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Primerica Life License Guide 1 Questions and Answers Graded A+
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Primerica Life License Guide 1
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Primerica Life License Guide 1What limits the amount that a policyowner may borrow from a whole life insurance
policy? - answer Cash value
What is NOT true about a joint and survivor annuity benefit option? - answer Payments
stop after the first death among the annuitants.
If a beneficiary wants a guarantee that benefits paid from principal and interest would be
paid for a period of 10 years before being exhausted, what settlement option should the
beneficiary select? - answer Fixed period
The Waiver of Cost of Insurance rider is found in what type of insurance? - answer
Universal Life
This is not a duty or responsibility of producers at the time of application - answer
Change any incorrect statement on the application by personally initialing next to the
corrected statement.
For how long is the certificate of relicensing course completion valid? - answer180
calendar days
An insured has a Modified Endowment Contract. He wants to withdraw some money in
order to pay medical bills. Which of the following is true? - answer He will have to pay a
penalty if he is younger than 59½.
When must an IRA be completely distributed when a beneficiary is not named? -
answer December 31 of the year that contains the fifth anniversary of the owner's death.
All other factors being equal, the least expensive first-year premium payment is found in
- answer Annually Renewable Term.
If an insurer meets the state's financial requirements and is approved to transact
business in the state, it is considered to be - answer Authorized.
Which type of misrepresentation persuades an insured, to his or her detriment, to
cancel, lapse, or switch policies from one to another? - answer Twisting
An individual is purchasing a permanent life insurance policy with a face value of
$25,000. While this is all the insurance that he can afford at this time, he wants to be
sure that additional coverage will be available in the future. Which of the following
options should be included in the policy? - answerGuaranteed insurability option
, Under what circumstances may a life insurance agent deliver a policy that is dated up to
3 months before the application was taken? - answerTo avoid an increase in premium
rate for the insured
Which of the following best describes gross annual premium - answerNet premium plus
expenses
A couple own's a life policy with a Children's Term rider. Their daughter is reaching the
maximum age of dependent coverage, so she will have to convert to perm insurance in
the future. Which of the following will she need to provide for proof of insurability? -
answerProof of insurability is not required.
What is not a term for a period of time during which the annuitant or beneficiary receives
income? - answerDepreciation period
What is the purpose of establishing the target premium for a universal life policy? -
answerTo keep the policy in force
What produces evaluations of insurers' financial status often used by state departments
of insurance? - answerAM Best
An applicant buys a nonqualified annuity but dies before the starting date. For which of
the following beneficiaries would the contract's interest NOT be taxable? -
answerSpouse
What allows the insurer to relieve a minor insured from premium payments if the minor's
parents have died or become disabled? - answerPayor Benefit
If an insurance company makes a statement that its policies are guaranteed by the
existence of the Insurance Guaranty Association, that would be considered - answerAn
unfair trade practice.
Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid - answerFor 20 years or until death, whichever
occurs first.
A policyowner cancels his life policy but instructs the company to transfer the cash
value of his policy to an annuity. This nontaxable transaction is called - answer1035
exchange.
What is the waiting period for rate filing before each rate may become effective? -
answer30 days
An employee quits her job where she has a balance of $10,000 in her qualified plan. If
she decides to do a direct transfer from her plan to a Traditional IRA, how much will be
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