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In winkelwagenA policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?
Which statement is true regarding a minor beneficiary?
Normally, a guardian is required to be appointed in the Beneficiary clause of the contract.
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What is the underlying concept regarding level premiums?
The early years are charged more than what is needed.
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A policyowner is able to choose the frequency of premium payments through what policy feature?
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?
When can a policyowner change a revocable beneficiary?
M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at any time. What type of beneficiary is his son?
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?
If the primary beneficiary dies before the insured
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Oefenvragen makenThis document contains 64 practice questions and answers designed to help you prepare for the LLQP (Life License Qualification Program) exam. These questions cover various topics related to life insurance policies, annuities, and other related insurance concepts. Each question is followed by a detailed answer and rationale to enhance your understanding.
A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?
IrrevocableWhich statement is true regarding a minor beneficiary?
Normally, a guardian is required to be appointed in the Beneficiary clause of the contract.What is the underlying concept regarding level premiums?
The early years are charged more than what is needed.A policyowner is able to choose the frequency of premium payments through what policy feature?
Premium ModeWhat kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?
Irrevocable beneficiaryWhen can a policyowner change a revocable beneficiary?
AnytimeM purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at any time. What type of beneficiary is his son?
RevocableHow would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?
If the primary beneficiary dies before the insuredWhich statement regarding the Change of Beneficiary provision is true?
A policyowner is allowed to pay premiums more than once a year under which provision?
A life insurance application must be signed by all of these EXCEPT
Any changes made on an insurance application requires the initials of whom?
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later, provided that T is an acceptable risk. What item is given to T?
M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before Ms policy goes into effect EXCEPT
A noncontributory group term life plan is characterized by
Who is NOT required to sign a life insurance application?
What action should a producer take if the initial premium is NOT submitted with the application?
On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take?
If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have?
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase?
W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n)
Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to apply for Social Security disability benefits?
Which plan is intended to be used by a sole proprietor and the employees of that business?
A Key Employee policy is taken out by Company X on its vice president. Ten years later, this employee leaves Company X and begins working for Company Y. If this individual were to die and the policy is still in force and unchanged, where would the death proceeds be directed?
Which statement regarding a Key Employee Life policy is NOT true?
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?
Who elects the governing body of a mutual insurance company?
S would like to use dividends from her life insurance policy to purchase paid-up additions. All of these would be factors that determine how much coverage can be purchased EXCEPT
When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n)
What is the Suicide provision designed to do?
The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called a(n)
Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled?
Which of these is NOT considered to be a right given to a policyowner?
P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount?
B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of
Whose life is covered on a life insurance policy that contains a payor benefit clause?
The automatic premium loan provision is designed to
A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the
Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling?
Which of the following features of a group Term Life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability?
A Limited-Pay Life policy has
What type of life insurance gives the greatest amount of coverage for a limited period of time?
What type of life policy covers 2 lives and pays the face amount after the first one dies?
How does a typical Variable Life Policy investment account grow?
All of these insurance products require an agent to have proper FINRA securities registration in order to sell them EXCEPT for
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level thereafter, all the while the death benefit remains the same. What kind of policy is this?
A 15-year mortgage is best protected by what kind of life policy?
A father who dies within 3 years after purchasing a life insurance policy on his infant daughter can have the policy premiums waived under which provision?
D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed?
When is the face amount paid under a Joint Life and Survivor policy?
Which of these characteristics is consistent with a Straight Life policy?
Which statement is true concerning a Variable Universal Life policy?
Which of these is considered a statement that is assured to be true in every respect?
Insurance policies offered on a take it or leave it basis are considered what?
Which of these is NOT considered to be an element of an insurance contract?
Who makes the legally enforceable promises in a unilateral contract?
A Business Overhead Expense policy would cover which of the following if a business owner becomes disabled?
Which statement is TRUE regarding a group accident & health policy issued to an employer?
Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this concern is
J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedges, J cuts off one of his fingers. What is the MAXIMUM J will receive from his policy?
The federal income tax treatment of employer-provided group health insurance can be accurately described as
The reason for a business having a Business Overhead Expense Disability Plan is to cover
J is a subscriber to a plan which contracts with doctors and hospitals to provide medical benefits at a preset price. What type of plan does J belong to?
M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on M. What determines the claim M is eligible for?
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