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life insurance exam Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant and t submit a medical exam. If the policy was issued, what would be the policy's effective date? A. The date of policy delivery B. The date of t...

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  • September 6, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance exam questions 100 correct answ
  • an individual applied for an insurance policy 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 exam Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
An individual applied for an insurance policy and paid the initial premium. The insurer

issued a conditional receipt. Five days later the applicant and t submit a medical exam. If

the policy was issued, what would be the policy's effective date?


A. The date of policy delivery


B. The date of the Issue


C. The date of application


D. The date of the medical exam


✓ -:- D. The date of the medical exam




The Federal Fair Credit Reporting Act


A. Regulates consumer reports


B. Protects customer privacy


C. Regulates telemarketing


D. Prevents money laundering


✓ -:- A. Regulates consumer reports




1|Page | Grade A+| 2024/2025

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

Which of the following is NOT the consideration in a policy?


A. The premium amount paid at the time of application


B. The promise to pay covered losses


C. The application given to a prospective insured


D. Something of valued exchanged between parties


✓ -:- C. The application given to a prospective insured




Something of value exchanged between the insurer and the insured is considered an


A. Acceptance


B. Legal capacity


C. Consideration


D. Offer


✓ -:- C. Consideration




The full premium was submitted with the application for life insurance, and the policy was

issued two weeks later as requested. When does the policy coverage become effective?


A. As of the application date


B. As of the policy deliver date


C. As of the first of the month after the policy issue

2|Page | Grade A+| 2024/2025

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

D. As of the policy issue date


✓ -:- A. As of the application date




An agent and an applicant for a life insurance policy fill out and sign the application.

However, the applicant does not wish to give the agent the initial premium, and no

conditional receipt is issued. When will coverage begin?


A. On the designated effective date


B. On the application date


C. when the agent submits the application to the company and the company issues a

conditional receipt


D. when the agent delivers the policy, collects the initial premium, and the applicant

completes an acceptable Statement of Good Health


✓ -:- D. When the agent delivers the policy, collects the initial premium, and the

applicant completes an acceptable Statement of Good Health




Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the

information contained in his or her report, the reporting agency must


A. Defend the report if the agency feels it is accurate


B. Change the report


C. Send an actual certified copy of the entire report to the consumer


3|Page | Grade A+| 2024/2025

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

D. Respond to the consumer's complaint


✓ -:- D. respond to the consumer's complaint




The term "illustration" in a life insurance policy refers to


A. A presentation of non guaranteed elements of a policy


B. Depiction of policy benefits and guarantees


C. Pictures accompanying a policy


D. Charts and graphs


✓ -:- A. A presentation of nonguaranateed elements of a policy




A life insurance policy has a legal purpose if both of which of the following elements exist?


A. Underwriting and reciprocity


B. Offer and counteroffer


C. Policyowners and named beneficiaries


D. Insurable interest and consent


✓ -:- D. Insurable interest and consent




Under the Fair Credit Reporting Act, individuals rejected for insurance due to information

contained in a consumer report


4|Page | Grade A+| 2024/2025

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