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Life Insurance Exam Practice Questions and Answers | 100% Pass
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Life Insurance Exam Practice Questions and Answers | 100% Pass With respect to third-party ownership of life insurance in the personal insurance market, all the following statements are true EXCEPT: - Answer️️ -The insured has the right to name the beneficiary. When do funds in a deferred ...

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  • September 1, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam practice questions and answers

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Exam Practice Questions
and Answers | 100% Pass


With respect to third-party ownership of life insurance in the personal insurance market,

all the following statements are true EXCEPT: - Answer✔️✔️-The insured has the right to

name the beneficiary.


When do funds in a deferred annuity become the owner's property? - Answer✔️✔️-They

are nonforfeitable and always belong to the contract owner.

Which one of the following statements about variable life insurance is correct? -

Answer✔️✔️-Variable life insurance policyowners can transfer funds between investment

subaccounts and the insurer's general account.

What is another name for the annuitization phase of an annuity contract? - Answer✔️✔️-

the payout stage

A deferred annuity rider that lets the annuity owner commit only part of the annuity's

funds to providing guaranteed lifetime income, leaving the remainder available for

withdrawal at the owner's discretion, is called a: - Answer✔️✔️-guaranteed income rider

What is the main appeal of joint life insurance? - Answer✔️✔️-lower cost than two

separate policies

Mary inherited $10 million several years ago. She has just bought a life insurance policy

to help preserve her estate. All of the following statements regarding this are correct




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, EXCEPT: - Answer✔️✔️-To keep policy proceeds out of her estate, Mary should make

sure she is the owner.

Sue, an annuity owner, names her 15-year-old son and 10-year-old daughter as joint

annuitants of her contract. Upon whose life (or lives) are income payments determined?

- Answer✔️✔️-the joint life expectancy of Sue's son and daughter

Which of the following statements correctly describes the relationship, if any, between

the application and the insurance contract? - Answer✔️✔️-The application is part of the

entire contract.

Most states permit insurers to include a provision in their life insurance policies that

does which of the following? - Answer✔️✔️-excludes coverage of death that occurs while

the insured is operating an aircraft

All of the following can sponsor group life insurance plans EXCEPT: - Answer✔️✔️-

neighborhoods

Jenny has purchased a variable annuity. She directs $2,500 of her $5,000 premium

deposit into the contract's blue-chip stock sub-account when its net asset value is $10.

How many accumulation units has Jenny bought? - Answer✔️✔️-250 accumulation units

of the sub-account

What type of life insurance policy distributes its divisible surplus to policyowners in the

form of policy dividends? - Answer✔️✔️-participating policy

Which of the following statements correctly describes the accidental death benefit

(ADB) rider on a life insurance policy? - Answer✔️✔️-It pays benefits only in the event of

accidental death.


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