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Life Insurance Primerica test Questions and Answers Graded A+
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Life Insurance Primerica test
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Life Insurance Primerica test401 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 benefit before the
insured's death if he/she is terminally ill.
Accidental Death Benefit - answer An extra cost rider that requires the insurance
company to pay an additional benefit in the event
that the insured dies within 90 days of an
accident as a direct result of the accident.
Accumulate at Interest - answerThe Dividend Option where the policyowner
leaves the dividends with the insurer to invest
and earn interest.
Adhesion - answerSince the insurer created all the documents of
the contract, any ambiguities in the contract will
be settled in favor of the insured. Since the
insurer wrote the contract they are stuck with it.
Adverse Selection - answerThe tendency for less favorable risks to seek or
continue insurance to a greater extent than more
favorable risks.
Agency Agreement or Agency Contract - answerA legal document containing the terms
of the
agreement between the agent and the insurance
company. It clearly defines what an agent can
and cannot do, and how he/she will be
compensated.
Agent Authorities - answerExpressed: Power or authority specifically
, granted in writing to an agent by the insurance
company in their Agency Agreement. Apparent:
Power or authority that the public reasonably
assumes an agent has based upon his/her
actions. Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Agent/Producer - answerAnyone who sells or aids in the selling of
insurance. Legally represents the company.
Cash Settlement Option - answerUpon maturity of an insurance policy the
beneficiary receives a lump-sum payment of the
entire policy proceeds due.
Agent's Report - answerA written report from the agent submitted to the
insurer along with the application disclosing what
the agent knows, observed, or learned about the
proposed insured's risks.
Aleatory - answerUnequal exchange of value. One party may
obtain a far greater value than the other under
the contract.
Annual Renewable Term - answerA Term Life Insurance contract which gives the
policyowner the option to renew the policy each
year without showing proof of insurability.
Premiums increase at each renewal.
Annuitant - answerThe person that buys an annuity; may or may not
be an annuity's policyowner.
Annuity - answerA contract/policy that guarantees to pay income
for a specified period of time or for the life of the
annuitant. Designed to prevent people from
outliving their savings.
Appointment - answerAuthorization of an agent/producer by an insurer
to represent the company.
Blackout Period - answerThe period of time between the youngest child
turning 16 and the widow(er) reaching retirement
age during which no Social Security Survivor
Benefits are paid to the surviving spouse.
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