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PRIMERICA LIFE INSURANCE EXAM WITH 100% CORRECT ANSWERS 2023/2024 WITH RATIONALES GUARANTEED PASS

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PRIMERICA LIFE INSURANCE EXAM WITH 100% CORRECT ANSWERS 2023/2024 WITH RATIONALES GUARANTEED PASS

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  • 16 mai 2024
  • 47
  • 2023/2024
  • Examen
  • Questions et réponses

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  • primerica life insurance
  • primerica life insurance exam with 100 correct a
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Par: RegisteredNurse • 1 mois de cela

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PRIMERICA LIFE INSURANCE EXAM WITH 100%
CORRECT ANSWERS 2023/2024 WITH RATIONALES
GUARANTEED PASS

Which of the following best describes an insurance company that has been formed under the
laws of this state?

A. Domestic
b. Sovereign
c. Alien
d. Foreign
A. Domestic

a company is domestic when doing business within the state in which it is incorporated
Which of the following factors is NOT considered by an underwriter when determining the
premium rates for an individual seeking insurance?

A. Medical history
b. Sex
c. Age
d. Race
D. Race

age, medical history, and sex provide sound statistical date for determining the probability of
loss. Race, religion, sexual orientation, etc. Are the factors that cannot be used because there is
not sound statistical data to show that they effect the probability of loss; therefore, they are
considered to be discriminatory
In insurance transactions, fiduciary responsibility means

a. Handling insurer funds in a trust capacity
b. Maintaining good credit record
c. Being liable with respect to payment of claims
d. Commingling premiums with agents personal funds
A. Handling insurer funds in a trust capacity

an agents fiduciary responsibility includes handling insurer funds in a trust capacity

,The authority granted to an agent through the agent's contract is referred to as

a. Absolute authority
b. Express authority
c. Apparent authority
d. Implied authority
B. Express authority

express powers are written into the contract between the insurer and the agent
Insurance policies are not drawn up though negotiations, and an insured has little to say about its
provisions. What contract characteristic does this describe?

A. Unilateral
b. Conditional
c. Personal
d. Adhesion
D. Adhesion

a contract of adhesion is prepared by only the insurer; the insured's only option is to accept or
reject the policy as its written
Which of the following insurers are owned by stockholders who have the usual rights of
ownership, including the right of voting?

A. Reciprocal
b. Fraternal
c. Stock
d. Mutual
C. Stock

only stock insurance companies are owned and controlled by stockholders
Which of the following best describes the concept that the insured pays a small amount of
premium for a large amount of risk on the part of the insurance company?

A. Subrogation
b. Warranty
c. Aleatory
d. Adhesion
C. Aleatory

,an insurance contract is an aleatory contract in that it requires a relatively small amount of
premium for a large risk
An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check
from the insurance company that was not taxable. This year, she did not receive a check from the
insurer. From what type of insurer did the insured purchase the policy?

A. Mutual
b. Reciprocal
c. Nonprofit service organization
d. Stock
A. Mutual

funds not paid out after paying claims and other operating costs are returned to the policy owners
in the form of a dividend. If all funds are paid out, no dividends are paid
Following a career change, an insured is no longer required to perform many physical activities,
so he has implemented a program where he walks and jogs for 45 minutes each morning. The
insured has also eliminated most fatty foods from his diet. Which method of dealing with risk
does this scenario describe?

A. Retention
b. Reduction
c. Transfer
d. Avoidance
B. Reduction

the insured's change in lifestyle and habits would likely reduce the chances of health problems
In insurance, an offer is usually made when

a. An applicant submits an application to the insurer
b. The insurer approves the application and receives the initial premium
c. The agent hands the policy to the policyholder
d. An agent explains a policy to a potential applicant
A. An applicant submits an application to the insurer

in insurance, the offer is usually made by the applicant in the form of an application. Acceptance
takes place when an insurer's underwriter approves the application and issues a policy
The causes of loss insured against in an insurance policy are known as

a. Perils

, b. Losses
c. Risks
d. Hazards
A. Perils

perils are the causes of loss insured against in an insurance policy
What documentation grants express authority to an agent?

A. Agents contract with the principal
b. Agents insurance license
c. Fiduciary contract
d. State provisions
A. Agents contract with the principal

the principal grants authority to an agent through the agent's contract
When an insured makes truthful statements on the application for insurance and pays the
required premium, it is known as which of the following?

A. Legal purpose
b. Contract of adhesion
c. Acceptance
d. Consideration
D. Consideration

consideration is something of value that each party gives to the other. The consideration on the
part of the insured is the payment of premium and the representations made in the application
Which of the following would qualify as a competent party in an insurance contract?

A. The applicant is intoxicated at the time of application
b. The applicant is 12 year old student
c. The applicant is under the influence of a mind-impairing medication at the time of application
d. The applicant has a prior felony conviction
D. The applicant has a prior felony conviction

when an insurer and insured enter into a contract, both parties must be legal of age and mentally
competent. It is legal for a person convicted of a felony to buy an insurance contract. An
intoxicated person, however, may not be mentally competent, a 12 year old student is considered
to be underage in most states and a person under mind-impairing medication most likely would
not be mentally competent

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