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Pearson Vue Insurance Practice Exam 2024/2025 already graded A+
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Pearson Vue Insurance Practice Exam 2024/2025 already graded A+
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Pearson Vue Insurance Practice ExamUnder the social security retirement benefits, all of the following factors will influence how much
a retiring individual will receive as a monthly income benefit except the individual's - ANSSex
In life insurance, insurance interest must exist at the time the - ANSProducer writes an
application on a proposed insured
Which of the following statements is NOT correct about representations? - ANSThey are true in
every respect
An insurance producer takes an application for a life insurance policy but does not collect the
initial premium. On delivery of the policy to the proposed insured, the producer must collect the
initial premium and which of the following? - ANSThe insured's signed statement of continued
good health
Which of the following retirement plans is tax-qualified? - ANSDefined contribution
Which of the following statements is correct about the paid-up additions in a participating whole
life policy? - ANSThey are purchased on an attained age basis
The right to change a beneficiary designation is reserved for the: - ANSPolicyowner
Which of the following provisions in a life policy specifies the manner in which proceeds will be
paid to a beneficiary on the death of the insured? - ANSSettlement options
Two business partners own life insurance on each other. If one partner dies, which of the
following contracts will allow the other partner to buy 100 percent of the business interest? -
ANSbuy-sell agreement
The waiver of premium provision of a life policy allows the insurer to take which of the following
actions? - ANSwaive an insured's premiums if the insured becomes totally disabled before a
certian age
A life insurance application is incomplete if it is missing the signature of which of the following? -
ANSThe proposed adult insured
Which of the following statements is correct about group life conversion privileges? - ANSDeath
during the conversion period is covered if the departing employee chose not to conver the
policy.
, In the event of an insured's death, which of the following provides an income for the family
during a designated period of time followed by a lump sum death benefit? - ANSFamily income
rider
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a
revocable basis. He also names his three children as his secondary beneficiaries and his estate
as his tertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will
receive the policy proceeds? - ANSchildren
A contract that has as its basic function the systematic liquidation of accumulated assets
through periodic payments is called an - ANSannuity
All of the following policies may be examples of third party ownership except - ANSModified Life
Group Life
Split-dollar Life
Key Employee Life
Answer: Modified Life
Which of the following group life plan requires at least 75 percent of the eligible members to
participate? - ANSContributory
Which of the following features allows an insurance policy to remain in force for a specified
number of days beyond the premium due date? - ANSGrace period provision
In which of the following contracts is the death benefit called the principal sum? - ANSAccidental
Death and Dismemberment (AD&D)
The primary reason for selecting a variable whole life policy instead of a traditional whole life
policy is that the variable whole life policy - ANSHas the potential to earn a higher rate of return
on the cash value
If an applicant for life insurance submits a completed application to a producer without paying
the first premium, coverage becomes effective when the - ANSPolicy is delivered and the
premium paid
An insured owns $10,000 policy with a $4000 cash value and a 6 percent interest rate. On
January 1, the insured borrows $500 and pays one years interest in advance. During the year,
the insured does not repay any part of the loan or interest. If the insured dies on December 31,
the beneficiary will be entitled to a maximum of - ANS9500
The primary purpose of an inspection report is to assess an applicants - ANSpersonal
characteristics
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