Life Insurance Prep Exam 2026 \Exam Most Recent Exam
Actual Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ || Guaranteed Success!!
Newest Exam | Just Released!!2026 -2027
All Viatical Settlement Providers must report on or beforeof every year.
A: January 1st
B: Depends on License
Issuance C: March 1st
D: Birth month of the Licensee
C: March 1st
Each of the following is a requirement for a Life, Health, Property and Casualty
prelicensing course, EXCEPT:
A: The licensing candidate must spend 7.5 hours in class per line.
B: The licensing candidate must complete a 20 hour course per line.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is successfully completed.
D: An exam that is graded by a course provider must be passed before a
prelicensing course is successfully completed.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is
,F, a producer in Illinois for twenty years failed to finish his entire continuing
education requirement by his license renewal date. Which of the following will
likely happen to F's producer license.
A: Nothing, there is an automatic 30 day grace
period. B: The producer license will lapse
automatically.
C: A producer holding a license in Illinois for 20 years or longer automatically is
licensed for the remainder of his or her lifetime without a renewal requirement.
D: Nothing there is an automatic 12 month grace period since F has been
licensed for such a long time.
B: The producer license will lapse automatically.
Which of the following is required to be listed in an
illustration? A: Age and sex of proposed insured
B: Initial death benefit
C: Dividend option of non-guaranteed
elements D: All of the Above
D: All of the Above
Which of the following is true about a long term care
rider? A: It will decrease premiums
B: It will pay nursing benefits in addition to the death benefit.
C: The agent must write the Long Term Care Rider as a separate policy.
D: If the insured uses the LTC rider benefit, it will be deducted from the
proceeds when the insured dies.
D: If the insured uses the LTC rider benefit, it will be deducted from the
proceeds when the insured dies.
,J has a policy that requires that he meet certain conditions in order for the
contract to be enforceable. J has a(an):
A: Conditional
Contract B:
Unilateral Contract
C: Contract of
Adhesion D: Aleatory
Contract
B: Unilateral Contract
Variable Whole Life requires
a: A: Flexible Premium
B: Fixed and Level
Premium C: A guaranteed
interest rate D: All of the
Above
B: Fixed and Level Premium
Which of the following statements are CORRECT regarding a grace period in a
life policy.
A: The grace period depends on the mode of premium.
B: The grace period is unlimited and the insured can pay back a policy
whenever they are ready.
C: The grace period is a rider and must be added to a policy for extra cost.
D: If the insured dies during the grace period the proceeds are still paid but
the unpaid premium is deducted from the face value.
D: If the insured dies during the grace period the proceeds are still paid but
the unpaid premium is deducted from the face value.
, What is the tax consideration for taking a cash dividend
option? A: The dividend is fully taxable as income
B: The dividend is paid tax free
C: Depending on income bracket of the insured, the dividend may be
taxable D: If the company gets to keep half of the dividend it is take
free
B: The dividend is paid tax free
Which of the following is not true regarding a renewable option on a term
policy? A: The policy must be renewed regardless of insurability.
B: The rates cannot be more than standard rates at
renewal. C: Premiums are based off of attained age
rates.
D: A policy can be renewed, however, the insured must convert to a different
policy.
D: A policy can be renewed, however, the insured must convert to a different
policy.
Which of the following is considered to be part of the Entire
Contract? A: Declarations Page
B: Buyers Guide
C: Copy of the
Application D: All of the
Above
C: Copy of the Application
Actual Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ || Guaranteed Success!!
Newest Exam | Just Released!!2026 -2027
All Viatical Settlement Providers must report on or beforeof every year.
A: January 1st
B: Depends on License
Issuance C: March 1st
D: Birth month of the Licensee
C: March 1st
Each of the following is a requirement for a Life, Health, Property and Casualty
prelicensing course, EXCEPT:
A: The licensing candidate must spend 7.5 hours in class per line.
B: The licensing candidate must complete a 20 hour course per line.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is successfully completed.
D: An exam that is graded by a course provider must be passed before a
prelicensing course is successfully completed.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is
,F, a producer in Illinois for twenty years failed to finish his entire continuing
education requirement by his license renewal date. Which of the following will
likely happen to F's producer license.
A: Nothing, there is an automatic 30 day grace
period. B: The producer license will lapse
automatically.
C: A producer holding a license in Illinois for 20 years or longer automatically is
licensed for the remainder of his or her lifetime without a renewal requirement.
D: Nothing there is an automatic 12 month grace period since F has been
licensed for such a long time.
B: The producer license will lapse automatically.
Which of the following is required to be listed in an
illustration? A: Age and sex of proposed insured
B: Initial death benefit
C: Dividend option of non-guaranteed
elements D: All of the Above
D: All of the Above
Which of the following is true about a long term care
rider? A: It will decrease premiums
B: It will pay nursing benefits in addition to the death benefit.
C: The agent must write the Long Term Care Rider as a separate policy.
D: If the insured uses the LTC rider benefit, it will be deducted from the
proceeds when the insured dies.
D: If the insured uses the LTC rider benefit, it will be deducted from the
proceeds when the insured dies.
,J has a policy that requires that he meet certain conditions in order for the
contract to be enforceable. J has a(an):
A: Conditional
Contract B:
Unilateral Contract
C: Contract of
Adhesion D: Aleatory
Contract
B: Unilateral Contract
Variable Whole Life requires
a: A: Flexible Premium
B: Fixed and Level
Premium C: A guaranteed
interest rate D: All of the
Above
B: Fixed and Level Premium
Which of the following statements are CORRECT regarding a grace period in a
life policy.
A: The grace period depends on the mode of premium.
B: The grace period is unlimited and the insured can pay back a policy
whenever they are ready.
C: The grace period is a rider and must be added to a policy for extra cost.
D: If the insured dies during the grace period the proceeds are still paid but
the unpaid premium is deducted from the face value.
D: If the insured dies during the grace period the proceeds are still paid but
the unpaid premium is deducted from the face value.
, What is the tax consideration for taking a cash dividend
option? A: The dividend is fully taxable as income
B: The dividend is paid tax free
C: Depending on income bracket of the insured, the dividend may be
taxable D: If the company gets to keep half of the dividend it is take
free
B: The dividend is paid tax free
Which of the following is not true regarding a renewable option on a term
policy? A: The policy must be renewed regardless of insurability.
B: The rates cannot be more than standard rates at
renewal. C: Premiums are based off of attained age
rates.
D: A policy can be renewed, however, the insured must convert to a different
policy.
D: A policy can be renewed, however, the insured must convert to a different
policy.
Which of the following is considered to be part of the Entire
Contract? A: Declarations Page
B: Buyers Guide
C: Copy of the
Application D: All of the
Above
C: Copy of the Application
