REAL Primerica Life Insurance Exam Question 2023 WITH 100% VERIFIED ANS/Texas Life Insurance Exam With 100% Correct Answers 2023/REAL Wisconsin Life Insurance Exam @ 2023 WITH 100% VERIFIED SOLUTION

Who is protected under the In-Contestability Clause included under a Life Assurance Policy? Insurer Insured Insurance Agent Insurance Broker 2 2 Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has complet...

Section 529 Plans - ANSWER - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - ANSWER private retirement plan that taxes income before it is saved, but which do...

The Commissioner conducts an examination of a domestic insurer and believes that the costs of examination places an unreasonable financial burden on the insurer. Which of the following will happen? a. The federal government will absorb the full cost b. The federal government will absorb part of ...

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...

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. non...

#1. In a survivorship life policy, when does the insurer pay the death benefit? a) If the insured survives to age 100 b) Upon the last death c) Upon the first death d) Half at the first death, and half at the second death - Correct Answer-b) Upon the last death #3. A father owns a life...

Mortality - Answer The rate people will die Morbidity - Answer The rate people will get sick Peril - Answer The cause of loss and the event insured against. Ex: premature death, dependency during old age, accident, and sickness Adverse Selection - Answer The tendency for poorer than average risk...

CHAPTER 1: INTRODUCTION TO LIFE INSURANCE •In any activity of life there is a possibility that an undesired event may occur and as a result pecuniary ( loss may arise). •In adventures by sea the ship may fail to make to the port (remember Titanic!) or the cargo may be damaged or lost •In...

Insurance (General concept) - Answer - transfers the risk of loss from an individual to an insurer - based on the principle of indemnity - based on the principle of risk (risk pooling) insurable interest (General Concept) - Answer - must exist at the time of the application - insuring one's o...

Which will be included in a policy summary? - Answer Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - Answer To help the insured understand all aspects of the contract An insurance contract requires that bo...

Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest - ANSWER d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it viola...

401 k plan (Ans- A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment (Ans- Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A tempo...

CONTENTS Chapter no. Title Page no SECTION 1 COMMON CHAPTERS 1 Introduction to Insurance 3 2 Customer Service 8 3 Grievance Redressal Mechanism 13 4 Regulatory aspects of Insurance Agents 17 5 Legal Principle of an Insurance Contract 19 SECTION 2 LIFE INSURANCE 6 What Life Insurance Invol...

When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingen...