Connecticut Life Insurance Exam Latest Questions With Passed Solutions!!
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Course
Connecticut Life Insurance
Institution
Connecticut Life Insurance
Upon policy delivery, a signed good health statement is requested from the applicant.
Why would this be necessary? - ️️The initial premium was NOT submitted with the
application
D owns a Whole Life policy that was purchased 10 years ago. If the premium payments
suddenly stop and D takes no ...
Connecticut Life Insurance Exam
Upon policy delivery, a signed good health statement is requested from the applicant.
Why would this be necessary? - ✔️✔️The initial premium was NOT submitted with the
application
D owns a Whole Life policy that was purchased 10 years ago. If the premium payments
suddenly stop and D takes no additional action, which Nonforfeiture Option will the
insurer likely proceed with? - ✔️✔️Extended term
B owns a Whole Life policy with a guaranteed insurability option that allows him to
purchase, without evidence of insurability, stated amounts of - ✔️✔️additional whole
life coverage at specified times
If an employer decides to cancel a group life insurance plan, it must give at least ---
days notice to the employees prior to the date of cancellation or discontinuation. -
✔️✔️15
Rebating is - ✔️✔️an illegal practice in Connecticut
G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If
G were to die at age 50, how long would G's family receive income? - ✔️✔️10 years
Which provision prevents an insurer from changing the terms of the contract with the
policyowner by referring to documents not found within the policy itself? - ✔️✔️Entire
Contract provision
A statement made by an insured in an insurance application that must be true to the
best of one's knowledge and which becomes a part of the contract is known as - ✔️✔️a
representation
What is the purpose of the Connecticut Life and Health Insurance Guaranty
Association? - ✔️✔️Protects policyowners against insolvent insurance companies
An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This policy may be issued with a(n) - ✔️✔️extra premium
Which of these is an element of a Variable Life policy? - ✔️✔️A fixed, level premium
All of these Settlement options involve the systematic liquidation of the death proceeds
in the event of the insured's death EXCEPT - ✔️✔️Interest only
, Which type of life insurance beneficiary requires his/her consent when a change of
beneficiary is attempted by the policyowner? - ✔️✔️Irrevocable beneficiary
Which of these terms accurately defines an underwriter's assessment of information on
a life insurance application? - ✔️✔️Risk classification
S, age 40, is looking to buy a Life Insurance policy that will allow for increases or
decreases in coverage as his needs change. The policy best suited for S would be -
✔️✔️Universal Life
An example of rebating would be - ✔️✔️returning a portion of a premium as
inducement to purchase insurance
How are policyowner dividends treated in regards to income tax? - ✔️✔️Interest on
accumulations is taxed
What is the underlying concept regarding level premiums? - ✔️✔️The early years are
charged more than what is needed
P is the insured on a participating life policy. Which statement is true if P's premiums are
waived due to a disability? - ✔️✔️P will still receive declared dividends
All individuals covered under a group contract will receive a - ✔️✔️certificate
Why must an insurance applicant answer all questions on the application? -
✔️✔️Statements and representations on the application are part of the consideration
for issuing a policy
K buys a policy where the premium stays fixed for the first 5 years. The premium then
increases in year 6 and stays level thereafter, all the while the death benefit remains the
same. What kind of policy is this? - ✔️✔️Modified whole life
Insurance policies are considered aleatory contracts because - ✔️✔️performance is
conditioned upon a future occurrence
A provision in a life insurance policy that pays the policyowner an amount that does not
surpass the guaranteed cash value is called the - ✔️✔️Policy loan provision
Which statement is correct regarding the premium payment schedule for whole life
policies? - ✔️✔️Premiums are payable throughout the insurds lifetime/ coverage lasts
until death of the insured
Which of these is NOT a type of agent authority? - ✔️✔️Principal
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