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PE C2

QuestionAnswer
If an application for an annuity is gathered any way other than face-to-face, within how many days after the insurer receives the completed application must the applicant be given a Buyer's Guide? 5 business days.
What document describes an insured's medical history, including diagnoses and treatments? Attending Physician's Statement.
When would a 20-pay whole life endow? When the insured reaches age 100.
In an annuity, the accumulated money is converted into a stream of income during which time period? Annuitization period.
Children's riders attached to whole life policies are usually issued as what type of insurance? Term.
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy... Required a premium increase each renewal.
What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? Common Disaster Clause.
All advertisements pertaining to life insurance policies are the responsibility of the... Insurer.
Which of the following is true about a class designation? Beneficiaries are not identified by name.
The death protection component of Universal Life is always... Annually Renewable Term.
The term illustration in a life insurance policy refers to... A presentation of non-guaranteed elements of a policy.
Which of the following is a short-term annuity that limits the amount paid to a specific fixed period or until a specific fixed amount is liquidated? Annuity certain.
In a group life insurance policy, the employer may select all of the following EXCEPT... The beneficiary.
An individual's tendency to be dishonest would be indicative of a... Moral hazard.
What is the earliest legal age that a person can be licensed as an insurance producer? 18.
An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The insured knows that his financial state will worsen even more with the upcoming medical expenses. What option could the insured utilize? Viatical settlement.
Which of the following best describes fixed-period settlement options? Both the principal and interest will be liquidated over a selected period of time.
Which of the following is correct concerning the taxation of premiums in a key-person life policy? Premiums are not tax deductible as a business expense.
A certificate of authority is NOT required for an insurance company that writes only... Surplus lines insurance.
When is the earliest a policy may go into effect? When the application is signed and a check is given to the agent.
The premium of a survivorship life policy compared with that of a joint life policy would be... Lower.
What is another name for interest- sensitive whole life insurance? Current assumption life.
An absolute assignment is a... Transfer of all ownership rights in a policy.
Which of the following policies is characterized by a provision where the premiums are lower in the early years of the policy and increase over time to a point where they become level for the remainder of the policy? Graded premium whole life.
Annually renewable term policies provide a level death benefit for a premium that... Increases annually.
Created by: desmooney04
 

 



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