Primerica exam 3 Study guides, Class notes & Summaries

Primerica Life Insurance In Person Class Exam Questions With Verified Answers What is a provision? - answerDefine the standard characteristics of all policies. No need to add these items, it usually comes with the policy Entire Contract - answerThink R.A.P., this is what it includes R- Riders A- Application P- Policy This is a legal contract and can not be changed unless both parties agree to the change. Tip: Buyer's Guide - Illustrations - Policy Summary are required but not apart of ...

Primerica Life Insurance In Person Class Exam Questions With Verified Answers What is a provision? - answerDefine the standard characteristics of all policies. No need to add these items, it usually comes with the policy Entire Contract - answerThink R.A.P., this is what it includes R- Riders A- Application P- Policy This is a legal contract and can not be changed unless both parties agree to the change. Tip: Buyer's Guide - Illustrations - Policy Summary are required but not apart of ...

Primerica Life Insurance 2023 Exam Prep (Questions and Verified Answers) New Update 1. What is the risk classification for those who are insurable, but present a higher than average risk? ~ Answer: Substandard 2. At age 25, an individual purchased a decreasing term policy. What does that say about the coverage and the premium? ~ Answer: The coverage decreases but the premium stays the same. 3. Underwriting is the process of ~ Answer: Determining the insurance co...

Primerica Life Insurance Exam Prep| 2023/ 2024 (Questions and Verified Answers) 1. If the cash value exceeds the premiums paid in a whole life policy, what are the tax consequences if the policy is surrendered? Answer: The portion that exceeds the premiums paid is taxable. 2. Betty is the only beneficiary named on her husband Bob', policy which has a Common Disaster provision. They are in a car accident, and Bob dies instantly. Betty lives for 29 days. Who will receive...

Primerica - UCANPASS - Chapter Taxes, Retirement and Other Insurance Concepts Exam Questions And Answers Which of the following is NOT true life settlements? A: They could be sold for an amount greater than the cash value B: They involve insurance policies with large face amounts C: The seller must be terminally ill D: They could be used for a key person coverage - ANS C: The seller must be terminally ill With Life Settlements, unlike with viatical settlements, the seller does no...

Primerica Life Insurance Possible Exam Questions with complete solutions | Latest 2023/2024 What is insurance? -- Transfer of the possibility of loss (risk) to an insurance company. What is a risk? -- The uncertainty of financial loss There are two types of loss -- Pure and Speculative Which type of loss is insurable? -- Pure Why is Pure loss insurable? -- Loss must be financial and uncertain. No financial gain can occur. What causes loss? -- Peril; such as fire, accident or flood What c...

Primerica life insurance License chapter 2 Exam Questions With Verified Answers Attained age - answerthe insured's age at the time the policy is issued or renewed cash value - answerA policy's savings element or living benefit face amount - answerthe amount of benefit stated in the life insurance fixed life insurance - answercontracts that offer guaranteed minimum or fixed benefits deferred - answerwithheld or postponed until a specified time or event in the future Endow - answerthe cas...