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Life Insurance Practice Quiz ( 50 questions ) 2024
Gebruik de 50 oefenvragen om jezelf voor te bereiden en te testen of je de leerstof kent.
Voorbeeld (8 van de 50 oefenvragen)
Kaarten
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DownloadThe PRIMARY reason for selecting a Variable Whole Life
policy instead of a traditional Whole Life policy is that the
Variable Whole Life policy:
A. provides flexible premium payments
B. allows the policyowner to borrow a larger percentage of the
cash value
C. has the potential to earn a higher rate of return on the cash
value
D. allows the policyowner more flexibility in naming and
changing beneficiaries
Omdraaien
policy instead of a traditional Whole Life policy is that the
Variable Whole Life policy:
A. provides flexible premium payments
B. allows the policyowner to borrow a larger percentage of the
cash value
C. has the potential to earn a higher rate of return on the cash
value
D. allows the policyowner more flexibility in naming and
changing beneficiaries
C. has the potential to earn a higher rate of return on the cash value.
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis. He also names his three children as his secondary beneficiaries and his estate as histertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds?
A. The children
B. The policyowner's estate
C. The primary beneficiary's estate
D. The tertiary beneficiary
Omdraaien
A. The children
B. The policyowner's estate
C. The primary beneficiary's estate
D. The tertiary beneficiary
A. The children
The Waiver of Premium provision of a life policy allows the
insurer to take which of the following actions?
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
B. Waive an insured's premiums if the insured becomes partially disabled for a minimum time.
C. Increase an insured's coverage at an attained age without imposing a premium increase.
D. Reduce an insured's premiums if the insured pays them
annually instead of monthly.
Omdraaien
insurer to take which of the following actions?
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
B. Waive an insured's premiums if the insured becomes partially disabled for a minimum time.
C. Increase an insured's coverage at an attained age without imposing a premium increase.
D. Reduce an insured's premiums if the insured pays them
annually instead of monthly.
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
Under the Social Security Retirement Benefits, all of the
following factors will influence how much a retiring individual will receive as a monthly income benefit EXCEPT the individual's:
A. age
B. "primary insurance amount"
C. "fully insured" or "currently insured" status
D. sex
Omdraaien
following factors will influence how much a retiring individual will receive as a monthly income benefit EXCEPT the individual's:
A. age
B. "primary insurance amount"
C. "fully insured" or "currently insured" status
D. sex
D. sex
The PRIMARY purpose of an inspection report is to assess an applicant's:
A. credit rating
B. personal characteristics
C. job performance
D. health profile
Omdraaien
A. credit rating
B. personal characteristics
C. job performance
D. health profile
B. personal characteristics
If a policy contains a Guaranteed Insurability rider, the insured has the right to purchase:
A. additional coverage when the insured reaches retirement age.
B. additional coverage whenever the insured changes jobs.
C. additional coverage at specified ages.
D. coverage on the insured's children within thirty-one days after they are born.
Omdraaien
A. additional coverage when the insured reaches retirement age.
B. additional coverage whenever the insured changes jobs.
C. additional coverage at specified ages.
D. coverage on the insured's children within thirty-one days after they are born.
C. additional coverage at specified ages.
Which of the following statements is NOT correct about
representations?
A. They can be a part of the contract.
B. They are true in every respect.
C. They are assumed to be accurate.
D. They influence the insurer's acceptance of the risk.
Omdraaien
representations?
A. They can be a part of the contract.
B. They are true in every respect.
C. They are assumed to be accurate.
D. They influence the insurer's acceptance of the risk.
B. They are true in every respect.
If an Adjustable Life policyowner makes an additional premium
payment, the policy may be affected in all of the following ways
EXCEPT the:
A. premium paying period may decrease
B. value of the Nonforfeiture Options may decrease
C. face amount may increase
D. length of coverage may increase
Omdraaien
payment, the policy may be affected in all of the following ways
EXCEPT the:
A. premium paying period may decrease
B. value of the Nonforfeiture Options may decrease
C. face amount may increase
D. length of coverage may increase
B. value of the Nonforfeiture Options may decrease
Ontgrendel alle 50 oefenvragen
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In winkelwagenVraag:
The PRIMARY reason for selecting a Variable Whole Life
policy instead of a traditional Whole Life policy is that the
Variable Whole Life policy:
A. provides flexible premium payments
B. allows the policyowner to borrow a larger percentage of the
cash value
C. has the potential to earn a higher rate of return on the cash
value
D. allows the policyowner more flexibility in naming and
changing beneficiaries
Vul het antwoord in:
Controleer antwoordAntwoord:
C. has the potential to earn a higher rate of return on the cash value.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis. He also names his three children as his secondary beneficiaries and his estate as histertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds?
