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Life insurance practice exam Primerica
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Life insurance practice exam Primerica
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Life insurance practice exam PrimericaThe receipt given to a life insurance applicant when the application is completed and the
initial premium is received is called a(n) - answerConditional receipt.
Statements in the application for insurance that are believed to be true to the best of the
applicant's knowledge are called - answerRepresentations.
All of the following apply to the waiver of premium rider EXCEPT - answerThere is no
charge for this provision.
An annuity is considered fixed when it does all of the following EXCEPT -
answerProvides the annuitant with either the guaranteed or current interest rate,
whichever is less.
The most common type of whole life insurance where premiums are payable over the
whole life of the insured to age 100 is called - answerContinuous premium (straight) life.
A beneficiary who has a vested interest in the proceeds of a life insurance policy is the -
answerIrrevocable beneficiary.
The insured died four months after a $100,000 life insurance policy was issued and
delivered. At the time of the claim, the company noticed the original application was
missing some key information. What will the company do? - answerPay the death claim
because the insurer waived the right to obtain the missing information
The policy and a copy of the application, along with any riders and amendments, is
called the - answerEntire contract.
At what age can a participant receive distributions from a qualified plan without incurring
a 10% penalty? - answer59 ½
Which settlement option guarantees an income for two or more recipients for as long as
they live? - answerJoint and Survivor
Which type of policy allows the insured to change the amount of the death benefit, the
amount of premium, or the type of coverage as their needs change? - answerAdjustable
life
To prevent individuals from profiting from a loss, insurance companies must be certain
that - answerInsurable interest exists.
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