A.D Banker Comprehensive Exam Questions
With Correct Answers
A |and |B |are |married. |They |have |two |minor |age |children. |A |and |B |feel |that |all |family |members |
should |have |coverage |on |their |lives, |not |just |A. |What |would |be |the |least |expensive |way |to |
accomplish |this?
A
Add |accidental |death |coverage |riders |on |B |and |the |two |children
B
Buy |a |traditional |whole |life |policy |on |B, |and |juvenile |policies |on |the |children
C
Buy |traditional |whole |life |policies |on |B |and |the |two |children
D
Add |a |term |life |insurance |rider |to |this |policy |to |provide |additional |coverage |on |the |spouse |and
|children |- |CORRECT |ANSWER✔✔-D
Add |a |term |life |insurance |rider |to |this |policy |to |provide |additional |coverage |on |the |spouse |and
|children
The |policyowner |may |add |a |term |rider |to |this |policy |to |provide |additional |coverage |on |the |
primary |insured, |a |spouse, |or |children.
If |a |beneficiary |is |designated |as |irrevocable, |then |all |of |the |following |require |the |irrevocable |
beneficiary's |approval, |except:
A
Changing |the |mode |of |premium
B
,Policy |assignment
C
Reducing |the |coverage
D
Taking |a |policy |loan |- |CORRECT |ANSWER✔✔-A
Changing |the |mode |of |premium
The |policyowner |may |not |change |an |irrevocable |beneficiary |unless |the |beneficiary |dies |or |
provides |written |consent |for |the |change. |
If |an |irrevocable |beneficiary |is |named, |the |owner |may |not |make |changes |to |the |policy |that |
affect |the |coverage |or |benefits |without |consent |of |the |beneficiary.
Relevant |Content:
Life |Policy |Provisions |and |Options |4.5
Types |of |Beneficiaries
Revocable |- |- |CORRECT |ANSWER✔✔-The |policyowner |may |change |a |revocable |beneficiary |at |
any |time. |This |beneficiary |does |not |have |a |vested |interest |in |the |policy. |
Most |named |beneficiaries |are |revocable |and |have |no |rights.
Types |of |Beneficiaries
Irrevocable |- |- |CORRECT |ANSWER✔✔-The |policyowner |may |not |change |an |irrevocable |
beneficiary |unless |the |beneficiary |dies |or |provides |written |consent |for |the |change. |If |an |
irrevocable |beneficiary |is |named, |the |owner |may |not |make |changes |to |the |policy |that |affect |
the |coverage |or |benefits |without |consent |of |the |beneficiary. |These |changes |include |assigning |
the |policy, |canceling |or |surrendering |the |policy, |or |taking |a |policy |loan. |An |irrevocable |
beneficiary |has |a |vested |interest |in |the |policy |benefits.
,If |a |Medicare |Supplement |policy |replaces |another |Medicare |Supplement |policy |that |has |been |
in |force |for |_____ |months |or |more, |the |replacing |insurer |cannot |impose |an |exclusion |or |
limitation |based |on |a |preexisting |condition.
A
6
B
4
C
5
D
3 |- |CORRECT |ANSWER✔✔-A
6
Relevant |Content:
Senior |Needs |11.9
Twisting |- |- |CORRECT |ANSWER✔✔-Intentionally |making |any |false |or |materially |inaccurate |
representation |or |comparison |of |two |or |more |policies |which |induces |any |person |to |lapse, |
forfeit, |surrender, |or |not |take, |a |policy |of |insurance.
***Under |the |California |Insurance |Code, |all |life |__________ |are |agents |when |transacting |life |
or |disability |insurance, |regardless |of |the |language |the |insurance |company |may |use |in |its |
agency |agreements, |advertising, |or |other |communication.
A
Brokers
B
Licensees
C
, Applicants
D
Solicitors |- |CORRECT |ANSWER✔✔-B
Licensees
Under |the |California |Insurance |Code, |all |life |licensees |are |agents |when |transacting |life |or |
disability |insurance, |regardless |of |the |language |the |insurance |company |may |use |in |its |agency |
agreements, |advertising, |or |other |communication.
Relevant |Content:
California |Ethics |and |Laws |15.11
All |of |the |following |are |correct |regarding |Key |Employee |Life |Insurance, |except:
A
Premiums |are |deducted |from |the |employee's |salary
B
The |employer |has |an |insurable |interest |in |the |key |employee
C
The |beneficiary |(the |employer) |typically |receives |the |death |benefit |free |of |federal |income |tax
D
The |employer |is |the |owner/applicant |of |the |policy |- |CORRECT |ANSWER✔✔-A
Premiums |are |deducted |from |the |employee's |salary
Key |Employee |Life |Insurance |is |designed |to |indemnify |a |company |against |the |loss |of |a |key |
employee. |
The |employer |has |an |insurable |interest |in |the |key |employee, |and |is |the |owner, |premium |payor
|and |beneficiary. |The |premiums |are |not |tax |deductible, |and |the |death |benefit |is |federal |
income |tax |free.
