100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Life Insurance Exam Practice Questions and Answers | 100% Pass $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Life Insurance
  4.  
  5. Life insurance

Exam (elaborations)

Life Insurance Exam Practice Questions and Answers | 100% Pass
 6 views  0 purchase
  • Course
  • Life insurance
  • Institution
  • Life Insurance

Life Insurance Exam Practice Questions and Answers | 100% Pass Which nonforfeiture option provides coverage for the longest period of time? A. Paid-up option B. Accumulated at interest C. Reduced paid-up D. Extended term - Answer️️ -C. Reduced paid-up Which of the following is true about...

[Show more]

Preview 4 out of 38  pages

Document information

  • September 1, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance exam practice questions and answers

Written for

  • Life insurance
  • Life insurance

Seller

avatar-seller
SophiaBennett

Reviews received

Content preview

©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Exam Practice Questions
and Answers | 100% Pass


Which nonforfeiture option provides coverage for the longest period of time?

A. Paid-up option

B. Accumulated at interest

C. Reduced paid-up

D. Extended term - Answer✔️✔️-C. Reduced paid-up

Which of the following is true about the premium on the children's rider in a life

insurance policy?

A. It remains the same no matter how many children are added to the policy.

B. It decreases when the oldest child reaches the age of 21.

C. It increases when a newborn baby is added to the policy.

D. It decreases when an adopted child is added to the policy. - Answer✔️✔️-A. It remains

the same no matter how many children are added to the policy.



The premium does not change on the inclusion of additional children; it is based on an

average number of children.

The validity of coverage under a life insurance policy may not be contested, except for

nonpayment of premium, after the policy has been in force for at least how many years?

A. 1 year

B. 2 years

Page 1 of 37

,C. 5 years

D. 7 years - Answer✔️✔️-B. 2 years

An insured receives an annual life insurance dividend check. What term best describes

this arrangement?

A. Cash option

B. Reduction of Premium

C. Annual Dividend Provision

D. Accumulation at Interest - Answer✔️✔️-A. Cash option

A long stretch of national economic hardship causes a 7% rate of inflation. A

policyowner notices that the face value of her life insurance policy has been raised 7%

as a result. Which policy rider caused this change?

A. Inflation Rider

B. Cost of Living Rider

C. Value Adjustment Rider

D. Return of Premium Rider - Answer✔️✔️-B. Cost of Living Rider

An insured purchased a 15-year level term life insurance policy with a face amount of

$100,000. The policy contained an accidental death rider, offering a double indemnity

benefit. The insured was severely injured in an auto accident, and after 10 weeks of

hospitalization, died from the injuries. What amount would his beneficiary receive as a

settlement?

A. $0

B. $100,000

C. $200,000


Page 2 of 37

, D. $100,000 plus the total of paid premiums - Answer✔️✔️-C. $200,000

The sole beneficiary of a life insurance policy dies before the insured. If the policyowner

fails to change the beneficiary before the insured's death, the proceeds of the policy will

go to

A. Probate.

B. The state.

C. The beneficiary's estate.

D. The insured's estate. - Answer✔️✔️-D. The insured's estate.

Which of the following statements is TRUE concerning irrevocable beneficiaries?

A. They can be changed only with the written consent of that beneficiary.

B. They may be changed at any time.

C. They can never be changed.

D. They may be changed only on the anniversary date of the policy. - Answer✔️✔️-A.

They can be changed only with the written consent of that beneficiary.



If a policy has an irrevocable beneficiary designation the beneficiary can only be

changed with written permission of the beneficiary.

Which of the following allows the insurer to relieve a minor insured from premium

payments if the minor's parents have died or become disabled?

A. Waiver of Premium

B. Payor Benefit

C. Jumping Juvenile

D. Juvenile Premium Provision - Answer✔️✔️-B. Payor Benefit

Page 3 of 37

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80461 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart