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Exam (elaborations) life insurance exam questions with solutions
Life insurance exam questions with verified solutions. This questions will help you to test your knowledge and understanding on life insurance syllabus
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Life Insurance Exam KentuckyExam questions and answers
In an outright gift of life insurance to a charity
A. All the incidents of ownership in the policy belong to the donee.
B. The donor retains the right to name a new beneficiary.
C. The cash values in the policy belong to the donor.
D. The premiums paid by the donor are not tax deductible. - A. All the incidents of ownership in
the policy belong to the donee.
When signing the application form, the proposed insured is,
A. Certifying his or her good health and the company should issue the policy.
B. Swearing to the accuracy of the information contained in the application.
C. Making a formal request to the company for a life insurance policy.
D. Certifying ability to make the premium payments necessary to keep the policy in force. - C.
Making a formal request to the company for an insurance policy.
Which of the following would NOT be permitted as a Section 1035 policy exchange?
A. A life contract exchanged for a another life contract.
B. An annuity contract exchanged for a life contact.
C. An annuity contract exchanged for another annuity contract.
D. An endowment contract exchanged for an annuity contract. - B. An annuity contract
exchanged for a life contract.
In applying forgive insurance protection
A. A minor my not sign an application.
B. A minor may sign the application.
, C. No one under age 18 may sign an application.
D. No one under 21 may sign an application - A. A minor may not sign an application.
The applicant, if other than the proposed insured must have
A. No relationship with the insured
B. An insurable interest in the life of the policyowner
C. An insurable interest in the life of the insured
D. A blood relationship with the insured - C. An insurable interest in the life of the insured
Which of the following statements regarding the Medical Information Bureau is NOT true?
A. It is a nonprofit agency established by the life insurance companies to aid their underwriting.
B. It supplies member companies with information concerning insurability of proposed insureds.
C .It must be authorized by the applicant to give the information to member companies.
D. It is not obligated to supply applicants with information it holds about them. - D. It is not
obligated to supply applicants with information it holds about them.
Establishing premiums for special class risks by using a regular mortality table, but assuming
proposed insured are a few years older than they actually are is called.
A. The multiple extra premium method
B. Rating Up
C. The Lien Plan
D. The Flat extra premium charge method - B. Rating Up
The fair credit reporting act guarantees which of the following?
A. Equitable insurance rates
B. Full disclosure of policy benefits
C. Applicants' right to information held about them to any reporting agency
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