With Correct Answers
A |and |B |are |married. |They |have |two |minor |age |children. |A |and |B |feel |that |all |family |members |
should |have |coverage |on |their |lives, |not |just |A. |What |would |be |the |least |expensive |way |to |
accomplish |this?
A
Add |accidental |death |coverage |riders |on |B |and |the |two |children
B
Buy |a |traditional |whole |life |policy |on |B, |and |juvenile |policies |on |the |children
C
Buy |traditional |whole |life |policies |on |B |and |the |two |children
D
Add |a |term |life |insurance |rider |to |this |policy |to |provide |additional |coverage |on |the |spouse |and
|children |- |CORRECT |ANSWER✔✔-D
Add |a |term |life |insurance |rider |to |this |policy |to |provide |additional |coverage |on |the |spouse |and
|children
The |policyowner |may |add |a |term |rider |to |this |policy |to |provide |additional |coverage |on |the |
primary |insured, |a |spouse, |or |children.
If |a |beneficiary |is |designated |as |irrevocable, |then |all |of |the |following |require |the |irrevocable |
beneficiary's |approval, |except:
A
Changing |the |mode |of |premium
B
,Policy |assignment
C
Reducing |the |coverage
D
Taking |a |policy |loan |- |CORRECT |ANSWER✔✔-A
Changing |the |mode |of |premium
The |policyowner |may |not |change |an |irrevocable |beneficiary |unless |the |beneficiary |dies |or |
provides |written |consent |for |the |change. |
If |an |irrevocable |beneficiary |is |named, |the |owner |may |not |make |changes |to |the |policy |that |
affect |the |coverage |or |benefits |without |consent |of |the |beneficiary.
Relevant |Content:
Life |Policy |Provisions |and |Options |4.5
Types |of |Beneficiaries
Revocable |- |- |CORRECT |ANSWER✔✔-The |policyowner |may |change |a |revocable |beneficiary |at |
any |time. |This |beneficiary |does |not |have |a |vested |interest |in |the |policy. |
Most |named |beneficiaries |are |revocable |and |have |no |rights.
Types |of |Beneficiaries
Irrevocable |- |- |CORRECT |ANSWER✔✔-The |policyowner |may |not |change |an |irrevocable |
beneficiary |unless |the |beneficiary |dies |or |provides |written |consent |for |the |change. |If |an |
irrevocable |beneficiary |is |named, |the |owner |may |not |make |changes |to |the |policy |that |affect |
the |coverage |or |benefits |without |consent |of |the |beneficiary. |These |changes |include |assigning |
the |policy, |canceling |or |surrendering |the |policy, |or |taking |a |policy |loan. |An |irrevocable |
beneficiary |has |a |vested |interest |in |the |policy |benefits.
,If |a |Medicare |Supplement |policy |replaces |another |Medicare |Supplement |policy |that |has |been |
in |force |for |_____ |months |or |more, |the |replacing |insurer |cannot |impose |an |exclusion |or |
limitation |based |on |a |preexisting |condition.
A
6
B
4
C
5
D
3 |- |CORRECT |ANSWER✔✔-A
6
Relevant |Content:
Senior |Needs |11.9
Twisting |- |- |CORRECT |ANSWER✔✔-Intentionally |making |any |false |or |materially |inaccurate |
representation |or |comparison |of |two |or |more |policies |which |induces |any |person |to |lapse, |
forfeit, |surrender, |or |not |take, |a |policy |of |insurance.
***Under |the |California |Insurance |Code, |all |life |__________ |are |agents |when |transacting |life |
or |disability |insurance, |regardless |of |the |language |the |insurance |company |may |use |in |its |
agency |agreements, |advertising, |or |other |communication.
A
Brokers
B
Licensees
C
, Applicants
D
Solicitors |- |CORRECT |ANSWER✔✔-B
Licensees
Under |the |California |Insurance |Code, |all |life |licensees |are |agents |when |transacting |life |or |
disability |insurance, |regardless |of |the |language |the |insurance |company |may |use |in |its |agency |
agreements, |advertising, |or |other |communication.
Relevant |Content:
California |Ethics |and |Laws |15.11
All |of |the |following |are |correct |regarding |Key |Employee |Life |Insurance, |except:
A
Premiums |are |deducted |from |the |employee's |salary
B
The |employer |has |an |insurable |interest |in |the |key |employee
C
The |beneficiary |(the |employer) |typically |receives |the |death |benefit |free |of |federal |income |tax
D
The |employer |is |the |owner/applicant |of |the |policy |- |CORRECT |ANSWER✔✔-A
Premiums |are |deducted |from |the |employee's |salary
Key |Employee |Life |Insurance |is |designed |to |indemnify |a |company |against |the |loss |of |a |key |
employee. |
The |employer |has |an |insurable |interest |in |the |key |employee, |and |is |the |owner, |premium |payor
|and |beneficiary. |The |premiums |are |not |tax |deductible, |and |the |death |benefit |is |federal |
income |tax |free.
