100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions $11.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Pearson Vue Life + Health Insurance
  4.  
  5. Pearson Vue Life + Health Insurance

Exam (elaborations)

Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions
 0 purchase
  • Course
  • Pearson Vue Life + Health Insurance
  • Institution
  • Pearson Vue Life + Health Insurance

Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions P wants to name her husband as the benef...

[Show more]

Preview 3 out of 17  pages

Document information

  • April 2, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • pearson vue life health insurance practice exam
  • pearson vue life health insurance practice 2024
  • p wants to name her husband as the beneficiary of

Written for

  • Pearson Vue Life + Health Insurance
  • Pearson Vue Life + Health Insurance

Seller

avatar-seller
NursingTutor1

Reviews received

Content preview

Pearson Vue Life + Health Insurance Practice Exam Questions with Complete Solutions
P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the:
a: irrevocable beneficiary
b: revocable beneficiary
c: secondary beneficiary - ANSWER-B
A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an:
A. indemnity contract
B. investment contract
C. endowment
D. annuity - ANSWER-D
An insurance producer takes an application for a life insurance policy but does not collect the initial premium. On delivery of the policy to the proposed insured, the producer must collect the initial premium and which of the following?
A. A copy of the MIB report
B. The insured's signed statement of continued good health
C. A copy of the conditional receipt
D. A copy of the temporary insurance agreement that covered the period between the application date and the delivery date. - ANSWER-B
An employer can deduct premium payments as an ordinary business expense for which
of the following life coverages?
A. Buy and Sell Agreements
B. Group
C. Key Employee
D. Joint Life, if the business is named as the beneficiary - ANSWER-B
A producer takes applications from identical twins who want to buy the same type of policy in the same amount. The insurer issues the policies as applied for, but charges a 25 percent higher premium for one of the policies. The difference in premiums is probably due to which of the following factors?
A. Incontestability
B. Insurable interest
C. Consideration
D. Risk classification - ANSWER-D In the event of an insured's death, which of the following provides an income for the family during a designated period of time followed by a lump sum death benefit?
A. Family Income rider
B. Survivorship Life policy
C. Joint Life policy
D. Modified Life policy - ANSWER-A
Which of the following statements is CORRECT about Group Life conversion privileges?
A. Under the COBRA law, a departing employee may elect to remain a member of the Group Life plan for a limited period of time.
B. Death during the conversion period is covered even if the departing employee chose not to convert the policy.
C. A departing employee must individually pay the premium if the employee elects to be
covered during the conversion period.
D .If a departing employee elects to convert a life insurance policy, the insurer must offer Term insurance as one of the choices. - ANSWER-B
Which of the following policies is an interest-sensitive form of permanent protection?
A. Universal Life
B. Limited-Pay Life
C. Graded Premium Whole Life
D. Modified Whole Life - ANSWER-A
Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT:
A. provide evidence of insurability
B. make collateral assignment to the insurer
C. pay back interest on any outstanding policy loan
D. pay all past-due premiums - ANSWER-B
Which of the following statements about a Renewable Term policy is CORRECT?
A. It is renewable at the option of the insurer.
B. It is renewable at the option of the insured.
C. It is renewable at the option of the insurer, with proof of insurability.
D. It is renewable at the option of the insured, with proof of insurability. - ANSWER-B
If an insured commits suicide after the Suicide clause in the insured's life insurance policy has expired, the insurer will take which of the following actions?
A. Refuse to pay the Death benefit or refund any premiums
B. Refund only the premiums paid
C. Refund the premiums paid plus interest
D. Pay the Death benefit - ANSWER-D Which of the following policy provisions provides for continuation of coverage despite nonpayment of premiums?
A. Entire Contract
B. Ownership clause
C. Nonforfeiture Option
D. Insuring clause - ANSWER-C
An applicant for life insurance may question the validity and source of any consumer information developed under the
A. Medical Information Bureau Disclosure Act
B. Fair Credit Reporting Act (Insurance Information and Privacy Protection Act)
C. Equal Employment Opportunity Act
D. Medicare Act - ANSWER-B
The PRIMARY reason for selecting a Variable Whole Life policy instead of a traditional Whole Life policy is that the Variable Whole Life policy:
A. provides flexible premium payments
B. allows the policyowner to borrow a larger percentage of the cash value
C. has the potential to earn a higher rate of return on the cash value
D. allows the policyowner more flexibility in naming and changing beneficiaries - ANSWER-C
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a
revocable basis. He also names his three children as his secondary beneficiaries and his estate as his tertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds?
A. The children
B. The policyowner's estate
C. The primary beneficiary's estate
D. The tertiary beneficiary - ANSWER-A
The Waiver of Premium provision of a life policy allows the insurer to take which of the following actions?
A. Waive an insured's premiums if the insured becomes totally disabled before a certain
age
B. Waive an insured's premiums if the insured becomes partially disabled for a minimum
time
C. Increase an insured's coverage at an attained age without imposing a premium increase
D. Reduce an insured's premiums if the insured pays them annually instead of monthly -
ANSWER-A
Under the Social Security Retirement Benefits, all of the following factors will influence how much a retiring individual will receive as a monthly income benefit EXCEPT the individual's:
A. age

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

PALS EXAM 2024 WITH 100% CORRECT ANSWERS
$11.99
  • (0)
Add to cart
Added