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Rhode Island insurance EXAM WITH A STUDY GUIDE | ACCURATE AND VERIFIED QUESTIONS AND ANSWERS | LATEST UPDATE | GUARANTEED PASS | GRADED A | 2024$17.99
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Rhode Island insurance EXAM WITH A
STUDY GUIDE | ACCURATE AND VERIFIED
QUESTIONS AND ANSWERS | LATEST
UPDATE | GUARANTEED PASS | GRADED A |
2024
organized and incorporated under state law owned by stockholders who get a paid
share of the company's profit through dividends. also referred to as a nonparticipating or
non-par bc policy holder do not participate in paid dividends - ✔✔ANSW✔✔..stock
insurance company
organized and incorporated under state law. but they have no stockholders. instead, the
policyholders own the company. owners get paid a share of the companies profits
through dividends. participating or par companies bc policy owners do not participate in
paid dividends - ✔✔ANSW✔✔..mutual insurer companies
P is a producer who notices 5 questions on a life application were not answered. What
actions should P take? - ✔✔ANSW✔✔..set up meeting with applicant to answer the
questions
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 and a lump sum of $20,000 at the end of that
20 year period. What type of policy should P purchase? - ✔✔ANSW✔✔..family
maintenance policy
P owns a $25,000 life policy that pays the face amount to him if he lives to age 70. or to
his beneficiary if he dies before age 70. what kind of policy does P own -
✔✔ANSW✔✔..endowment at age 70
Post-tax dollar contributions are found in - ✔✔ANSW✔✔..Roth IRA investments
Premature IRA distributions are assessed a penalty tax of - ✔✔ANSW✔✔..10%
, process of a mutual company being converted into a stock company -
✔✔ANSW✔✔..demutualization
process of a stock company being converted into a mutual company -
✔✔ANSW✔✔..mutualization
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - ✔✔ANSW✔✔..policy was returned within the free look period, premium will
be fully refunded
a $20,000 life insurance policy applications is completed, however the producer does
not collect the initial premium. at what point does the coverage go into effect -
✔✔ANSW✔✔..when the applicant receives the policy and pays the initial premium
a cost of living rider gives the insured - ✔✔ANSW✔✔..additional death benefits
a key employee policy is taken out by company x on its Vice President. 10 years later
this employee leaves company x and begins working for company y. if individual were to
die n the policy is still in force & unchanged where would the death proceeds be
directed - ✔✔ANSW✔✔..company x
a level premium indicates - ✔✔ANSW✔✔..the premium is fixed for the entire duration of
the contract
a life insurance policy which ensures that the premium will be paid if the insured
becomes disabled has what kind of rider attached - ✔✔ANSW✔✔..waiver of premium
a life insurance policy would be considered contract without? - ✔✔ANSW✔✔..insurable
interest
a long-term care rider in a life insurance policy pays a daily benefit. in the event of which
of the following? - ✔✔ANSW✔✔..inability of the insured to perform more than 2
activities of daily life (ADL's)
a non-contributory plan requires ______ participation of all eligible employees -
✔✔ANSW✔✔..100%
a policy of adhesion can only be modified by whom - ✔✔ANSW✔✔..the insurance
company
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