Wisconsin Life Insurance Exam Questions and Answers
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Course
Wisconsin Life Insurance
Institution
Wisconsin Life Insurance
Wisconsin Life Insurance Exam
Any person who violates an insurance statute or rule of Wisconsin can be fined up to: (hint: enough for vacation for two to the Maldives) - Answer- $10,000
The Federal Fair Credit Reporting Act: - Answer- Regulates consumer reports
The Federal Fair Credit Repo...
Wisconsin Life Insurance Exam
Any person who violates an insurance statute or rule of Wisconsin can be fined up
to: (hint: enough for vacation for two to the Maldives) - Answer- $10,000
The Federal Fair Credit Reporting Act: - Answer- Regulates consumer reports
The Federal Fair Credit Reporting Act: A) Prevents money laundering B) Regulates
Consumer reports C) Protects customer privacy D) Regulates telemarketing -
Answer- Regulates consumer reports
What form of the annuity settlement options provides payments to an annuitant for
the rest of the annuitant's life and ceases at the annuitant's death? (hint this is a
water brand) - Answer- Pure Life
During a life insurance policy replacement, the insurer is required to provide the
policyowner a free-lock period of at least: - Answer- 30 days
When replacing a policy an insurer must maintain a file containing copies of
statements for: - Answer- 5 years
Which Universal Life option has a gradually increasing cash value and a level of
death benefit? (Hint: Bottom of the alphabet, gradual = starting point and go up from
there A-Z) - Answer- Option A
The type of term insurance that provides increasing death benefits as the insured
ages is called: (hint: as you age your number is increasing) - Answer- Increasing
term
If a beneficiary wants a guarantee that benefits paid from principal and interest would
be paid for a period of 10 years before being exhausted, what settlement option
should the beneficiary select?
A) Interest Only
B) Fixed Period
C) Life with period certain
D) Fixed amount - Answer- Fixed period
If a policy has an automatic premium loan provision, what happens if the insured
dies before the loan is paid back? (hint: paid back, if you have a loan you have to
pay it back)
A) The policy beneficiary receives the FULL death benefit.
B) The balance of the loan will be TAKEN OUT of the death benefit - Answer- The
balance of the loan will be taken out of the death benefit
Are insurance company underwriters allowed to discriminate? (hint: the answer to
this is bogus bc why would you ever be allowed to discriminate but the law is the
stupid law)
A) No, discrimination is an unfair practice
, B) Yes, but no unfairly - Answer- Yes, but not unfairly
Which of the following riders added to a life insurance policy can pay part of the
death benefit ___ home? (the question was incomplete in this picture) (hint: home =
nursing home = ______) - Answer- long-term care
If a beneficiary wants a guarantee that benefits paid from principal and interest would
be paid for a period of 10 years before being exhausted, what settlement option
should the beneficiary select?
A) Fixed period
B) Life with period certain - Answer- Fixed period
Which of the following settlement options in life insurance is known as straight life?
A) Single life
B) Life with period certain
C) Fixed amount
D) Life income - Answer- Life Income
Annuities differ from life insurance in all of the following ways EXCEPT (hint: the
expensive option)
A) There is no stated amount of death benefit
B) They can be used in a qualified retirement plan
C) The annuitant must be living to collect
D) They are purchased with premiums - Answer- They are purchased with premiums
What is the main purpose of the Seven-pay Test? (hint: MAIN = MEC)
A) It requires level premium payments WRONG
B) It ensures that the policy benefits WRONG
C) It guarantees the minimum WRONG
D) It determines if the insurance policy is a MEC - Answer- It determines if the
insurance policy is a MEC
When a beneficiary receives payments consisting of both principal and interest
portions, which parts are taxable as income? - Answer- Interest only
All of the following are duties and responsibilities of producers at the time of
application EXCEPT: (hint: 3 make sense, one doesn't)
A. Check to make sure that there are no unanswered questions on the application.
(all answers must be answered)
B. Change any incorrect statement on the application by personally initialing next to
the corrected statement.
C. Explain the nature and type of any receipt the producer is giving to the applicant.
(explanation for what they are signing)
D. Probe beyond the stated questions if the producer feels the applicant is
misrepresenting or concealing information. (misrepresentation) - Answer- B. Change
any incorrect statement on the application by personally initialing next to the
corrected statement.
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