A. The children
B. The policyowner's estate
C. The primary beneficiary's estate
D. The tertiary beneficiary
Vul het antwoord in:
Controleer antwoordVraag:
The Waiver of Premium provision of a life policy allows the
insurer to take which of the following actions?
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
B. Waive an insured's premiums if the insured becomes partially disabled for a minimum time.
C. Increase an insured's coverage at an attained age without imposing a premium increase.
D. Reduce an insured's premiums if the insured pays them
annually instead of monthly.
Vul het antwoord in:
Controleer antwoordAntwoord:
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
Under the Social Security Retirement Benefits, all of the
following factors will influence how much a retiring individual will receive as a monthly income benefit EXCEPT the individual's:
A. age
B. "primary insurance amount"
C. "fully insured" or "currently insured" status
D. sex
Vul het antwoord in:
Controleer antwoordVraag:
The PRIMARY purpose of an inspection report is to assess an applicant's:
A. credit rating
B. personal characteristics
C. job performance
D. health profile
Vul het antwoord in:
Controleer antwoordVraag:
If a policy contains a Guaranteed Insurability rider, the insured has the right to purchase:
A. additional coverage when the insured reaches retirement age.
B. additional coverage whenever the insured changes jobs.
C. additional coverage at specified ages.
D. coverage on the insured's children within thirty-one days after they are born.
Vul het antwoord in:
Controleer antwoordAntwoord:
C. additional coverage at specified ages.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
Which of the following statements is NOT correct about
representations?
A. They can be a part of the contract.
B. They are true in every respect.
C. They are assumed to be accurate.
D. They influence the insurer's acceptance of the risk.
Vul het antwoord in:
Controleer antwoordAntwoord:
B. They are true in every respect.
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
Vraag:
If an Adjustable Life policyowner makes an additional premium
payment, the policy may be affected in all of the following ways
EXCEPT the:
A. premium paying period may decrease
B. value of the Nonforfeiture Options may decrease
C. face amount may increase
D. length of coverage may increase
Vul het antwoord in:
Controleer antwoordAntwoord:
B. value of the Nonforfeiture Options may decrease
Jouw antwoord:
input text value
Vraag opnieuw antwoorden
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Oefenvragen makenInformatie
Prepare for your Life Insurance Licensing Exam with this comprehensive practice quiz. This quiz covers key topics you’ll need to master, including life insurance policies, annuities, policy provisions, riders, state-specific regulations, and the responsibilities of life insurance agents . Each question is designed to test your knowledge and understanding of the principles and laws governing life insurance, ensuring you’re fully prepared for the actual exam. Review detailed explanations for each answer to enhance your learning and build confidence as you move closer to earning your license. This is off the 2024 Insurance Exam.
Aantal
50 oefenvragen
Populariteit
1x verkocht
Taal
Nederlands
Gemaakt op
13-09-2024
Opleiding
Bekijk alle 50 oefenvragen
-
The PRIMARY reason for selecting a Variable Whole Life
C. has the potential to earn a higher rate of return on the cash value.
policy instead of a traditional Whole Life policy is that the
Variable Whole Life policy:
A. provides flexible premium payments
B. allows the policyowner to borrow a larger percentage of the
cash value
C. has the potential to earn a higher rate of return on the cash
value
D. allows the policyowner more flexibility in naming and
changing beneficiaries -
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis. He also names his three children as his secondary beneficiaries and his estate as histertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds?
A. The children
A. The children
B. The policyowner's estate
C. The primary beneficiary's estate
D. The tertiary beneficiary -
The Waiver of Premium provision of a life policy allows the
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
insurer to take which of the following actions?
A. Waive an insured's premiums if the insured becomes totally disabled before a certain age.
B. Waive an insured's premiums if the insured becomes partially disabled for a minimum time.
C. Increase an insured's coverage at an attained age without imposing a premium increase.
D. Reduce an insured's premiums if the insured pays them
annually instead of monthly. -
Under the Social Security Retirement Benefits, all of the
D. sex
following factors will influence how much a retiring individual will receive as a monthly income benefit EXCEPT the individual's:
A. age
B. "primary insurance amount"
C. "fully insured" or "currently insured" status
D. sex -
The PRIMARY purpose of an inspection report is to assess an applicant's:
B. personal characteristics
A. credit rating
B. personal characteristics
C. job performance
D. health profile
-
If a policy contains a Guaranteed Insurability rider, the insured has the right to purchase:
C. additional coverage at specified ages.
A. additional coverage when the insured reaches retirement age.
B. additional coverage whenever the insured changes jobs.
C. additional coverage at specified ages.
D. coverage on the insured's children within thirty-one days after they are born. -
Which of the following statements is NOT correct about
B. They are true in every respect.
representations?
