Primerica

A person who does not lock the doors or does not repair leaks shows an indifferent attitude. This person presents what type of hazard? correct answer: Morale All of the following are beneficiary designations EXCEPT correct answer: Specified. An insurer's liability shall be limited to correct answer: The face amount of an individual insurance policy, subject to any exclusions and riders as applicable, minus any outstanding policy loans and interest payments due the insurer. As part o...

Risk correct answer: uncertainty of a financial loss; 2 types Two typed of risks correct answer: Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? correct answer: You get to transfer financial risk left after passing to insurance company Law of large numbers correct answer: the larger the size of the group the more accurately the experience aka predicted losses of that group can be predicted Policyowner correct answer: person who owns policy, pays ...

1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. correct answer: Single premium deferred annuity 2. A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured is called the: A. Needs approach. B. Future income option...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock correct answer: A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all ...

Primerica Practice Test Part 1 QUESTIONS WITH COMPLETE SOLUTIONS 2023

The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) correct answer: conditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called correct answer: representations An annuity is considered fixed when it does all of the following EXCEPT correct answer: provides the annuitant with an interest rate that is the lesser of the guara...