PA Life Insurance License Exam Prep Questions And Answers (202472025)
an immediate annuity has been purchased with a single premium. when does the annuitant
typically begin receiving benefit payments? - ✔✔1 month
An insurer will accept a premium from the insured and continue the coverage in full force as
though it was NOT late during which time period?
Incontestable period
Probation period
Reinstatement period
Grace period - ✔✔Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept
the premium from the insured as though it was NOT late.
A little insurance producer licensed in the commonwealth of PA is authorized to - ✔✔Solicit,
Receive and forward applications to insurers
Upon policy delivery, which of the following must a producer have an applicant sign if no initial
premium was collected with the life insurance application? - ✔✔A good health statement
Which contract element is insurable interest a component of? - ✔✔legal purpose
All of these are common exclusions to a life insurance policy EXCEPT - ✔✔accidental death
An insurer's ability to make unpredictable payouts to policyowners is called - ✔✔liquidity
, A policy owner may exercise which of these dividend options that uses the dividend to pay all or
part of the next premium due - ✔✔Reduction of Premium Dividend Option
when collecting insurance premiums from a client, a producer must - ✔✔forward premiums to
the insurer on a timely basis
Jonas is a whole life insurance policyowner and would like to add coverage for his two children.
Which of the following products would allow him to accomplish this? - ✔✔Child term rider
Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after
the policy's inception date, how much will her beneficiary receive? - ✔✔nothing
A resident produces license requires each of the following EXCEPT - ✔✔Insurers appointment
What is the automatic continuance of insurance coverage referred to act - ✔✔renewal
Julie has a $100,000 30-year mortgage on her new home. What type of life insurance could she
purchase that is designed to pay off the loan balance if she dies within the 30-year period? -
✔✔Decreasing term insurance
Under a Modified Endowment Contract, what are the likely tax consequences? - ✔✔Pre-death
distributions will become taxable
which of the following protects a policy owner from a misrepresentation caused by an innocent
mistake - ✔✔Incontestable Clause
A Modified Endowment Contract (MEC) is best described as - ✔✔A life insurance contract
which accumulates cash values higher than the IRS will allow
all of these typically sources of underwriting information for life or health insurance EXCEPT -
✔✔disclosure authorization response
an immediate annuity has been purchased with a single premium. when does the annuitant
typically begin receiving benefit payments? - ✔✔1 month
An insurer will accept a premium from the insured and continue the coverage in full force as
though it was NOT late during which time period?
Incontestable period
Probation period
Reinstatement period
Grace period - ✔✔Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept
the premium from the insured as though it was NOT late.
A little insurance producer licensed in the commonwealth of PA is authorized to - ✔✔Solicit,
Receive and forward applications to insurers
Upon policy delivery, which of the following must a producer have an applicant sign if no initial
premium was collected with the life insurance application? - ✔✔A good health statement
Which contract element is insurable interest a component of? - ✔✔legal purpose
All of these are common exclusions to a life insurance policy EXCEPT - ✔✔accidental death
An insurer's ability to make unpredictable payouts to policyowners is called - ✔✔liquidity
, A policy owner may exercise which of these dividend options that uses the dividend to pay all or
part of the next premium due - ✔✔Reduction of Premium Dividend Option
when collecting insurance premiums from a client, a producer must - ✔✔forward premiums to
the insurer on a timely basis
Jonas is a whole life insurance policyowner and would like to add coverage for his two children.
Which of the following products would allow him to accomplish this? - ✔✔Child term rider
Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after
the policy's inception date, how much will her beneficiary receive? - ✔✔nothing
A resident produces license requires each of the following EXCEPT - ✔✔Insurers appointment
What is the automatic continuance of insurance coverage referred to act - ✔✔renewal
Julie has a $100,000 30-year mortgage on her new home. What type of life insurance could she
purchase that is designed to pay off the loan balance if she dies within the 30-year period? -
✔✔Decreasing term insurance
Under a Modified Endowment Contract, what are the likely tax consequences? - ✔✔Pre-death
distributions will become taxable
which of the following protects a policy owner from a misrepresentation caused by an innocent
mistake - ✔✔Incontestable Clause
A Modified Endowment Contract (MEC) is best described as - ✔✔A life insurance contract
which accumulates cash values higher than the IRS will allow
all of these typically sources of underwriting information for life or health insurance EXCEPT -
✔✔disclosure authorization response
