Final Exam - Idaho Life Only – exam with
answers
All of these are standard exclusions found in a life
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insurance policy EXCEPT - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔disability
Level premium term life insurance policies - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔have premiums that are averaged over the
|\ |\ |\ |\ |\ |\ |\ |\
policy period |\
Which type of life insurance policy pays the face amount
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
at the end of the specified period if the insured is still
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
alive? - CORRECT ANSWERS ✔✔Endowment policy
|\ |\ |\ |\ |\
Converting a group plan to permanent life insurance
|\ |\ |\ |\ |\ |\ |\ |\
requires - CORRECT ANSWERS ✔✔the conversion being
|\ |\ |\ |\ |\ |\ |\
applied for within 31 days of termination
|\ |\ |\ |\ |\ |\
What is the primary feature of a viatical settlement -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Reduced death benefit
|\ |\ |\ |\ |\
prepayment
,Which of these is NOT a characteristic of the Accelerating
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Death Benefit option - CORRECT ANSWERS ✔✔The benefit
|\ |\ |\ |\ |\ |\ |\
can be offered as a rider at a specific extra cost or may
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be at no cost
|\ |\ |\
All of the following are examples of a Business
|\ |\ |\ |\ |\ |\ |\ |\ |\
Continuation Plan EXCEPT - CORRECT ANSWERS |\ |\ |\ |\ |\ |\
✔✔Deferred Compensation |\
Which of the following is an example of a producer's
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
fiduciary duty? - CORRECT ANSWERS ✔✔Recording |\ |\ |\ |\ |\ |\
receipt and remittance of premiums due to the insurance
|\ |\ |\ |\ |\ |\ |\ |\ |\
company.
Who is required to notify the producer in the event of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
appointment termination? - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔insurer
Which contract element is insurable interest a component
|\ |\ |\ |\ |\ |\ |\
of? - CORRECT ANSWERS ✔✔Legal purpose
|\ |\ |\ |\ |\ |\
Which of the following statements is CORRECT regarding
|\ |\ |\ |\ |\ |\ |\ |\
an individual applying for life or health insurance? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔The applicant's medical history |\ |\ |\ |\ |\ |\
may be analyzed and reported.
|\ |\ |\ |\
,An example of life insurance replacement is - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔canceling a term life policy to buy a whole |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
life policy |\
When a decreasing term policy is purchased, it contains a
|\ |\ |\ |\ |\ |\ |\ |\ |\
decreasing death benefit and - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔level premiums |\
All of the following are considered to be nonforfeiture
|\ |\ |\ |\ |\ |\ |\ |\ |\
options available to the policyowner EXCEPT - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Reduction of Premium |\ |\ |\
All of the following riders are increase the death benefit
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
amount EXCEPT - CORRECT ANSWERS ✔✔Wavier of
|\ |\ |\ |\ |\ |\ |\
Premium
Who assumes the investment risk with a fixed annuity
|\ |\ |\ |\ |\ |\ |\ |\ |\
contract? - CORRECT ANSWERS ✔✔the insurer |\ |\ |\ |\ |\
Elizabeth is the beneficiary of a life insurance policy. She
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is receiving the death benefit in payments of $10,000 per
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
month until the principal and interest has been paid out.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Which option was chosen? - CORRECT ANSWERS ✔✔fixed
|\ |\ |\ |\ |\ |\ |\ |\
amount
, The power given to an individual producer that is not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
specifically addressed in his/her contract is considered |\ |\ |\ |\ |\ |\ |\
what type of authority? - CORRECT ANSWERS ✔✔implied
|\ |\ |\ |\ |\ |\ |\
Peter has a policy where 80% to 90% of the premium is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
invested in traditional fixed income securities and the
|\ |\ |\ |\ |\ |\ |\ |\
remainder of the premium is invested in contracts tied to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a stipulated stock index. What kind of policy is this? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Equity index whole life |\ |\ |\ |\ |\
What is the nonforfeiture value of an annuity before
|\ |\ |\ |\ |\ |\ |\ |\ |\
annuitization? - CORRECT ANSWERS ✔✔All premiums |\ |\ |\ |\ |\ |\
paid, plus interest, minus any withdrawals and surrender
|\ |\ |\ |\ |\ |\ |\ |\
charges
The typical free look period for life insurance policies sold
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in South Carolina is _ days. - CORRECT ANSWERS ✔✔20
|\ |\ |\ |\ |\ |\ |\ |\ |\
Within _____ days after policy delivery, an individual life
|\ |\ |\ |\ |\ |\ |\ |\ |\
insurance policy can be returned for a 100% premium
|\ |\ |\ |\ |\ |\ |\ |\ |\
refund. - CORRECT ANSWERS ✔✔20 |\ |\ |\ |\
In conjunction with an Idaho insurance license renewal,
|\ |\ |\ |\ |\ |\ |\ |\
which one of the following is the continuing education
|\ |\ |\ |\ |\ |\ |\ |\ |\
REQUIREMENT? - CORRECT ANSWERS ✔✔24 hours every |\ |\ |\ |\ |\ |\ |\
