Exam (elaborations)
Illinois Life State Exam With complete solutions 2024_2025
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Illinois Life State Exam With complete solutions 2024_2025
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Illinois Life State Exam With completesolutions 2024/2025
Accelerated Death Benefits - ANSWER-Portion is paid while insured is still living
(Terminal Illness, Long-Term Care) and the rider does not require additional
premium
Accident - ANSWER-Law requires "accidental results" body language in
insurance policies because of its broad definition
Accidental Death Benefit - ANSWER-Death Benefit is Principal Sum
Accidental Dismemberment - ANSWER-Capital sum, "loss of use" is not
dismemberment
Accumulation period - ANSWER-Annuity's growth period
Adhesion - ANSWER-buyer must adhere to terms of contract as written
Authorized insurer - ANSWER-authorized in the state
Agency - ANSWER-Requires a producer bond
Agent - ANSWER-Represents company
Aleatory - ANSWER-Contracts in which there may be no equal exchange of values
b/w parties
Alien Company - ANSWER-Outside the US
, Foreign Company - ANSWER-In a different state
Domestic - ANSWER-within the state
Amount at risk - ANSWER-Benefit-Cash Value
Any Occupation - ANSWER-Refers to total disability. After two years, benefits
only continue if you are unable to perform any job at all, not just the one you
previously had.
Assignment - ANSWER-Transfer of ownership of a life or annuity policy to a third
party
Back End Load - ANSWER-Fee charged at the time an insured might engage in
the sale of, or withdrawal of, an annuity or life insurance policy
Blackout Period - ANSWER-The time between when the youngest child of a
surviving spouse turns 16 and the survivor turns 60, no benefits can be collected
Broker - ANSWER-Representative of the insured client
Buy - ANSWER-Sell Agreement- Necessary to the continuation of partnership if a
partner dies
Buyer's Guide - ANSWER-In all agent solicited sales, buyer's guide must be
delivered to client BEFORE first premium payment
Capital Sum - ANSWER-Amount provided for accidental dismemberment or loss
of eyesight
Certificate of Insurance - ANSWER-Issued to employees under master policy
Master Policy - ANSWER-Issued to the employer
Commingling - ANSWER-When an agent mingles personal money with premium
money
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