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Arizona Life Insurance Only State Exam Simulator with answers
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Arizona Life Insurance Only State Exam Simulatorwith answers
Regulations |for |variable |insurance |contracts |are |set |by |all |of |the |following |EXCEPT
Securities |and |Exchange |Commission
Department |of |Insurance
State |securities |authorities
State |attorney |general's |office |- |correct |answer |-State |attorney |general's |office
Which |of |the |following |is |associated |with |an |immediate |annuity?
Tax-free |benefit |payments
Installment |premium |payments
Lack |of |an |accumulation |period
Lump-sum |benefit |- |correct |answer |-Lack |of |an |accumulation |period
Which |of |these |factors |does |NOT |influence |an |individual's |need |for |life |insurance?
Lifestyle |of |the |applicant
Number |of |dependents
Future |educational |costs |of |the |dependents
Self-maintenance |expenses |- |correct |answer |-Self-maintenance |expenses
A |contract |is |considered |void |in |all |of |the |following |situations |EXCEPT |
When |one |party |is |a |minor
When |consideration |is |unequal
When |agreement |cannot |be |reached |between |parties |- |correct |answer |-When |consideration |is
|unequal
,When |the |disclosure |of |an |insured's |nonpublic |information |is |involved, |what |is |the |insurer
|obligated |to |do?
Insurer |is |not |obligated |to |take |any |action
Give |notice, |explain, |and |allow |opting |out
Provide |the |proper |NAIC |paperwork |- |correct |answer |-Give |notice, |explain, |and |allow |opting |out
When |a |policy |loan |is |requested |by |a |policyowner |and |it |requires |the |consent |of |the |beneficiary,
|what |kind |of |beneficiary |designation |is |this?
Collateral |beneficiary
Revocable |beneficiary
Irrevocable |beneficiary |- |correct |answer |-Irrevocable |beneficiary
Which |of |the |following |could |be |a |future |use |of |the |cash |value |that |builds |in |a |recently-purchased
|whole |life |insurance |policy?
Convert |the |cash |value |to |a |paid-up |term |policy
Increases |the |policy's |face |amount
Provide |supplemental |income |in |35 |years |- |correct |answer |-Provide |supplemental |income |in |35
|years
Which |statement |regarding |the |joint |and |survivor |life |insurance |settlement |option |is |NOT |true?
Income |continues |until |the |last |beneficiary |dies
Two |or |more |beneficiaries |can |be |paid
The |amount |of |each |installment |is |larger |than |the |single |life |income |option |- |correct |answer |-The
|amount |of |each |installment |is |larger |than |the |single |life |income |option
A |producer |must |maintain |customer |records |for |how |many |years |following |the |completion |date |of
|the |insurance |transaction?
, 1
2
3 |- |correct |answer |-3
An |insurance |company |can |be |liable |for |a |producer's |unauthorized |acts
only |when |a |felony |is |involved
when |the |agency |contract |is |unclear |concerning |the |authority |given
at |anytime |- |correct |answer |-when |the |agency |contract |is |unclear |concerning |the |authority |given
Which |of |these |may |NOT |be |deducted |from |premium |payments |or |the |cash |value |of |a |variable |life
|insurance |policy?
Federal |premium |taxes
Investment |management |fees
Mortality |costs |- |correct |answer |-Federal |premium |taxes
John |has |a |criminal |record |in |which |he |was |convicted |of |a |felony |that |involved |dishonesty. |Under
|Federal |law, |how |would |John |be |able |to |engage |in |insurance |transactions?
Paying |a |fine |of |up |to |$50,000
Given |written |consent |by |the |state |insurance |regulatory |agency
Completing |a |court-ordered |prison |sentence |- |correct |answer |-Given |written |consent |by |the |state
|insurance |regulatory |agency
The |exclusion |ratio |determines
how |long |an |annuitant |receives |benefit |payments
the |interest |rate |for |an |annuity
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