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To what party or parties does the broker owe the fiduciary duty of care? 1. the seller 2. both the buyer and the seller 3. the party or parties employing the broker 4. the party or parties paying the commission Correct Answers the party or parties employing the broker An exclusive right to sell listing obtained by a broker associate belongs to 1. the seller only. 2. the employing broker only. 3. the broker associate only. 4. both the broker associate and the responsible broker. Correc...

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? Correct Answers Free Look When will a policy pay on a UCR basis? Correct Answers When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? Correct Answers long term c...

What part of the Internal Revenue Code allows an owner of a life insurance policy or annuity to exchange or replace their current contract with another contract without creating adverse tax consequences? a)Section 1035 Policy Exchange b)Modified Endowment Exchange c)401(k) Plan) d)Section 457 Deferred Compensation Plan Correct Answers a) Section 1035 Policy Exchange If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be con...

In what type of policy does the owner pay the same premium throughout the term of the contract? Correct Answers Level Premium policy Which type of beneficiary CANNOT be changed without consent? Correct Answers The beneficiary is irrevocable (imposible) How many total hours of continuing education covering the subjects for which the license is licensed must complete? Correct Answers 24hours Accidental and dismemberment will pay the principal sum if death occurs: Correct Answers As a resu...

Renewable Term Life Insurance Correct Answers An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Fixed-amount Correct Answers The settlement option that provides for payments to be made in regular installments to a beneficiary until the principal and interest are exhausted best describes: Must give public reasonable access. Correct Answers What hours of operation is a branch office required to have? Amount...

A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement Correct Answers appurtenant A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? Correct Answers Tenancy at will The mai...

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? Correct Answers Free Look When will a policy pay on a UCR basis? Correct Answers When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? Correct Answers long term care...

When delivering a policy to the insured, an agent should carefully explain the? a. sections that the insured is unclear about b. riders or endorsements that have been added to the policy c. entire policy summary, including any riders, exclusions, and costs d. exclusions and preexisting conditions Correct Answers entire policy summary, including any riders, exclusions, and costs The policy and the application constitute the complete agreement between the policyowner and the insurance compa...

What happens under a misstatement of age clause on a disability policy? 1. The policy would be terminated and all premiums would be returned to the policy owner. 2. The policy would be terminated and all premiums would be retained by the insurance company. 3. All amounts payable under this policy shall be what the premium originally would have purchased and been paid at the correct age. 4. Prior to any benefits being payable, the insured shall rate and pay the difference in premiums...

What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? Correct Answers multiple indemnity Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy? Correct Answers 30 days Which of the following statements regarding a pure life annuity payout option is correct? Correct Answers This option pro...