A. They can be a part of the contract.
B. They are true in every respect.
C. They are assumed to be accurate.
D. They influence the insurer's acceptance of the risk. -
If an Adjustable Life policyowner makes an additional premium
B. value of the Nonforfeiture Options may decrease
payment, the policy may be affected in all of the following ways
EXCEPT the:
A. premium paying period may decrease
B. value of the Nonforfeiture Options may decrease
C. face amount may increase
D. length of coverage may increase -
An insured owns a $10,000 policy with a $4,000 cash value and
a 6 percent interest rate. On January 1, the insured borrows $500
and pays one year's interest in advance. During the year, the
insured does not repay any part of the loan or interest. If the
insured dies on December 31, the beneficiary will be entitled to
a MAXIMUM of:
A. $3,500
B. $6,000
C. $9,470
D. $9,500 -
Which of the following retirement plans is tax-qualified?
A. Key-person
B. Defined contribution
C. Section 457 deferred compensation
D. Split dollar life insurance -
A life insurance application is incomplete if it is missing the
signature of which of the following?
A. A revocable beneficiary
B. The president of the insurer
C. The proposed insured's primary care physician
D. The proposed adult insured -
The right to change a beneficiary designation is reserved for the:
A. beneficiary
B. policyowner
C. insurer
D. insured -
All of the following policies may be examples of third party
ownership EXCEPT:
A. Modified Life
B. Group Life
C. Split-dollar Life
D. Key Employee Life -
In life insurance, insurable interest must exist at the time the
A. producer delivers a policy
B. proposed insured has a medical examination
C. producer writes an application on a proposed insured
D. beneficiary files a claim -
A payor benefit rider provides one of the following benefits:
A. A disability income benefit payable to the payor if the payor becomes disabled
B. A permanent waiver of premium should the payor die
C. A temporary waiver of premium should the payor die until the insured reaches a predetermined age
D. A double indemnity Death benefit payable to the beneficiary upon the death of the payor -
Two business partners own life insurance on each other. If one
partner dies, which of the following contracts will allow the other partner to buy 100 percent of the business interest?
A. Buy and Sell Agreement
B. Key Employee Life policy
C. Survivorship Life
D. Joint and Several Annuity -
If life insurance policy applicant is classified as a substandard
risk, the insurance company will MOST likely:
A. issue the policy with riders
B. charge an extra premium
C. require an annual medical examination
D. lower the rate per thousand charged -
When a producer submits an insurance application to the
company, the producer must take all of the following actions
EXCEPT:
A. submit the initial premium, if it was collected
B. ensure any changes on the application were initialed by the applicant
C. submit a completed medical information report
D. complete the producer's report -
In life insurance, the Free Look provision begins on the:
A. effective date of coverage
B. policy delivery date
C. date of application
D. date that the insurer issues the policy -
A client needs a substantial amount of protection but has limited
financial resources. Which of the following insurance policies would BEST meet the client's needs?
A. Term Life
B. Adjustable Life
C. Whole Life
D. Limited-Pay Life -
A life policy is usually contestable due to material
misrepresentation on the application for a period of:
A. 30 days
B. 6 months
C. 2 years
D. 5 years -
Which of the following statements is CORRECT about the Paid-Up Additions in a participating Whole Life policy?
A. They are subject to underwriting approval.
B. They do not generate dividends.
C. They are considered Term policies.
D. They are purchased on an attained age basis. -
In which of the following contracts is the Death benefit called
the principal sum?
A. Survivorship Annuity
B. Accidental Death and Dismemberment (AD&D)
C. Decreasing Term
D. Joint Life -
At which of the following times MUST a life insurance
applicant be informed of their rights under the Fair Credit
Reporting Act?
A. During the initial appointment
B. When the insured's application is completed
C. When the policy is delivery
D. Upon initial premium receipt -
R has just graduated from law school. R knows that R's future earnings will be much higher than they are now, but wants to purchase a permanent policy now to cover future needs. Which of the following policies would BEST suit R's needs?
A. Return of Premium Life
B. Life Paid-Up at 65
C. Modified Whole Life
D. Annual Renewable Term -
Federal income tax laws generally treat proceeds of life
insurance policies as:
A. graduated taxes
B. deferred taxes
C. nontaxable
D. tax credits -
Which of the following policy provisions states that the
application is part of the policy?
A. Entire contract
B. Ownership clause
C. Nonforfeiture option
D. Assignment clause -
A type of annuity in which the cash values are invested in
securities is called:
A. Variable
B. Deferred
C. Fixed
D. Joint and survivorship -
Which of the following features allows an insurance policy to remain in force for a specified number of days beyond the premium due date?
A. Reinstatement provision
B. Nonforfeiture Option
C. Grace Period provision
D. Consideration clause - -
Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a beneficiary on the death of the insured?
