ARIZONA LIFE AND HEALTH INSURANCE EXAM
2026 COMPREHENSIVE STUDY GUIDE SOLVED
QUESTION SET
◉ -A uniform set of insurance regulations. Answer: What does the
Producer Licensing Model Act (PLMA) provide?
-A uniform set of insurance regulations
-Disability income
-A double payout
-Private Life Maturity Assets
◉ -They are known for their very flexible payment terms. Answer: All
but which of the following are true about Whole life insurance policies?
-They are a traditional type of life insurance policy
-They are more restrictive than adjustable policies
-They are known for their very flexible payment terms
-Each premium payment is the same
-It is not easy to change the face amount
,◉ -Contract. Answer: A life insurance Policy is a(n)
__________________ that requires the Insurer to pay the Death Benefit
of the policy to the policy Beneficiary when the insured dies.
-Annuity
-Underwriting
-Promise
-Contract
◉ -Life Income. Answer: Rachel is the Beneficiary of a life insurance
policy. The insured has passed away. She reviews the various payout
settlement options. Rachel chooses the option that operates like an
annuity. What option did she choose for the payout?
-Periodic annuitized payout
-Fixed period installments
-Fixed amount installments
-Life Income
◉ -Third-party policy. Answer: Aaron wants to buy an insurance policy
and serve as the Beneficiary in the event that his daughter Cheryl passes
away. What type of policy will Aaron purchase?
-First-party policy
,-Third-party policy
-Second-party policy
-Indirect policy
-None of the above
◉ -Greater than. Answer: The premium for a Whole life policy is
usually ________________ the premium of a Term life policy:
-Less than
-The same as
-Greater than
-Half the cost of
-One-third of
◉ -The payout is distributed and fixed and equal installment payments
over a specified time period. Answer: With a Fixed Installment
Settlement option:
-The payout is distributed through fixed level installment payments over
a specified time period
-It is like an annuity
-The proceeds are paid out monthly from the face amount and interest
-The interest is paid out and the face amount is paid out later
, ◉ -Vesting. Answer: What is the term that relates to the amount of
money that an Insured is entitled to withdraw from an annuity?
-Vesting
-Build up
-Defined benefit
-Single Premium Deferred Annuity (SPDA)
◉ -False. Answer: Edmond suffered from a kidney condition that is
controlled with medical treatment. He wants to purchase a life insurance
policy. His pre-existing condition prevents him from getting a policy.
-True
-False
◉ -There is usually a smooth transfer of a business to the beneficiary
upon the death of the business owner.. Answer: All but which of the
following are true about having Sole Proprietorship within a life
insurance policy?
-There is usually a smooth transfer of a business to the beneficiary upon
the death of the business owner.
2026 COMPREHENSIVE STUDY GUIDE SOLVED
QUESTION SET
◉ -A uniform set of insurance regulations. Answer: What does the
Producer Licensing Model Act (PLMA) provide?
-A uniform set of insurance regulations
-Disability income
-A double payout
-Private Life Maturity Assets
◉ -They are known for their very flexible payment terms. Answer: All
but which of the following are true about Whole life insurance policies?
-They are a traditional type of life insurance policy
-They are more restrictive than adjustable policies
-They are known for their very flexible payment terms
-Each premium payment is the same
-It is not easy to change the face amount
,◉ -Contract. Answer: A life insurance Policy is a(n)
__________________ that requires the Insurer to pay the Death Benefit
of the policy to the policy Beneficiary when the insured dies.
-Annuity
-Underwriting
-Promise
-Contract
◉ -Life Income. Answer: Rachel is the Beneficiary of a life insurance
policy. The insured has passed away. She reviews the various payout
settlement options. Rachel chooses the option that operates like an
annuity. What option did she choose for the payout?
-Periodic annuitized payout
-Fixed period installments
-Fixed amount installments
-Life Income
◉ -Third-party policy. Answer: Aaron wants to buy an insurance policy
and serve as the Beneficiary in the event that his daughter Cheryl passes
away. What type of policy will Aaron purchase?
-First-party policy
,-Third-party policy
-Second-party policy
-Indirect policy
-None of the above
◉ -Greater than. Answer: The premium for a Whole life policy is
usually ________________ the premium of a Term life policy:
-Less than
-The same as
-Greater than
-Half the cost of
-One-third of
◉ -The payout is distributed and fixed and equal installment payments
over a specified time period. Answer: With a Fixed Installment
Settlement option:
-The payout is distributed through fixed level installment payments over
a specified time period
-It is like an annuity
-The proceeds are paid out monthly from the face amount and interest
-The interest is paid out and the face amount is paid out later
, ◉ -Vesting. Answer: What is the term that relates to the amount of
money that an Insured is entitled to withdraw from an annuity?
-Vesting
-Build up
-Defined benefit
-Single Premium Deferred Annuity (SPDA)
◉ -False. Answer: Edmond suffered from a kidney condition that is
controlled with medical treatment. He wants to purchase a life insurance
policy. His pre-existing condition prevents him from getting a policy.
-True
-False
◉ -There is usually a smooth transfer of a business to the beneficiary
upon the death of the business owner.. Answer: All but which of the
following are true about having Sole Proprietorship within a life
insurance policy?
-There is usually a smooth transfer of a business to the beneficiary upon
the death of the business owner.