2 years
|\
answers
All of these are standard exclusions found in a life
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insurance policy EXCEPT - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\
✔✔disability
Level premium term life insurance policies - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔have premiums that are averaged over the
|\ |\ |\ |\ |\ |\ |\ |\
policy period |\
Which type of life insurance policy pays the face amount
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
at the end of the specified period if the insured is still
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
alive? - CORRECT ANSWERS ✔✔Endowment policy
|\ |\ |\ |\ |\
Converting a group plan to permanent life insurance
|\ |\ |\ |\ |\ |\ |\ |\
requires - CORRECT ANSWERS ✔✔the conversion being
|\ |\ |\ |\ |\ |\ |\
applied for within 31 days of termination
|\ |\ |\ |\ |\ |\
What is the primary feature of a viatical settlement -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Reduced death benefit
|\ |\ |\ |\ |\
prepayment
,Which of these is NOT a characteristic of the Accelerating
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Death Benefit option - CORRECT ANSWERS ✔✔The benefit
|\ |\ |\ |\ |\ |\ |\
can be offered as a rider at a specific extra cost or may
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be at no cost
|\ |\ |\
All of the following are examples of a Business
|\ |\ |\ |\ |\ |\ |\ |\ |\
Continuation Plan EXCEPT - CORRECT ANSWERS |\ |\ |\ |\ |\ |\
✔✔Deferred Compensation |\
Which of the following is an example of a producer's
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
fiduciary duty? - CORRECT ANSWERS ✔✔Recording |\ |\ |\ |\ |\ |\
receipt and remittance of premiums due to the insurance
|\ |\ |\ |\ |\ |\ |\ |\ |\
company.
Who is required to notify the producer in the event of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
appointment termination? - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔insurer
Which contract element is insurable interest a component
|\ |\ |\ |\ |\ |\ |\
of? - CORRECT ANSWERS ✔✔Legal purpose
|\ |\ |\ |\ |\ |\
Which of the following statements is CORRECT regarding
|\ |\ |\ |\ |\ |\ |\ |\
an individual applying for life or health insurance? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔The applicant's medical history |\ |\ |\ |\ |\ |\
may be analyzed and reported.
|\ |\ |\ |\
,An example of life insurance replacement is - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔canceling a term life policy to buy a whole |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
life policy |\
When a decreasing term policy is purchased, it contains a
|\ |\ |\ |\ |\ |\ |\ |\ |\
decreasing death benefit and - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔level premiums |\
All of the following are considered to be nonforfeiture
|\ |\ |\ |\ |\ |\ |\ |\ |\
options available to the policyowner EXCEPT - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Reduction of Premium |\ |\ |\
All of the following riders are increase the death benefit
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
amount EXCEPT - CORRECT ANSWERS ✔✔Wavier of
|\ |\ |\ |\ |\ |\ |\
Premium
Who assumes the investment risk with a fixed annuity
|\ |\ |\ |\ |\ |\ |\ |\ |\
contract? - CORRECT ANSWERS ✔✔the insurer |\ |\ |\ |\ |\
Elizabeth is the beneficiary of a life insurance policy. She
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is receiving the death benefit in payments of $10,000 per
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
month until the principal and interest has been paid out.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Which option was chosen? - CORRECT ANSWERS ✔✔fixed
|\ |\ |\ |\ |\ |\ |\ |\
amount
, The power given to an individual producer that is not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
specifically addressed in his/her contract is considered |\ |\ |\ |\ |\ |\ |\
what type of authority? - CORRECT ANSWERS ✔✔implied
|\ |\ |\ |\ |\ |\ |\
Peter has a policy where 80% to 90% of the premium is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
invested in traditional fixed income securities and the
|\ |\ |\ |\ |\ |\ |\ |\
remainder of the premium is invested in contracts tied to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a stipulated stock index. What kind of policy is this? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Equity index whole life |\ |\ |\ |\ |\
What is the nonforfeiture value of an annuity before
|\ |\ |\ |\ |\ |\ |\ |\ |\
annuitization? - CORRECT ANSWERS ✔✔All premiums |\ |\ |\ |\ |\ |\
paid, plus interest, minus any withdrawals and surrender
|\ |\ |\ |\ |\ |\ |\ |\
charges
The typical free look period for life insurance policies sold
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in South Carolina is _ days. - CORRECT ANSWERS ✔✔20
|\ |\ |\ |\ |\ |\ |\ |\ |\
Within _____ days after policy delivery, an individual life
|\ |\ |\ |\ |\ |\ |\ |\ |\
insurance policy can be returned for a 100% premium
|\ |\ |\ |\ |\ |\ |\ |\ |\
refund. - CORRECT ANSWERS ✔✔20 |\ |\ |\ |\
In conjunction with an Idaho insurance license renewal,
|\ |\ |\ |\ |\ |\ |\ |\
which one of the following is the continuing education
|\ |\ |\ |\ |\ |\ |\ |\ |\
REQUIREMENT? - CORRECT ANSWERS ✔✔24 hours every |\ |\ |\ |\ |\ |\ |\
2 years
|\
