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short test

insurance life practice exam A

QuestionAnswer
Which policy is a combination of annual renewable term insurance and interest-sensitive cash value Universal life
Which of the following is NOT a characteristic of group life insurance A group may exist for the purpose of purchasing insurance
Which annuity payout options guarantee the return of all principals invested in the contract? Refund life annuity
Which of the following statements is NOT true about participating policies They pay out dividends to stockholders
Which of the these is NOT an element of a legal contract? Unilateral
Which statement is INCORRECT about a fixed annuity? Income payments vary from month to month
The risk of a loss to an insurance company is also referred to as a/an Exposure
With a modified premium whole life contract, premium payments are The same for the life contract
The pay-in time for deferred annuities is know as the Accumulation period
The cause of a loss is known as a/an Peril
The option that pays a specific amount to the annuitant with with no remaining value payable to a beneficiary is Life only
Money borrowed from a life insurance policy's cash value is Not taxable
Selling which of the following policies would require a license issued by FINRA? Variable universal life
The transfer of a possible financial loss to another party refers to Insurance
The type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called Ordinary (straight) life
Which of the following is NOT a risk management technique? Exposure
Social Security benefits do NOT include Survivor
To be insurable, a risk must NOT include Predictable
Which document describes the specific features and elements of a policy Policy summary
A private and and civil wrong for which a remedy may be sought through legal action is known as a Tort
Which of the following is NOT a characteristic of the Accelerated Benefit (living needs) rider? Reduces the amount of the policy proceeds
If the cash value exceeds the premium paid in a whole life policy, what are the tax consequences if the policy is surrendered? the portion that exceeds the premium paid taxable
When one party prepares the contact and the other party accepts or rejects the contract, it is a(n) Contract of adhesion
Which of the following policies could be expected to have the lowest premium? 30-pay life
Which rider may increase the value of the policy due to an increase in the Consumer price Cost of living
Which policy provision includes the application and the first premium from the insured and the promise to pay from the insurer? Consideration
Which of the following is TRUE about the joint and survivor life annuity? Benefits will stop when last annuitant dies
Term limit on liability refers to the Death benefit of an insurance policy
Which nonforfeiture values maintains the original face value of the contract but the sacrifices the length of the contract Extended term
Which method of handling risk is self-insurance? Retention
When must insurable interest exist? When cash value are borrowed
Created by: user-1801541
 

 



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