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Life Insurance 3 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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An insurance company is domicilied in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming? -:- Foreign -a foreign insurer is domiciled in one state and transacts in another state What is domestic insurer? -:- Domiciled and sells in do...

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  • September 6, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance 3 questions 100 correct answers
  • an insurance company is domicilied in montana and

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  • Life Insurance
  • Life Insurance

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance 3 Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
An insurance company is domicilied in Montana and transacts insurance in Wyoming.

Which term best describes the insurer's classification in Wyoming?


✓ -:- Foreign -a foreign insurer is domiciled in one state and transacts in another state




What is domestic insurer?


✓ -:- Domiciled and sells in domiciled stated




What is an alien insurer?


✓ -:- Domiciled in one country and sells in another country




All other factors being equal, the least expensive first-year premium payment is found in


✓ -:- Annually Renewable Term




What is the purest form of term insurance and how does it work?


✓ -:- Annually Renewable Term

-The death benefit remains level. but the premium increases each year with insured's

attained age




1|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

How does a decreasing term policy work?


✓ -:- The face amount decreases each term the premium remains constant

throughout the term (yearly)




How does an increasing term policy work?


✓ -:- The face amount increase each term and the premium are constant thru the

term

(As the policy is renewed it does increase the next year but remains constant thru the year)




Which of the following types of policies allows he policy owner to skip premium payments,

provided that there is enough cash value in the policy to cover the premium amount?


✓ -:- Universal life




Which of the following documents must be provided to the policyowner or applicant during

policy replacement?


✓ -:- Notice Regarding Replacement

-This notice must be signed by both the producer and the applicant




What is the purpose of the The Medical Information Bureau?




2|Page | Grade A+| 2024/2025

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