Life Insurance Practice Exam /
Complete Questions and Correct
Detailed Answers / Newest 2025/2026
Practice questions for this set
Learn / Study with Learn
The policy and a copy of the application, along with any riders and
amendments, is called the
Give this one a try later!
Each party relies upon the
1 Not taxable 2
truthfulness of the other
Entire contract 4 Joint and Survivor
Don't know?
Terms in this set (49)
, The reciept given to a life insurance applicant when the
Insurable Receipt application is completed and the initial premium is received
is called a(n)
Representations Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the following
an interest rate that is lesser EXCEPT
of the guaranteed or current
rate
Continuous Premium The most common type of whole life insurance where
(straight) life premiums are payable over the whole life of the insured to
age 100 is called.
Entire contract The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an agent to
Deferreed & Equity hold a securities license?
Indexed)
Life income annuity Which type of annuity settlement stops when the annuitant
dies?
59 1/2 At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow
the surviving partner to use the death benefit to purchase
the deceased's business interests?
Adjustable life Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the
type of coverage S their needs change?
Complete Questions and Correct
Detailed Answers / Newest 2025/2026
Practice questions for this set
Learn / Study with Learn
The policy and a copy of the application, along with any riders and
amendments, is called the
Give this one a try later!
Each party relies upon the
1 Not taxable 2
truthfulness of the other
Entire contract 4 Joint and Survivor
Don't know?
Terms in this set (49)
, The reciept given to a life insurance applicant when the
Insurable Receipt application is completed and the initial premium is received
is called a(n)
Representations Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the following
an interest rate that is lesser EXCEPT
of the guaranteed or current
rate
Continuous Premium The most common type of whole life insurance where
(straight) life premiums are payable over the whole life of the insured to
age 100 is called.
Entire contract The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an agent to
Deferreed & Equity hold a securities license?
Indexed)
Life income annuity Which type of annuity settlement stops when the annuitant
dies?
59 1/2 At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow
the surviving partner to use the death benefit to purchase
the deceased's business interests?
Adjustable life Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the
type of coverage S their needs change?
