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2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS $13.99   Add to cart

Exam (elaborations)

2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS

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  • Course
  • Indiana life insurance
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  • Indiana Life Insurance

2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS

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  • August 13, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • the
  • Indiana life insurance
  • Indiana life insurance
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Elitaa
2024 INDIANA LIFE (ONLY) FINAL
EXAM WITH CORRECT ANSWERS

In order for coverage on a non-medical insurance application to take effect
the same day, the producer must collect a signed application and - CORRECT
ANSWERS-the initial premium

Who makes the legally enforceable promises in a unilateral contract? -
CORRECT ANSWERS-insurance company

A producer must notify the Commissioner within _____ days of a felony
conviction. - CORRECT ANSWERS-30 days


An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - CORRECT ANSWERS-59 1/2

An ___ insurance company is one formed in a country other than the United
States - CORRECT ANSWERS-Alien

Which of these is an example of twisting ? - CORRECT ANSWERS-A producer
misrepresents a policy to induce a policyowner to surrender an existing
policy

Which life insurance rider typically appears on a Juvenile life insurance
policy? - CORRECT ANSWERS-A payor benefit rider provides for waiver of
premium if the adult-payor of the policy dies or becomes totally disabled.

Which of these Nonforfeiture Options continue a build-up of cash value? -
CORRECT ANSWERS-A Reduced Paid-Up option would provide continuing
cash value build-up.

Tom has a qualified retirement plan with his employer that is currently
considered to be 80% "vested". How can this be interpreted? - CORRECT
ANSWERS-If Tom's employment is terminated, 20% of the funds would be
forfeited

An ___ beneficiary may be changed by the policyowner without the consent
of the beneficiary - CORRECT ANSWERS-Revocable

, How does indexed annuity differ from a fixed annuity? - CORRECT ANSWERS-
Indexed annuity owners receive credited interest tied to the fluctuations of
the linked index

How many days is a temporary producers license valid ? - CORRECT
ANSWERS-180 days

Under an interest sensitive whole life policy - CORRECT ANSWERS-cash
values are determined by interest rates

Additional coverage can be added to a Whole Life policy by adding a(n) -
CORRECT ANSWERS-decreasing term rider


In Indiana , which of the following must be delivered to a policy owner upon
the sale of an individual life insurance policy? - CORRECT ANSWERS-A Policy
Summary and Buyer's Guide

The ___ must provide an insured with proper disclosure concerning the
replacement of a life insurance policy - CORRECT ANSWERS-producer

An ___ term life policy is normally used when covering an insured mortgage
balance - CORRECT ANSWERS-Decreasing

P, age 50, purchased an annuity that P will fund with $500/ month for 15
years. The annuity will then pay P retirement payments after the 15 years.
Which type of annuity did P purchase? - CORRECT ANSWERS-deferred

A domestic insurance company in Indiana must : - CORRECT ANSWERS-Be
organized under Indiana insurance laws

J is issued a Life Insurance policy with a death benefit of $100,000. She pays
$600 per year in premium for the first 5 years. The premium then increases
to $900 per year in the sixth year, and remains level thereafter. The policy's
death benefit also remains at $100,000. Which type of Life Insurance policy
is this? - CORRECT ANSWERS-Modified Premium Life

Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWERS-Everyone must be covered in the group

Which statement regarding a key employee life policy is NOT true ? -
CORRECT ANSWERS-The beneficiary is named by the key employee

If it's employees share in the cost of insurance, what type of group life
insurance plan would a corporation have? - CORRECT ANSWERS-Contributory

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