Life insurance exam 2 - Study guides, Class notes & Summaries

Primerica Life Insurance Exam 2024 100% Passed 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 - Answer ️️ -A. mutual funds not paid out after paying claims and other operating costs are returned to the po...

ALABAMA LIFE INSURANCE EXAM 2 2024 WITH 100% CORRECT ANSWERS UPDATED Dividend options are defined as ways in which the policy owner can: - ANSWERS receives dividends paid on any stock held A life insurance company may pay a death claim for less than the face amount of a policy under which of the following conditions? - ANSWERS All of the above Which policy will have immediate cash? - ANSWERS single premium The process of underwriting primarily involves what two key steps? - ANSWERS ris...

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Who elects the governing body of a mutual insurance company? - correct answer policyholders What year was the McCarran-Ferguson Act enacted? - correct answer 1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - correct answer a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - corr...

Who is considered a field underwriter? An agent When must insurable interest exist in life insurance? Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? Policy delivery The Medical Information Bureau is?(MIB) a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? a higher premium Which doc...

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P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when P receives the policy and pays the premium A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be carrer? 20-Pay Life accumulates cash value faster than Straight Life How does an indexed...

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PSI LIFE INSURANCE EXAM NEWEST EXAM REAL EXAM DETAILED QUESTIONS AND GUARANTEED ANSWERS TOP GRADED A+ BY EXPERTS. How does the per capita rule apply to proceeds from a life insurance policy? - ANSWER- The proceeds are divided equally among living primary beneficiaries. In order to AVOID being classified as an MEC, a policy must pass which of the following? - ANSWER- 7-Pay Test When is a representation false? - ANSWER- when the facts fail to correspond with its assertions or stipul...