Mississippi Insurance Licensing Exam

when the insured selects the extended term non- forfeiture option the cash value will be used to purchase term insurance with what face amount? equal to the original policy for as long as the cash value will purchase The automatic premium loan provision is activated the end of the ---- grace period An employer has sponsored a qualified retirement plan for its employees where the employer will contribute money whenever a profit is realized. what is this called? profit sharing plan 3/21/26, 1:21 PM Mississippi Insurance Licensing Exam / 2/23 An insured has a live insurance policy company and receives quarterly dividends. he has instructed the company to apply the policy dividends to increase the death benefit. the dividend option that the insured has chosen is called? Paid-up additions the policy owners wants to make sure that upon his death the live policy will pay a portion of the proceeds annually to his spouse, but the principle will be paid to their children when the reach a certain age. which settlement option should the policy owner choose? interest only option An insured receives an annual life insurance dividend checks. what term best describes this arrangement? cash option 3/21/26, 1:21 PM Mississippi Insurance Licensing Exam what is the purpose of the buyer's guide? to all the consumer to compare the cost of different policies 3/23 / 3/21/26, 1:21 PM Mississippi Insurance Licensing Exam / 4/23 the validity of coverage under a live insurance policy may not be contested except for nonpayment of premium, after the policy has been enforced for at least how many years? two years When a reduced pay up nonforfeiture option is chosen, what happens to the base amount of the policy? it is reduced to the amount of what the cash value would buy as a single premium Which of the following determines the length of time that benefits will be received under the fixed amount settlement option? size of its installment 3/21/26, 1:21 PM Mississippi Insurance Licensing Exam / 5/23 An insured purchased a live policy in 2010 and died in 2017. the insurance company discovers that the insured had concealed information during the application process. what can they do? pay the death benefit In an annuity the accumulated money is converted into a stream of income during which time period? annuitization period