A. Nonforfeiture Options
B. Settlement Options
C. Conditions
D. Modes of Payment -
An applicant's statements on an application are considered to be
legal:
A. warranties
B. representations
C. guarantees
D. waivers -
Which of the following terms refers to the transfer of some or all of the ownership rights of a life insurance policy from one individual to another?
A. Nonforfeiture
B. Endorsement
C. Transfer for value
D. Assignment -
A contract that promises to pay an income to an insured until his/her death is called:
A. Family Income
B. Modified Endowment
C. Survivorship Life
D. Life Annuity
-
Which of the following group life plans requires at least 75
percent of the eligible members to participate?
A. Contributory
B. Noncontributory
C. Participating
D. Nonparticipating -
An insured intentionally understates her age on her application
for a life policy. At death, the insurer will take which of the
following actions?
A. Refuse to pay the claim based on material misrepresentation on the application
B. Pay the face amount of the policy if the death occurred after the end of the incontestable period
C. Pay a reduced Death benefit based on the insured's actual age
D. Pay the stated Death benefit less the unpaid premium owed to the company as a result of the understated age. -
Which of the following annuities would BEST suit the needs of
a 35-year-old factory worker who is concerned about inflation and wants to establish a retirement plan?
A. A Single Premium Deferred Annuity
B. A Single Premium Immediate Annuity
C. A Level Premium Fixed Annuity
D. A Flexible Premium Variable Annuity -
P wants to name her husband as the beneficiary of her life
policy. However, she wishes to retain all of the rights of
ownership. P should have her husband named as the:
A: irrevocable beneficiary
B: revocable beneficiary
C: secondary beneficiary -
A contract that has as its basic function the systematic
liquidation of accumulated assets through periodic payments is called an:
A. indemnity contract
B. investment contract
C. endowment
D. annuity -
An insurance producer takes an application for a life insurance
policy but does not collect the initial premium. On delivery of the policy to the proposed insured, the producer must collect the initial premium and which of the following?
A. A copy of the MIB report
B. The insured's signed statement of continued good health
C. A copy of the conditional receipt
D. A copy of the temporary insurance agreement that covered the period between the application date and the delivery date. -
An employer can deduct premium payments as an ordinary
business expense for which of the following life coverages?
A. Buy and Sell Agreements
B. Group
C. Key Employee
D. Joint Life, if the business is named as the beneficiary -
A producer takes applications from identical twins who want to buy the same type of policy in the same amount. The insurer issues the policies as applied for, but charges a 25 percent higher premium for one of the policies. The difference in premiums is probably due to which of the following factors?
A. Incontestability
B. Insurable interest
C. Consideration
D. Risk classification
-
In the event of an insured's death, which of the following
provides an income for the family during a designated period of time followed by a lump sum death benefit?
A. Family Income rider
B. Survivorship Life policy
C. Joint Life policy
D. Modified Life policy -
Which of the following statements is CORRECT about Group
Life conversion privileges?
A. Under the COBRA law, a departing employee may elect to remain a member of the Group Life plan for a limited period of time.
B. Death during the conversion period is covered even if the departing employee chose not to convert the policy.
C. A departing employee must individually pay the premium if
the employee elects to be covered during the conversion period. -
Which of the following policies is an interest-sensitive form of
permanent protection?
A. Universal Life
B. Limited-Pay Life
C. Graded Premium Whole Life
D. Modified Whole Life -
Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT:
A. provide evidence of insurability
B. make collateral assignment to the insurer
C. pay back interest on any outstanding policy loan
D. pay all past-due premiums -
Which of the following statements about a Renewable Term policy is CORRECT?
A. It is renewable at the option of the insurer.
B. It is renewable at the option of the insured.
C. It is renewable at the option of the insurer, with proof of insurability.
D. It is renewable at the option of the insured, with proof of insurability -
If an insured commits suicide after the Suicide clause in the
insured's life insurance policy has expired, the insurer will take which of the following actions?
A. Refuse to pay the Death benefit or refund any premiums
B. Refund only the premiums paid
C. Refund the premiums paid plus interest
D. Pay the Death benefit -
Which of the following policy provisions provides for
continuation of coverage despite nonpayment of premiums?
A. Entire Contract
B. Ownership clause
C. Nonforfeiture Option
D. Insuring clause -
An applicant for life insurance may question the validity and source of any consumer information developed under the:
A. Medical Information Bureau Disclosure Act
B. Fair Credit Reporting Act (Insurance Information and Privacy Protection Act)
C. Equal Employment Opportunity Act
D. Medicare Act -
Under a Guaranteed Renewable Accident & Health policy, an insurer retains the right to:
A. increase the premium rate for one insured without increasing the rate for others in the same class
B. increase the premium rate for an entire class of insureds
C. increase the benefits for an individual insured
D. decrease benefits for one insured without decreasing benefits for others in the same class
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