Ordinary life insurance - Study guides, Class notes & Summaries

Health Insurance Exam | Questions and Verified Answers | Grade A (2024 / 2025 Update) Question: How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? Answer: 6 months Question: What kind of life policy typically offers mortgage protection? Answer: Decreasing term Question: Which statement concerning a decreasing term life policy is accurate? Answer: Face amount decreases over the policy period Question: An insurance poli...

Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? - ANSWER A- $50,000 Whole Life policy B- $50,000 Level Term policy for 20 years C- $50,000 20 Pay Life policy D- $50,000 Decreasing Term policy for 20 years 2) A 45-year old customer who is seeking to supplement his retirement income at age 65 would not buy a...

Colorado Life Insurance Exam | Questions and Verified Answers | 100% Correct (2024 / 2025) Question: Becky is a 31 years old and knows she needs to start a retirement plan. She currently works in a bakery and is worried about how inflation would affect her retirement plan. Which annuity would be a good fit for her needs? Answer: Flexible premium deferred annuity Question: An insurance application is not complete unless it has: Answer: The signature of the insured (unless not an...

Primerica Practice Exam Test A 75 Questions & Answers 2023 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 ...

Indiana Life Insurance Exam With Correct Questions & Answers Latest UPDATED 2024 Which of the following statements is true about the Group Life conversion privilege? a. Death during the conversion period is covered even if the departing employee chooses NOT to convert to an individual policy. b. The departing employee must pay the premium if they elect to be covered during the conversion period. c. If a departing employee elects to convert their life insurance, the company must offer T...

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

Types of Licenses - ANSWER--Producers -Business entity producers -Nonresident producers -Temporary -Special Brokers -Advisers -Public insurance adjusters -Reinsurance Adjusters -Life settlement broker portable electronics insurance limited lines insurance Producers - ANSWER-is a general term applied to anyone who engages in the sale of insurance products. Producers must be licensed by the state in which they wish to sell insurance. Business entity producer - ANSWER-A requirement f...

Oklahoma Insurance Exam Latest 2024 Graded A+ Life Insurance Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk Chance of loss: only pure risk is insurable. Loss Unplanned reduction in economic value. hazard a condition that increases the chance of a peril/setback/danger. Risk Transfe...

NEBRASKA INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS Who is protected with the "other insurance with this insurer" provision? - Precise Answer Insurance company A nonparticipating whole life insurance policy was surrendered for its $20,000 cash value. The total premiums paid had totaled $16,000. What were the federal income tax consequences to the policyowner on receipt of the cash value? - Precise Answer $16,000 was received tax-free and $4,000 as ordinary income After th...

NJ ACCIDENT AND HEALTH PRODUCER EXAM 2024/2025 Life income joint and survivor settlement option guarantees... - Precise Answer Income for 2 or more recipents A participating insurance policy may do which of the following:... - Precise Answer Pay dividends to the policy owner What is TRUE about the cash surrender nonforfeiture option? - Precise Answer Funds exceeding the premiums paid are taxable as ordinary income Participating Insurance policy will... - Precise Answer pay dividend...