Exam (elaborations)
LIFE INSURANCE PRACTICE EXAM 1
- Course
- Institution
LIFE INSURANCE PRACTICE EXAM 1
[Show more]
Content preview
LIFE INSURANCE PRACTICE EXAM 1Insurable Receipt - answer the receipt given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - answerStatements in the application for insurance that are believed
to be true to the best of the applicant’s knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current
rate - answer An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - answer The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is
called.
Entire contract - answer The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable - answer Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - answer Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - answer Which type of annuity settlement stops when the annuitant
dies?
59 1/2 - answer At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
Buy-Sell Agreement - answer Two business partners own life insurance on each other.
If one partner dies, which of the following contracts will allow the surviving partner to
use the death benefit to purchase the deceased's business interests?
Adjustable life - answer Which type of policy allows the insured to change the amount of
the dawah benefit, the amount of premium, or the type of coverage S their needs
change?
Either the cash value or the premiums paid, whichever is greater - answer If an
annuitant dies during the accumulation period, what will the beneficiary receive?
No admitted - answer Any insurer who is NOT approved to do business in this state is
considered
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 jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now