Fx life insurance Study guides, Class notes & Summaries

survivor protection - provides necessary funds for survivors to maintain their current lifestyle estate creation - is created by the purchase of life insurance cash accumulation - whole life policies liqudity - policies cash values can be borrowed against at any time estate conversion - proceeds from life insurance many be used to pay inheritance and federal taxes human life value approach - estimates income loss to the family in the event of the insureds death needs approach -...

Exam FX LIFE INSURANCE QUESTIONS WITH COMPLETE SOLUTIONS

Agent/Producer CORRECT ANSWER a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicants (or proposed insured) CORRECT ANSWER a person applying for insurance Broker CORRECT ANSWER an insurance producer not appointed by an insurer and is deemed to represent the client Insurance Policy CORRECT ANSWER a contract between a policyowner (and/or insured) and an insurance company which agree...

EXAMFX Life Insurance UPDATED Exam Questions and CORRECT Answers Life Insurance - Ans an insured pays a premium to an insurance company, and in return, the insurance company assumes the risk of that person dying prematurely Life Insurance Value - Ans -it can be a valuable part of an individual's estate, providing immediate cash to pay debts and providing financial security to the insured's survivors -like land or buildings, the cash value of a life insurance policy can be used as coll...

An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? correct answer: The insured may renew the policy for another 10 years, but at a higher premium rate. Which of the following statements is TRUE concerning whole life insurance? correct answer: Lump-sum death benefits are not taxable. A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy b...

Exam FX Life Insurance Test 2023

Exam FX Insurance- Wisconsin Life questions (Answered). 100% Accurate, Graded A An insurer decides to renew a policy but at a higher premium rate, starting on the renewal date. How many days in advance must the insured be notified? a) 30 b) 60 c) 90 d) 100 - -b How is the Commissioner of Insurance placed in office? a)By NAIC nomination b)Through a bid process c)An election at the same time that other state officials are selected d)An appointment by the Governor - -d An ins...

Exam FX Life Insurance - Simulated Exam Questions and answers latest update 2024

Exam FX Life Insurance Basics Questions and answers latest update 2024