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PE C1

QuestionAnswer
Which of the following features on a variable life insurance policy is guaranteed? Death benefit up to the policy face value.
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured likely have? Universal life.
Which of the following is the most common way to transfer risk? Purchase insurance.
What is a material misrepresentation? A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company.
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? The insured may renew the policy for another 10 years, but at a higher premium rate.
The paid-up addition option uses the dividend... To purchase a smaller amount of the same type of insurance as the original policy.
During the accumulation period in a nonqualified annuity, what are the tax consequences of withdrawal? Taxable interest will be withdrawn first and the 10% penalty will be imposed if under age 59 and a half.
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT... The policy is owned by the company.
A policyowner who is also the insured wants to name her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policyowner should have her husband named as the... Revocable beneficiary.
All of the following are features and requirements of the Living Needs Rider EXCEPT... Diagnosis must indicate that death is expected within 3 years.
Under the 401(k) bonus or thrift plan, the employer will contribute... An undetermined percentage for each dollar contributed by the employee.
All of the following are dividend options EXCEPT... Fixed-period installments.
If a producer changes his residential address who must he/she notify? This change will need to be reported to the Commissioner.
Which of the following are Social Security benefits? Retirement, disability and survivors.
What is the purpose of life insurance solicitation regulations? To help consumers compare life insurance products to regard their relative cost.
An insured purchased a life policy in 2010 and died in 2020. The insurance company discovers at that time that the insured had misstated information about her insurance history on the application. What will the insurer do? Pay the death benefit.
Kayla's husband died in a plane crash. She needs a new source of funding that will help put her child through daycare. Which of the following would be the best source? Life insurance proceeds.
When an insurance agency published an advertising brochure, it emphasized the company's financial stability and sound business practices. In reality, its financial health is terrible. Which of the following best describes the advertisement? False financial statement.
A producer holds both a Life and Health and a Property and Casualty licenses. How many hours of continuing education will the producer be required to complete every 2 years? 24.
What is the difference between a single premium and a flexible premium payment option in a deferred annuity? The number of payments that purchase the annuity.
Which of the following terms is used to name the nontaxed return of unused premiums? Dividend.
Untrue statements on the application unintentionally made by the insureds that, if discovered, would alter the underwriting decision of the insurance company are called... Material misrepresentations.
In increasing and decreasing term policies, which policy component fluctuates during the policy term? Death benefit.
Which of the following is TRUE about nonforfeiture values? They are required by state law to be included in the policy.
Variable Whole Life insurance is based on what type of premium? Level fixed.
Created by: desmooney04
 

 



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