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Life Insurance Exam Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Additional coverage can be added to a Whole Life policy by adding a(n) -:- decreasing term rider All of these statements about the Waiver of Premium provision are correct EXCEPT -:- Insured must be eligible for Social Security disability for claim to be accepted Which of these is an element o...

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  • September 6, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance exam questions 100 correct answ
  • additional coverage can be added to a whole life p

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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 Exam Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
Additional coverage can be added to a Whole Life policy by adding a(n)


✓ -:- decreasing term rider




All of these statements about the Waiver of Premium provision are correct EXCEPT


✓ -:- Insured must be eligible for Social Security disability for claim to be accepted




Which of these is an element of a Single Premium annuity?


✓ -:- Lump-sum payment




A lump-sum payment is required for a Single Premium annuity.




J chooses a monthly premium payment mode on his Whole Life insurance policy. Which of

these statements is true?


✓ -:- The gross premium is higher on a monthly payment mode as compared to being

paid annually




Which of these provisions require proof of insurability after a policy has lapsed?

1|Page | Grade A+| 2024/2025

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




-Insuring


-Conversion


-Reinstatement


-Consideration


✓ -:- Reinstatement




The USA Patriot Act was enacted in


✓ -:- 2001




Who has the right to change a revocable beneficiary?


✓ -:- Policyowner




Q is severely injured in an automobile accident and becomes totally disabled. How many

months must Q be disabled before being able to apply for Social Security disability

benefits?


✓ -:- 5 months




In a Life insurance contract, an insurance company's promise to pay stated benefits is called

the

2|Page | Grade A+| 2024/2025

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

-Insuring clause


-Consideration clause


-Entire Contract


-Owner's rights


✓ -:- Insuring Clause




The Consideration clause in a life insurance policy indicates that a policyowner's

consideration consists of a completed application and


-the initial premium


-agreeing to a physical examination


-delivery of policy


-disclosure of any medical conditions


-the initial premium


✓ -:- The initial premium




When a misrepresentation on a life insurance policy application is discovered, what action

may an insurance company take?


A. Void the policy if found during the Contestable period


B. Void the policy, no matter when it is discovered


3|Page | Grade A+| 2024/2025

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