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WV State Life Insurance Exam Test Questions And All Correct Answers.
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A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - Answer Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - Answer 1970-Fair ...

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  • October 15, 2024
  • 17
  • 2024/2025
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WV State Life Insurance Exam Test
Questions And All Correct Answers.
A group-owned insurance company that is formed to assume and spread the liability risks of its members
is known as a: - Answer Risk retention group



Which of the following requires insurers to disclose when an applicant's consumer or credit history is
being investigated? - Answer 1970-Fair Credit Reporting Act



Q purchases a $500,000 life insurance policy and pays $900 in premiums over the first six months. Q dies
suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the
following insurance contract features? - Answer Aleatory



The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future
obligations to its policyholders is called: - Answer Reserves



All of the following are considered to be typical characteristics describing the nature of an insurance
contract, EXCEPT: - Answer Bilateral



What year was the McCarran-Ferguson Act enacted? - Answer 1945



Which of the following consists of an offer, acceptance, and consideration? - Answer Contract



Who elects the governing body of a mutual insurance company? - Answer Policyholders



Insurance policies are considered aleatory contracts because: - Answer Performance is conditioned
upon a future occurrence



Who makes the legally enforceable promises in a unilateral contract? - Answer Insurance company

,Insurance contracts are known as _____ because certain future conditions or acts must occur before any
claims can be paid. - Answer Conditional



A life insurance arrangement which circumvents insurable interest statutes is called: - Answer Investor-
Originated Life Insurance



In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What
kind of contract is this? - Answer Unilateral



When third-party ownership is involved, applicants who also happen to be the stated primary
beneficiary are required to have: - Answer Insurable interest in the proposed insured



Which of these arrangements allows one to bypass insurable interest laws? - Answer Investor-
Originated Life Insurance



When must insurable interest exist for a life insurance contract to be valid? - Answer Inception of the
contract



If a contract of adhesion contains complicated language, to whom would the interpretation be in favor
of? - Answer Insured



Which of these is an element of a Variable Life policy? - Answer A fixed, level premium



A father who dies within 3 years after purchasing a life insurance policy on his infant daughter can have
the policy premiums waived under which provision? - Answer Payor provision



Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? - Answer Policyowner



Which of the following actions is NOT possible with a Universal Life policy? - Answer Premiums may be
applied as a credit against income tax

, Which of the following policies is characterized by a flexible premium and death benefit and allows the
policy owner control of the investment aspect of the plan? - Answer Variable universal life



A term life insurance policy matures: - Answer upon the insured's death during the term of the policy



What type of life policy covers two people and pays upon the death of the last insured? - Answer
Survivorship



When is the face amount paid under a Joint Life and Survivor policy? - Answer Upon the death of the
last insured



Variable Whole Life Insurance can be described as: - Answer Both an insurance and securities product



All of these characteristics of an Adjustable Life policy, EXCEPT: - Answer Face amount can be adjusted
using policy dividends



Term insurance has which of the following characteristics? - Answer Expires at the end of the policy
period



P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries
for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. What type of
policy should P purchase? - Answer Family Maintenance policy



Which of the following types of policies BEST identifies one in which the cash value may fluctuate to
reflect changing assumptions regarding mortality cost, interest, and expense factors? - Answer
Universal life



A(n) ________ Life policy offers the owner investment in products such as money-market funds, long-
term bonds and equities - Answer Variable



K purchased a $10,000 Life Policy that will pay the face amount to her if she lives to age 65, or to her
beneficiary if she dies before age 65. K purchased which of the following types of policies? - Answer
Endowment at age 65

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