Life Annuity. Upon her

death, which of the following will be payable to her estate?



a. Nothing

b. The policy death benefit

c. The remaining value of her account

d. The total premiums paid into the account, less the amount paid to Mary in benefits -

Answer✔️✔️-A. Nothing

What is decreasing in a Decreasing Term policy?



a. The cash value

b. The premium

c. The face amount

d. The nonforfeiture values - Answer✔️✔️-The Face Amount

Endowment policies can mature in two ways. What are they?



a. The insured dies during the policy period or annuitizes the policy after age 59&1/2.

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