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Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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In a fixed annuity, which of the folllowing is true regarding the guaranteed interest rate on the investment ? -:- the annuitant will recieve the higher of either the guaranteed minimum rate or current rate All of the following are factors that an underwriter coukd use to select and classify...

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  • September 6, 2024
  • 42
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance questions 100 correct answers
  • in a fixed annuity which of the folllowing is tru

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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 Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
In a fixed annuity, which of the folllowing is true regarding the guaranteed interest rate on

the investment ?


✓ -:- the annuitant will recieve the higher of either the guaranteed minimum rate or

current rate




All of the following are factors that an underwriter coukd use to select and classify risk

except ?


✓ -:- national origin




For the purpose of examination by the department, insurers must keep a record of all

financial files for at least...


✓ -:- 5 years




Which of the following is NOT a goal of risk retention ?


✓ -:- to minimize the insured's level of liability in the event of loss




The rider in a whole life policy that allows the company to forgo collecting the premium if

the insured is disabled is called...


1|Page | Grade A+| 2024/2025

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

✓ -:- Waiver of premium




An insured has entered into a viatical settlement but decides that he would like to back out

of the contract. Which of the followingis true ?


✓ -:- the insured has 15 calendar days from the effective date of the contract to recind

it




An applicant wants to buy a life insurance policy in which he can count on recieveing the

same benefits as stated in the contract. Which type should he buy ?


✓ -:- Fixed




Underlying assets for variable annuity contracts must be maintained in what type of

account ?


✓ -:- separate account




At the time of initial licensing, what fee must a viatical settlement provider pay ?


✓ -:- $300




Insurance producers that do not have company appointments are considered a/an...




2|Page | Grade A+| 2024/2025

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

✓ -:- representative of the consumer




If a insurance company makes a statement that it's policies are guaranteed by the existence

of the Insurance Guaranty Association, that would be considered...


✓ -:- an unfair trade practice




Which of the following is NOT typically excluded from life policies ?


✓ -:- death due to plane crash for a fare-paying passenger




Based on Human Life Value Approach, which of the following is NOT used to calculate an

individuals life value ?


✓ -:- predicted needs of the family after the insured's death




When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount

of the policy ?


✓ -:- it is reduced to the amount of what cash value would buy as a single premium




An individual was just caught acting as an exclusive general agent - even though he is not

properly licensed. Assuming that this occured in a single day. What is the maximum penalty

he faces ?



3|Page | Grade A+| 2024/2025

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

✓ -:- a 3rd degree misdemenor and a $1,000 fine




All of the following statements are true regarding installments for a fixed amount

EXCEPT...


✓ -:- the payments will stop when the annuitant dies




Which of the following riders would NOT cause the Death Benefit to increase?


✓ -:- payor benefit rider




All of the following are general requirements of a qualified plan except..


✓ -:- the plan must provide an offset for social security benefits




When an annuity is written, whose life expectancy is taken into account?


✓ -:- annuitant




Which of the following is true of a children's rider added to an insured's permament life

insurance policy ?


✓ -:- if is term coverage that is convertible to permanent insurance at or prior to the

child reaching the maximum coverage age




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