Primerica 3 - Study guides, Class notes & Summaries

Primerica Life Insurance Exam | 2023/ 2024 Newly Updated!!! (Questions and Verified Answers with Rationales) 100% Correct 1. Which of the following best defines target premium in a universal life policy? ~ Answer: The recommended amount to keep the policy in force throughout its lifetime 2. Which of the following would help prevent a universal life policy from lapsing? ~ Answer: Target premium 3. A Universal Life insurance policy is best described as a/an ~ Answe...

Primerica - Life Insurance EXAM 70 QUESTIONS AND CORRECT ANSWERS 2023. 1. What is insurance?: Transfer of the possibility of loss (risk) to an insurance company. 2. What is a risk?: The uncertainty of financial loss 3. There are two types of loss: Pure and Speculative 4. Which type of loss is insurable?: Pure 5. Why is Pure loss insurable?: Loss must be financial and uncertain. No financial gain can occur. 6. What causes loss?: Peril; such as fire, accident or flood 7. What causes a pe...

Primerica Life Insurance 2023/ 2024 Exam | (Questions and 100% Correct Verified Answers) 1. An applicant wants to buy a policy that has cash value element. Which type should she buy? a. term b. permanent c. stock d. investment Answer: b. permanent- death protection and savings/cash value option 2. What are the personal uses of life insurance? a. insured protection, estate creation and cash accumulation b. cash accumulation, estate depletion and liquidity c. beneficiary p...

Primerica Life Insurance In Person Class Exam Questions With Verified Answers What is a provision? - answerDefine the standard characteristics of all policies. No need to add these items, it usually comes with the policy Entire Contract - answerThink R.A.P., this is what it includes R- Riders A- Application P- Policy This is a legal contract and can not be changed unless both parties agree to the change. Tip: Buyer's Guide - Illustrations - Policy Summary are required but not apart of ...

Primerica Practice test part 1,part 2 and part 3 Answered Correctly

Primerica Guarantee Test Questions Guaranteeing future dividends is considered to be an unfair or deceptive act known as - Twisting An applicant for a disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems on their application. Their answer is considered to be - Representation. If the Insurance Commissioner believes that an insurer has engaged in an unfair method of competition, what may t...

Primerica life insurance License chapter 2 Exam Questions With Verified Answers Attained age - answerthe insured's age at the time the policy is issued or renewed cash value - answerA policy's savings element or living benefit face amount - answerthe amount of benefit stated in the life insurance fixed life insurance - answercontracts that offer guaranteed minimum or fixed benefits deferred - answerwithheld or postponed until a specified time or event in the future Endow - answerthe cas...

Primerica - UCANPASS - Chapter Taxes, Retirement and Other Insurance Concepts Exam Questions And Answers Which of the following is NOT true life settlements? A: They could be sold for an amount greater than the cash value B: They involve insurance policies with large face amounts C: The seller must be terminally ill D: They could be used for a key person coverage - ANS C: The seller must be terminally ill With Life Settlements, unlike with viatical settlements, the seller does no...

Primerica Life Insurance 2023 Exam Prep (Questions and Verified Answers) New Update 1. What is the risk classification for those who are insurable, but present a higher than average risk? ~ Answer: Substandard 2. At age 25, an individual purchased a decreasing term policy. What does that say about the coverage and the premium? ~ Answer: The coverage decreases but the premium stays the same. 3. Underwriting is the process of ~ Answer: Determining the insurance co...