Exam (elaborations)
Arizona Life Insurance Exam|130 Questions and Answers
- Course
- Institution
Arizona Life Insurance Exam|130 Questions and Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
Arizona Life Insurance Exam|130Questions and Answers
a whole life policy that provides a choice of dividend options include the
following statement about dividends
they accrue at a guaranteed rate
they are deferred for one year
they are not guaranteed
they are guaranteed after the first year - -they are not guaranteed
-When there is a named beneficiary on a life insurance policy, the death
benefits
1. are directed to a trustee if the insured has any outstanding debts
2. are paid directly to the insured`s creditors, with any remaining balance
forwarded to the beneficiary
3. are paid directly to the beneficiary, minus any debt claims by the
insured`s creditors
4. are paid directly to the beneficiary without interference from the insured`s
creditors - -are paid directly to the beneficiary without interference from the
insured`s creditors
-What determines how much an annuitant is paid for a variable annuity
1. varies according to how many outstanding annuitant is paid for a variable
annuity
2. payments fluctuate as annuitant gets older
3. the market value variations of the securities backing it
4. varies according to the insurers investments in its general account - -the
market value variations of the securities backing it
-a terminated employee has how many days upon termination to convert
group life insurance coverage to an individual policy
,10 days
15 days
30 days
31 days - -31 days
-Rick owns a variable universal life insurance policy and chooses a variable
death benefit option. what will typically happen to the death benefit as a
result of this section
1. remain the same
2 decrease but never increase
3 increase but never decrease
4 fluctuate with changes in the cash amount - -fluctuate with changes in the
cash amount
-the policy provision that permits an employee to change from group life
insurance to an individual policy is called
1 assignment provision
2 conversion provision
3 certificate provision
4 modification provision - -conversion provision
-when the deferred annuity is surrendered, who must sign the authorization
to do so
owner
annuitant and beneficiary
annuitant
all parties involved - -owner
-Which of the following is NOT a valid contract exchange?
1. an annuity exchanged for a life insurance policy
,2 an annuity exchanged for another annuity
3 a life insurance policy exchanged for another life insurance policy
4 a life insurance policy exchanged for another annuity - -an annuity
exchanged for a life insurance policy
-which of these statements regarding the extended term insurance
nonforfeiture option in a life policy is accurate
evidence of insurability is required
coverage remains until death of the insured
the premium to purchase the coverage comes from the policy`s cash value
cash value will continue to grow - -the premium to purchase the coverage
comes from the policy`s cash value
-a life insurance policy that includes a return of premium rider will pay the
beneficiary how much upon the insured death
total premiums paid plus the policy face amount
face amount plus interest
interest acquired plus total premiums paid
face amount minus any outstanding loan balances - -total premiums paid
plus the policy face amount
-which of these is NOT considered the responsibility of a producer during the
underwriting process
collecting additional medical information if needed
promptly sending the completed application to the insurance company
forwarding any material personal observations to the insurer
selecting the final approval date - -selecting the final approval date
-which of the following is NOT guaranteed in a whole life policy
settlement options
, nonforfeiture options
dividend scale
policy loan values - -dividend scale
-all of these duties that a producer may be required to perform when
delivering an insurance policy EXCEPT
acquire a statement of good health signature
gather the initial premium
review policy with applicant
leave a conditional receipt with client - -leave a conditional receipt with
client
-laura added a children`s rider to her life insurance policy. what type of
coverage was added
level term
increasing term
decreasing term
juvenile term - -level term
-what would be the disadvantage of naming a trust as a beneficiary of a life
insurance policy
trusts cannot be formed for life insurance purposes
trust administrations fees would reduce policy proceeds
trusts cannot be used if a minor is the beneficiary
trustee must be a bank or brokerage - -trust administrations fees would
reduce policy proceeds
-what does a fixed life annuity offer protection against
inflation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now