PRIMERICA LIFE INSURANCE STATE EXAM WITH CORRECT ANSWERS
Deferred Annuity - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau - CORRECT ANSWER MIB is a nonprofit trade
organization which receives adverse medical information from insurance companies
and maintains confidential medical impairment information on individuals
Perjury - CORRECT ANSWER If a person signs a fraudulent claim form, that person
may be found guilty
Universal life - CORRECT ANSWER 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.
Deferred Annuity - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau - CORRECT ANSWER MIB is a nonprofit trade
organization which receives adverse medical information from insurance companies
and maintains confidential medical impairment information on individuals
Perjury - CORRECT ANSWER If a person signs a fraudulent claim form, that person
may be found guilty
Universal life - CORRECT ANSWER 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.
