Life insurance pri Study guides, Class notes & Summaries

1. The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Answer conditional receipt 2. Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called Answer representations 3. An annuity is considered fixed when it does all of the following EXCEPT Answer - provides the annuitant with an interest rate that is the lesser of the guaranteed or current rate...

1. E-D = ERV 160. A healthy 30-year-old woman is referred for a life insurance physical exam. History reveals that she has never smoked and vesicular breath sounds are heard at the periph- ery of the lung with aus- cultation. In the patient's spirometry tracing below, the expiratory reserve vol- ume (ERV) equals which of the following? 2. .21*380 = 80 mmHg 161. A group of third-year medical students accom- panied a medical mission team to Peru, South Amer- ica. After arriving at the air...

In an insured's neighborhood, individuals are required to pay the fire department if called to their premises. This insured has a homeowner policy. How much will the policy pay for these fire department service charges? up to $500 When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. What is this act called? Concealment Brainpower 0:15 / 0:15 The abandonme...

Primerica Life Insurance Practice Questions and Answers

401 k plan - Answer A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - Answer Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - Answer Policy provision that allows full or partial payment of the policy's death be...

Life Insurance Primerica questions and answers latest top score. 401 tk tplan t- t tcorrect tanswer. t t tA tqualified tretirement tplan tin twhich tthe t employee tcan tset taside ta tportion tof ttheir tincome t with tpre-tax tdollars. Absolute tAssignment tv. tCollateral t Assignment t- t tcorrect tanswer. t t tAbsolute: tA tpermanent tand tirrevocable ttransfer t of trights tand/or tbenefits tby tthe tpolicyowner. t Collateral: tA ttemporary tand/or trevocable ttransfe...

Life Insurance Primerica questions and answers latest top score. Which will be included in a policy summary? - correct answers.Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - correct answers.To help the insured understand all aspects of the contract An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be e...

Which will be included in a policy summary? - Answer Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - Answer To help the insured understand all aspects of the contract An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? - Answer Conditional If a policy includes a free-...

Life Insurance Primerica Solved Exam |Question and Answer| 100% Correct 401 k plan *Ans* A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment *Ans* Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit *Ans* Policy provision that all...

Insurable Interest - - An interest must exist between two parties where one party has the potential to suffer a loss in the event that a particular outcome occurs (which was covered by the insurance policy). - Insurance cannot be purchased on strangers, friends, associates of no financial significance, or the like where the potential for gain, instead of loss, were to occur. -When speaking of life insurance, insurable interest must exist at the time of application, but is not required to...