Exam (elaborations)
Wisconsin Life Insurance Exam(150 QUESTIONS FULLY SOLVED).
- Course
- Just Wisconsin
- Institution
- University Of Wisconsin-Madison
Wisconsin Life Insurance Exam(150 QUESTIONS FULLY SOLVED).
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Wisconsin LifeInsurance
Exam(150
QUESTIONS
FULLY SOLVED)
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
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