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final exam west virginia life only test questions with 100- correct answers
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final exam west virginia life only test questions with 100- correct answers
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final exam westvirginia life only test
questions with 100%
correct answer
variable life products require a producer to - answer hold a life insurance
license and a securities license
which of these actions is NOT required when a producer replaces an existing
individual life insurance policy - answer obtain the beneficiary's signature
which of the following correctly explains the actions an agent should take if a
customer wants to apply for a life insurance policy - answer complete the
application and review the information with the customer prior to obtaining
the customers signature, then send the application off to the insurance
company
which is true concerning a variable universal life policy - answer policyowner
controls where the investment will go and selects the amount of premium
payment
,according to west virginia law, a group life insurance policy requires at LEAST
____ insureds - answer two
A Life insurance policyowner would like to take out a policy loan against the
cash value in his Whole Life policy. The interest rate applied to this loan may
vary over time. This is referred to as a ______ rate loan. - answer Variable
S the producer is charged a fee for placing an insurance policy. Under West
Virginia law, S must - answer report the placement to his primary insurer
A domestic insurance company in West Virginia MUST - answer be
incorporated and formed in west virginia
M had an annual life insurance premium payment due January 1. She died
January 10 without making the premium payment. What action will the
insurer take? - answer pay face amount minus the past due premium
The reason for backdating a policy is - answer to obtain a premium rate based
on an earlier age
K owns a whole life policy. If K wants an increasing death benefit to protect
against inflation, which dividend option should she choose? - answer Paid-up
additional insurance
All of the following could result in the revocation of a producer's license
EXCEPT - answer being charged with a misdemeanor for a driving incident
, life insurance death benefits up to _____ are guaranteed by the west virginia
life and health guaranty association - answer 300,000
A stock insurance company - answer is owned exclusively by its shareholders
what is considered to be a characteristic of an immediate annuity - answer
benefit payments start within one payment period of purchase
B the producer sold an insurance contract to a client. B has engaged in - answer
transacting insurance
A policy of adhesion can only be modified by whom - answer the insurance
company
P is looking to purchase a life insurance policy that will pay a stated monthly
income to his beneficiaries for 20 years after he dies in a lump sum of 20,000 at
the end of that 20 year period. What type of policy should P purchase? - answer
family maintence policy
who approves continuing education courses in west virginia - answer
insurance commissioner and the board of insurance agent education
B owns a whole life policy with a guaranteed insurability option that allows
him to purchase, without evidence of insurability, stated amounts of - answer
additional whole life coverage at specified times
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