Primerica life insurance state exam 2023 with complete
solution
Deferred Annuity
An annuity in which the income payments begin sometime after one year from the date
of purchase.deferred annuities can be funded with a single lump sum payment so it is
referred to as a single premium differed annuities.
Human life values approach
Calculates an individual's life value by looking at the insureds future wages,inflation,the
number of years to retirement,and the time value of money.
What time must the producer present the applicant with a notice regarding
replacement of life insurance
Producers must present to the applicant a notice regarding replacement that is signed
by both the applicant and the producer. A copy must be left with the applicant.
Risk
Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau
MIB is a non profit trade organization which receives adverse medical information from
insurance companies and maintains confidential medical impairment information on
individuals
Perjury
If a person signs a fraudulent claim form,that person may be found guilty
Universal life
policy has two components: an insurance component and a cash account. The
insurance component of a universal life policy is always annually renewable term
insurance .
The right to a full refund of premiums for insureds age 60 or older
The right of recission for a full refund must last for at least 30 days
The premium modes
Is the frequency of premium payment.
Concealment
Is the withholding of information by the applicant that will result in an imprecise
underwriting decision. may void the policy
Tax sheltered annuity (tsa)
Is a qualified plan available to employees of certain nonprofit organizations of the
internal revenue code for example employees of public school systems.
Intent of replacement regulations
Are written to protect the consumers of California,not the insurance company or its
producers.
Reinstatement
Provision allows a lapsed policy to be put back in force. The maximum time limit for
reinstatement is usually 3 years after the policy has lapsed.
Alien insurer
An insurer incorporated in a foreign country.
Mortality
solution
Deferred Annuity
An annuity in which the income payments begin sometime after one year from the date
of purchase.deferred annuities can be funded with a single lump sum payment so it is
referred to as a single premium differed annuities.
Human life values approach
Calculates an individual's life value by looking at the insureds future wages,inflation,the
number of years to retirement,and the time value of money.
What time must the producer present the applicant with a notice regarding
replacement of life insurance
Producers must present to the applicant a notice regarding replacement that is signed
by both the applicant and the producer. A copy must be left with the applicant.
Risk
Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau
MIB is a non profit trade organization which receives adverse medical information from
insurance companies and maintains confidential medical impairment information on
individuals
Perjury
If a person signs a fraudulent claim form,that person may be found guilty
Universal life
policy has two components: an insurance component and a cash account. The
insurance component of a universal life policy is always annually renewable term
insurance .
The right to a full refund of premiums for insureds age 60 or older
The right of recission for a full refund must last for at least 30 days
The premium modes
Is the frequency of premium payment.
Concealment
Is the withholding of information by the applicant that will result in an imprecise
underwriting decision. may void the policy
Tax sheltered annuity (tsa)
Is a qualified plan available to employees of certain nonprofit organizations of the
internal revenue code for example employees of public school systems.
Intent of replacement regulations
Are written to protect the consumers of California,not the insurance company or its
producers.
Reinstatement
Provision allows a lapsed policy to be put back in force. The maximum time limit for
reinstatement is usually 3 years after the policy has lapsed.
Alien insurer
An insurer incorporated in a foreign country.
Mortality
