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Arizona Life Insurance Exam with verified solutions
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Arizona Life Insurance Exam with verified solutionsa |whole |life |policy |that |provides |a |choice |of |dividend |options |include |the |following |statement
|about |dividends
they |accrue |at |a |guaranteed |rate
they |are |deferred |for |one |year |
they |are |not |guaranteed
they |are |guaranteed |after |the |first |year |- |correct |answer |-they |are |not |guaranteed
When |there |is |a |named |beneficiary |on |a |life |insurance |policy, |the |death |benefits
1. |are |directed |to |a |trustee |if |the |insured |has |any |outstanding |debts |
2. |are |paid |directly |to |the |insured`s |creditors, |with |any |remaining |balance |forwarded |to |the
|beneficiary |
3. |are |paid |directly |to |the |beneficiary, |minus |any |debt |claims |by |the |insured`s |creditors |
4. |are |paid |directly |to |the |beneficiary |without |interference |from |the |insured`s |creditors |- |correct
|answer |-are |paid |directly |to |the |beneficiary |without |interference |from |the |insured`s |creditors
What |determines |how |much |an |annuitant |is |paid |for |a |variable |annuity
1. |varies |according |to |how |many |outstanding |annuitant |is |paid |for |a |variable |annuity
,2. |payments |fluctuate |as |annuitant |gets |older |
3. |the |market |value |variations |of |the |securities |backing |it
4. |varies |according |to |the |insurers |investments |in |its |general |account |- |correct |answer |-the |market
|value |variations |of |the |securities |backing |it
a |terminated |employee |has |how |many |days |upon |termination |to |convert |group |life |insurance
|coverage |to |an |individual |policy |
10 |days |
15 |days
30 |days |
31 |days |- |correct |answer |-31 |days
Rick |owns |a |variable |universal |life |insurance |policy |and |chooses |a |variable |death |benefit |option.
|what |will |typically |happen |to |the |death |benefit |as |a |result |of |this |section |
1. |remain |the |same |
2 |decrease |but |never |increase |
3 |increase |but |never |decrease |
4 |fluctuate |with |changes |in |the |cash |amount |- |correct |answer |-fluctuate |with |changes |in |the |cash
|amount
,the |policy |provision |that |permits |an |employee |to |change |from |group |life |insurance |to |an |individual
|policy |is |called |
1 |assignment |provision
2 |conversion |provision |
3 |certificate |provision |
4 |modification |provision |- |correct |answer |-conversion |provision
when |the |deferred |annuity |is |surrendered, |who |must |sign |the |authorization |to |do |so |
owner |
annuitant |and |beneficiary
annuitant |
all |parties |involved |- |correct |answer |-owner
Which |of |the |following |is |NOT |a |valid |contract |exchange? |
1. |an |annuity |exchanged |for |a |life |insurance |policy |
2 |an |annuity |exchanged |for |another |annuity |
3 |a |life |insurance |policy |exchanged |for |another |life |insurance |policy |
, 4 |a |life |insurance |policy |exchanged |for |another |annuity |- |correct |answer |-an |annuity |exchanged |for
|a |life |insurance |policy
which |of |these |statements |regarding |the |extended |term |insurance |nonforfeiture |option |in |a |life
|policy |is |accurate |
evidence |of |insurability |is |required |
coverage |remains |until |death |of |the |insured
the |premium |to |purchase |the |coverage |comes |from |the |policy`s |cash |value |
cash |value |will |continue |to |grow |- |correct |answer |-the |premium |to |purchase |the |coverage |comes
|from |the |policy`s |cash |value
a |life |insurance |policy |that |includes |a |return |of |premium |rider |will |pay |the |beneficiary |how |much
|upon |the |insured |death
total |premiums |paid |plus |the |policy |face |amount |
face |amount |plus |interest |
interest |acquired |plus |total |premiums |paid |
face |amount |minus |any |outstanding |loan |balances |- |correct |answer |-total |premiums |paid |plus |the
|policy |face |amount
which |of |these |is |NOT |considered |the |responsibility |of |a |producer |during |the |underwriting |process
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