Exam (elaborations)
2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 INDIANA LIFE (ONLY) FINALEXAM 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
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now