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Exam of 5 pages for the course Primerica Life Insurance at Primerica Life Insurance (Primerica)
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PrimericaWhat type if policy is considered temporary protection? - answer Term Life
The type of policy that can be changed from one that does not accumulate cash value
to one that does it a.... - answer Convertible term policy
Which type of insurance would be most appropriate to use to pay off a mortgage in case
the insured dies prematurely? - answer Decreasing Term
The most common type of whole life insurance where premiums are payable over the
whole life of the insured to age 100 is called... - answer Ordinary Whole Life
An insured agreed to pay premiums for 20 years, after which she will still be covered at
age 100. She purchased a.... - answer Limited pay policy
Universal life is a combination of.... - answer Annually renewable term and a cash
account
In the Variable Life Policy, where are premiums deposition after expenses are
deducted? - answerThe separate account
Selling which of the following policies would require a license issued by FINRA? -
answerVariable Universal Life
The policy that covers 2 or more lives and pays on the death of the last insured is.... -
answerSurvivorship Life
A contract that can provide income for life and protect against outliving your money is
a/an... - answerAnnuity
The period of time during which money is paid into an annuity and interest is earned is
called the... - answerAccumulation Period
An immediate Annuity has no accumulation period which means it can only be
purchased... - answerwith a single premium
An individual wants to convert a lump sum of money to purchase an annuity that will
provide an immediate, guaranteed income for life. Which of the following types of
annuity should this individual purchase? - answerSingle Premium Annuity
, An annuity whose return is based on an index like the S&P 500 is called a/an... -
answerIndexed Annuity
Which of the following life insurance policies will provide coverage beyond the end of
the premium payment period? - answer20-pay whole life
If an insured with a whole life policy and a waiver of premium rider suffers a disability
that causes her insurance company to waive her premium payments, which of the
following statements would be correct? - answerThere will be no change in her policy's
rates, benefits or options other than she no longer has to pay the premiums on the
policy
Which rider allows the insured to purchase additional coverage amounts at specified
future dates or specific events without evidence of insurability? - answerGuaranteed
Insurability
A payor benefit rider is used to keep what type of policy in force? - answerA juvenile
policy
Which of the following is true about the Spouse Term Rider? - answerThe coverage is
usually level term insurance
All of the following are true about Long Term Care riders EXCEPT... - answerLTC will
only pay benefits if the insured is under age 65
Which provision of a life insurance policy states that a copy of the application along with
any riders and amendments is part of the contract? - answerEntire contract clause
Who is first in line to receive the death benefit from a life insurance policy? - answerThe
primary beneficiary
Which type of beneficiary designation cannot be changed without the consent of the
beneficiary? - answerIrrevocable
Which of the following will receive the death benefit if the insured and the sole
beneficiary both die together? - answerThe insured's estate
Which of the following is NOT a requirement for the reinstatement of a life insurance
policy? - answerMake a collateral assignment of the cash value in the policy to the
insurance company
Which of the following is a Nonforfeiture Option that provides continuing cash value
buildup? - answerReduced Paid-Up
If a policy owner transfers all rights to a policy to another party, what type of assignment
would this be? - answerAbsolute
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