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Life Insurance

Practice Exam 3

QuestionAnswer
Ron applied for life insurance on July 1st. The insurer approved his application on July 15th and the agent delivered his new policy on August 1st. Ron returned the policy to the insurer on August 9th, but died before they received it. What will the com Refund the premium to Ron's estate
Marie sent a change of beneficiary to her life insurance company, but died before they received it. Which of the following is true: The change is effective when a company officer accepts it
All of the following are true about an LP-65, EXCEPT: Premium are payable until age 100
All of the following are true about Modified life, EXCEPT: The face amount is lower in early years of the policy
Adjustable life insurance is a combination of term and... Interest sensitive whole life
A policy that allows for changes in premiums, cash values and death benefits based on changes in mortality, expenses and interest rates is... Universal Life
A person selling variable life insurance must be registered with the: NASD
A life policy that is guaranteed to have $480 of cash value per $1,000 of face mount in the 20th year is what type of policy: Straight whole life
A person who pays a "target" premium based upon an assumed interest rate of 10% is now asked to pay additional premium due to declining interest rates. What type of policy do they have: Universal life
What type of life insurance is designed specifically to pay estate taxes: Survivorship life policy
Amy and Frank buy a joint life policy. The policy will pay the face amount upon: Either Amy or Frank's death
An annuity that will pay a lump sum to the beneficiary during the pay-out period if the annuitant dies during a specific period of time is a: Cash refund annuity
A policy that covers your entire family is known as: Family policy
All are true about life insurance tax implications, EXCEPT: Generally, life insurance premiums are tax deductible
Created by: junior8o8
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