MISSISSIPPI LIFE INSURANCE TEST COMPLETE QUESTIONS & ANSWERS (GRADED A).Buy Quality Materials!
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Course
MISSISSIPPI INSURANCE
Institution
MISSISSIPPI INSURANCE
MISSISSIPPI LIFE INSURANCE TEST COMPLETE QUESTIONS & ANSWERS (GRADED A).Buy Quality Materials!
Which of the following best describes annually renewable term insurance?
It is level term insurance
A rider attached to a life insurance policy that provides coverage on the insured's family memeb...
MISSISSIPPI LIFE INSURANCE TEST COMPLETE QUESTIONS &
ANSWERS (GRADED A).Buy Quality Materials!
Which of the following best describes annually renewable term insurance?
It is level term insurance
A rider attached to a life insurance policy that provides coverage on the insured's
family memebers is called the
Other-insured rider
Which option for Universal life allows the beneficiary to collect both death benefit
and cash value when he dies
Option B
Example of apparent authority
Accepting late premiums after grace period
The President of a company is starting an annuity and decides that his
corporation will be the annuitant. Which of the following statements is true?
Corporations are never legal annuitants
How many days does a licensee have to inform commissioner of change of
address
30 days
a man decides to purchase a $100,000 annually renewable term insurance life
policy to provide additional protection until his children finished college, he
discovered that this policy
required a premium increase at each renewal
Which is true about the cash surrender nonforfeiture option?
Funds exceeding the premium paid are taxable as ordinary income.
A projection of insurance needs that is based upon the capitalization of a
applicant's future earnings is:
Human life value approach- is determined by the loss of income that would result with
the death of the insured, after making adjustments for expenses, inflation, etc.
State law specifically prohibits using illegal inducements in the marketing of
insurance. All of the following would be considered illegal inducements
EXCEPT
Inviting prospective clients to the grand opening of the company's new office.
Cameron is purchasing a permanent life insurance policy with a face value of
$25,000. While this is all the insurance that he feels he can afford at this time, he
wants to be sure that additional coverage will be available in the future. He should
include in this policy a
Guaranteed insurability option
A prospective deferred annuity owner is concerned about what would happen if
he surrendered the annuity before the annuitization period. The agent most likely
explained which of the following?
b) Nonforfeiture option guarantees that the owner will receive a surrender value of the
contract.
, An insured has a continuous premium whole life policy. She would like to use the
policy dividends to pay off her policy sooner than would have been possible
otherwise. What dividend option could she use?
Paid up option
All of the following statements about Credit Life insurance are true EXCEPT:
Benefits are paid to the borrowers beneficiary (The creditor IS the beneficiary)
Randy transfers his life insurance policy to his son Andy two years before
Randy's death. Which of the following is true?
The entire face value of the policy will be included in Randy's taxable estate.
What life insurance policy provision states that both the policy and a copy of the
application form the contract between the policyowner and the insurer?
Entire contract
Which of the following is the best reason to purchase life insurance rather than
annuities?
To create and estate
The death benefit under the Universal Life Option B
Gradually increases each year by the amount that the cash value increases
the commissioner may waive pre licensing requirements for examinations for
someone who has been licensed insurance producer
In preceding 12 months
Abigail's father dies leaving her the designated beneficiary on his life insurance
policy. She is surprised to see that in addition to the face amount of the policy,
she will also receive a refund of all the of the premiums he had paid. Which rider
is attached to the policy?
Return of premium
An employee quits his job on May 15 and doesn't convert his Group Life policy to
an individual policy for 2 weeks. He dies in a freak accident on June 1. Which of
the following statements best describes what will happen?
The insurer will pay the full Death Benefit to the beneficiary.
An insured pays a small $100 premium every month, yet the insurer promises to
pay a high percentage of all medical costs. What element of an insurance
contract does this describe?
Aleatory
An applicant wants to buy a life insurance policy that has a cash value element.
Which type should she buy
Permanent
Which of the following is true regarding a modified guaranteed annuity?
The owner is guaranteed a fixed interest rate over a specified period of time
Taking a defensive driving course or installing deadbolt locks on the doors of a
home are examples of which of the following?
Risk Reduction
Which of the following would be considered an illegal inducement to purchase
insurance?
Confirming future dividends in a life insurance proposal
If an insurer wishes to appoint a producer, it must file a notice of appointment
within how many days of the date that the contract is executed
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