UCANPASS STUDY SHEET 2026 TEST PAPER
QUESTIONS AND SOLUTIONS
GUARANTEED TO PASS
●● According to the life insurance replacement regulations, which of the
following would be an example of policy replacement?
Answer: A policy is reissued with a reduction in cash value.
●● Cash Value guarantees in a whole life policy are called
Answer: nonforfeiture values
●● Your client wants to provide a retirement income for his elderly
parents in case something happens to him. He wants to make sure that
both beneficiaries are guaranteed an income for life. Which settlement
option should this policyowner select?
Answer: Joint and Survivor
●● Which of the following acts stated that the federal government would
not regulate insurance as long as the states did an adequate job of
regulating the industry?
Answer: McCarran-Ferguson Act
, ●● All of the following information needs to be included on an
application for life insurance EXCEPT
Answer: Health insurance policies in force.
●● An applicant for surplus lines authority must do all of the following
EXCEPT
Answer: Possess a certificate of authority in this state
●● Which of the following policies would NOT offer a policy loan
option?
Answer: Termlife
●● Which dividend option will increase the death benefit?
Answer: Paid-up additions
●● If the policy summary for a life insurance policy is not given when
the application is taken, when must the policy summary be given to the
policyowner?
Answer: When the policy is delivered
●● Which of the following could most likely be issued a resident
producer license?
Answer: Sally lives in a neighboring state but has an office in New
Jersey.
QUESTIONS AND SOLUTIONS
GUARANTEED TO PASS
●● According to the life insurance replacement regulations, which of the
following would be an example of policy replacement?
Answer: A policy is reissued with a reduction in cash value.
●● Cash Value guarantees in a whole life policy are called
Answer: nonforfeiture values
●● Your client wants to provide a retirement income for his elderly
parents in case something happens to him. He wants to make sure that
both beneficiaries are guaranteed an income for life. Which settlement
option should this policyowner select?
Answer: Joint and Survivor
●● Which of the following acts stated that the federal government would
not regulate insurance as long as the states did an adequate job of
regulating the industry?
Answer: McCarran-Ferguson Act
, ●● All of the following information needs to be included on an
application for life insurance EXCEPT
Answer: Health insurance policies in force.
●● An applicant for surplus lines authority must do all of the following
EXCEPT
Answer: Possess a certificate of authority in this state
●● Which of the following policies would NOT offer a policy loan
option?
Answer: Termlife
●● Which dividend option will increase the death benefit?
Answer: Paid-up additions
●● If the policy summary for a life insurance policy is not given when
the application is taken, when must the policy summary be given to the
policyowner?
Answer: When the policy is delivered
●● Which of the following could most likely be issued a resident
producer license?
Answer: Sally lives in a neighboring state but has an office in New
Jersey.
