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State exam life insurance Questions and Answers (100% Pass)
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State exam life insurance Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMState exam life insurance Questions and Answers (100% Pass)
What is the prerequisite for receiving a commission from an insurance transaction? -
✔️✔️License for same type of insurance transaction.
When would life ins. proceeds be taxable by the Federal government? - ✔️✔️If there is a
transfer for value (policy is sold to another person)
A qualified plan may not: - ✔️✔️Favor shareholders and top executives
Policyholder who is the insured named a primary beneficiary and contingent beneficiary.
Prior to the insured's death, primary and contingent dies by a common disaster. Who
will receive the proceeds? - ✔️✔️The insured's estate
After insured dies, it is discovered that the policy was rated based upon an incorrect
age. The insured misstated age on application 8 years ago. What effect will this have on
the benefit? - ✔️✔️Proceeds will be adjusted to correct age.
When it comes to the attention of the Dept. of Ins. that a producer has committed a
violation or engaged in an unfair trade practice, before issuing a cease and desist order,
the head of the Dept. of Ins. must? - ✔️✔️Hold a hearing
What is NOT true about the survivorship life policy? - ✔️✔️The premium is based on the
age of each insured.
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
How does the incontestability clause benefit the insured? - ✔️✔️It prevents the policy
from being cancelled if, after several years, it is discovered that there was a
misrepresentation by the policy owner.
In an adjustable life policy, what can NOT be changed by policy owner? - ✔️✔️The type
of investment.
What is NOT an unfair claims settlement practice? - ✔️✔️Suggesting negotiations in
settling the claim
What policy rider would an insured use to protect against the negative effect of inflation
on the future purchasing power of a life policy? - ✔️✔️Cost of living rider. The amt. of
increase is tied to an increase in the inflation index, such as the Consumer Price Index
Statements made by an applicant for life ins. which are true to the best of their
knowledge are? - ✔️✔️Representations
Who can make fully deductible contributions to a traditional IRA. - ✔️✔️An individual NOT
covered by employer-sponsored plan who has earned income.
What is true regarding the annuity period? - ✔️✔️It may last for the lifetime of the
annuitant
To avoid violating the state ins. code regarding unfair claims settlement practices,
insurers must pay a claim within how many days of the final agreement to the
settlement? - ✔️✔️FIVE days
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
What settlement option provides a single beneficiary with income for the rest of his/her
life? - ✔️✔️Single life option
Cameron is purchasing a permanent life ins. with face value of $25,000. This is all the
ins. he feels he can afford at this time. he wants to be sure that additional coverage will
be available in the future. He should include in this policy? - ✔️✔️Guaranteed insurability
options. It allows insured to purchase specific amts. of additional ins. at specific times
w/o proof of insurability.
An insured has a life policy with face amt. of $500. He pays a premium every week to
the agent who sold his the policy. What kind of policy does he have? - ✔️✔️Industrial life.
It is written on an individual basis in small amts. usually face value less than $1,000,
with premium payable weekly or monthly. Generally policies are written non-medically.
What is NOT used in determining annuity suitability? - ✔️✔️Beneficiaries age
In Ohio, a temporary license may NOT be issued for the - ✔️✔️Agent's retirement
Based on the Human Life Value Approach, what is NOT used to calculate an
individual's life value? - ✔️✔️Predicted needs of the family after insured's death.
A viatical settlement is arranged between a viator company and a/an? - ✔️✔️Terminally ill
insured who transfers his/her life ins. in return for an immediate cash settlement.
A couple receives a set amt. of income from their annuity. When the wife dies, husband
no longer receives annuity payments. What type of annuity did the couple buy? -
✔️✔️Joint life annuity option
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