Idaho Life Producer UPDATED Exam Questions and CORRECT Answers
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Idaho life producer
Institution
Idaho Life Producer
Idaho Life Producer UPDATED Exam
Questions and CORRECT Answers
What does life insurance protect against? - CORRECT ANSWER- Dying too soon.
What happens to the death benefit with a Variable Universal Life Policy? - CORRECT
ANSWER- It may increase/decrease within limits.
Who sells insurance to...
Idaho Life Producer UPDATED Exam
Questions and CORRECT Answers
What does life insurance protect against? - CORRECT ANSWER- Dying too soon.
What happens to the death benefit with a Variable Universal Life Policy? - CORRECT
ANSWER- It may increase/decrease within limits.
Who sells insurance to a client and owes a fiduciary duty to an insurance company? -
CORRECT ANSWER- The Agent/Producer
What does a "Family Policy" provide? - CORRECT ANSWER- Different coverage on
different family members.
In order to qualify for AD&D coverage, the accident must directly cause death within how
many days? - CORRECT ANSWER- 90 days
What is the time period called before an employee is eligible for group Disability Income or
Health Insurance? - CORRECT ANSWER- Probationary Period
Is a death benefit provided in a retirement plan? - CORRECT ANSWER- No, for life
insurance policies only.
Which policy requires premium payments over the Insured's lifetime and provides death
benefit protection for the Insured's lifetime? - CORRECT ANSWER- Modified Life
What does a Family Maintenance policy do? - CORRECT ANSWER- Pays same death
benefit on deceased but extra money for survivor to maintain a level lifestyle no matter how
many children.
Why are SEPs preferred over Keogh Plans for small business owners? - CORRECT
ANSWER- The SEP is less complicated.
, What plans measure in investment units rather than dollars? - CORRECT ANSWER-
Variable Life or Variable Universal Life
If an applicant is not offered a policy after the underwriting process, they are referred to as
what? - CORRECT ANSWER- Declined Risk
Which policy combines stock market investments chosen by the policy owner with a form of
Term Life coverage? - CORRECT ANSWER- Variable Universal Life
What document becomes part of the contract and includes information about the Insured? -
CORRECT ANSWER- The application
Who is entitled to the death benefit proceeds on a Key Person Life policy? - CORRECT
ANSWER- Typically the employer of the employee being insured.
What does the Uniform Policy Provision Law provide? - CORRECT ANSWER- The right to
sue within a stated time after filing a Proof of Loss claim.
Why is the premium higher when an insured converts from Convertible Term to Whole
Term? - CORRECT ANSWER- Whole Life costs more than Term Life and the new premium
is based on the Insured's age at the time of conversion.
What type of Life Policy allows the cash value to grow the quickest? - CORRECT
ANSWER- Endowment Life (because premium payments are much higher)
The owner of a term policy neglected to pay the annual premium due 3/1. One 3/5 the insured
died. How will the Insurer handle the claim? - CORRECT ANSWER- pay the claim less the
premium plus interest.
Offer plus acceptance equals? - CORRECT ANSWER- Agreement
What is another name for decreasing term insurance? - CORRECT ANSWER- Mortgage
insurance
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