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Life Insurance

Practice Exam 1

QuestionAnswer
A prospect's statements made in the application for insurance constitute a part of which of the following? Consideration clause
Dividend projections may be included in a proposal for Life insurance when which of the following is true? There is a clear statement that payment of future dividends is not guaranteed
An insurable interest must exist when: life insurance policy is issued
John Livingston owns a 30-Pay Life policy that he purchased at the age of 30. The cash value will equal the face amount of the policy when he reaches the age of: 100
In a policy insuring the life of a child, which of the following allows the premiums to be waived in the event of the death of disability of the person responsible for premium payments? Payer provision
If an applicant for a life-insurance policy is found to be a substandard risk, the insurance company is most likely to: Charge an extra premium
Which of the following statement about Reinstatement provision is true? It requires the policy owner to pay, with interest, all premiums that are in arrears in order for the policy to be reinstated
A parent who wishes to have complete control of a son's life-insurance policy until the son reaches age 25 can do so through the use of which of the follow? Ownership provision
Features that may be included in most Term policies include which of the following? Convertibility, Renewability, Waiver of Premium provision
An insured died during the Grace Period of her life-insurance policy and had not paid the required annual premium. The insurance company is obligated to pay which of the following to the beneficiary? The face amount of the policy less any earned premiums
At age 30, Tom Morris wishes to purchase a Whole Life policy. His producer explains that he can pay for the policy in several ways. Once method is called 20-Pay life, and another, Straight Life. Tome wishes to know which plan will accumulate cash value "20-Pay Life will accumulate cash value faster"
The life-insurance policy clause that prevents an insurance company from denying payment of a Death claim after a specified period of time is known as the: Incontestability clause
On May 8, a prospect filled out an application for life insurance policy but paid no premium. The insurance company approved the application on May 14 and issued the policy on May 15. The producer delivered the policy on May 26 and collected the first p May 26
Which of the following statements is true about a policy assignment? It transfers the owner's rights under the policy to the extent expressed in the assignment form
Statements made by an applicant for a life-insurance policy that are supposed to be true are referred to as: Representations
An Annuity is designed to provide which of the following financial features? The liquidation of principal and interest & Favorable tax treatment
A $10,000 life-insurance policy with a Triple Indemnity clause has been in force for three years. The insured is injured in a train wreck and dies in a hospital five months later. The death proceeds payable under the policy would be: $0
Which of the following is an example of a Limited-Pay Life policy? Life Paid-Up at Age 65
A producer takes an application from a proposed insured without receiving payment of the first premium. The insurance company issues the policy and, when the producer visits the proposed insured to deliver it, she realizes that the health of the applican Refuse to deliver the policy or to accept any premium offered
The time period covered by the Free Look provision of a life-insurance contract starts: When the insured receives the contract and makes the first premium payment, if needed
Which of the following policies provides the greatest amount of protection for an insured's premium dollar as well as some cash accumulation? Whole Life
Created by: junior8o8
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