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Review life insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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An arrangement where an individual is authorized to act on behalf of another person or company is established through -:- the law of agency The powers directly given to a producer in an agency contract are called -:- express An insurance application requires an applicant to make a full, accu...

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  • September 6, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • review life insurance questions 100 correct an

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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!



Review life insurance Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
An arrangement where an individual is authorized to act on behalf of another person or

company is established through


✓ -:- the law of agency




The powers directly given to a producer in an agency contract are called


✓ -:- express




An insurance application requires an applicant to make a full, accurate disclosure of the risk

factor involved. Using this criteria, an insurance policy is considered what type of contract?


✓ -:- Contract of utmost good faith




What qualifies as acceptance of an insurance contract offer?


✓ -:- An issued policy




How long does one premium payment cover in a single premium whole life policy?


✓ -:- Entire life of the policy




1|Page | Grade A+| 2024/2025

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

Which action will trigger a penalty tax on premature distributions from a modified

endowment contract (MEC)?


✓ -:- policy loans




What type of premiums are associated with individual mortgage protection life insurance

policies?


✓ -:- Level premiums




Which statement regarding whole life insurance is accurate?


✓ -:- Insurance coverage can continue for life




How long does protection normally extend to under a limited pay whole life policy?


✓ -:- Until age 100




When does the insured stop making payments under a thirty-payment whole life policy?


✓ -:- At the time of death or 30 years after the policy's inception, whichever comes

first




What type of life insurance policy covers two or more persons and pays the face amount

upon the death of the first insured?


2|Page | Grade A+| 2024/2025

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

✓ -:- Joint life




Which of the following combinations best describe a universal life insurance policy?


✓ -:- A flexible premium deposit fund and a monthly renewable term insurance policy




A policyowner is permitted to take out a policy loan on a whole life policy at what point?


✓ -:- When the policy has a cash value




A source of additional income for a life insurance policyowner can be derived from the


✓ -:- cash value




A life insurance policy's waiver of premium rider has the ability to


✓ -:- relieve the insured of premium payments following an initial waiting period after

the insured becomes totally disabled




What could be the potential result of taking out a cash value loan on a life insurance policy?


✓ -:- Cash surrender value will be reduced if policy is forfeited




What happens to the death benefit of a life insurance policy if the insured elects a partial

payment from the accelerated (living) benefit provision?


3|Page | Grade A+| 2024/2025

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