Life insurance state exam Complete Questions with 100%
Correct Answers
does the application of contract adhesion mean?
Since the insured doesn't participate in preparing the contract, and ambiguities would be resolved in
favor of the insured.
which of the following is not an allowable reason for policy cancellation prior to expiration date?
Any misrepresentation by the insured
The maximum annual billing for any insurer cannot exceed what percentage of net premiums earned?
1%
What is effect of negotiations for a contract?
The time when a statement made by an insured can affect the insurer's obligations
An intermediary changed his residential address. Within how many days must the Commissioner be
notified of the charge?
30
An agent who knowingly misrepresents material information for the purpose of inducing an insured to
lapse, forfeit, change or surrender a life insurance policy or annuity has committed an illegal practice
known as
Twisting
All of the following is true regarding taxation of accelerated benefits paid under a life insurance policy?
They are received tax free
Which of the following will be eligible for tax-sheltered annuity?
public school teachers
A married couple purchase a life insurance policy on their newborn baby. They are concerned about
what would happen to the policy if either one of them were unable to continue making premium
payments due to death or disability/ Which policy rider should their agent recommend?
payor benefit
Insurers and intermediaries must provide a copy of the current edition of Wisconsin Buyer's Guide to
Annuities and a Preliminary Contract Summart at what point?
Prior to accepting the applicant's initial premium
The policy summary must state the effective policy loan annual percentage interest rate for at least
20 years
Correct Answers
does the application of contract adhesion mean?
Since the insured doesn't participate in preparing the contract, and ambiguities would be resolved in
favor of the insured.
which of the following is not an allowable reason for policy cancellation prior to expiration date?
Any misrepresentation by the insured
The maximum annual billing for any insurer cannot exceed what percentage of net premiums earned?
1%
What is effect of negotiations for a contract?
The time when a statement made by an insured can affect the insurer's obligations
An intermediary changed his residential address. Within how many days must the Commissioner be
notified of the charge?
30
An agent who knowingly misrepresents material information for the purpose of inducing an insured to
lapse, forfeit, change or surrender a life insurance policy or annuity has committed an illegal practice
known as
Twisting
All of the following is true regarding taxation of accelerated benefits paid under a life insurance policy?
They are received tax free
Which of the following will be eligible for tax-sheltered annuity?
public school teachers
A married couple purchase a life insurance policy on their newborn baby. They are concerned about
what would happen to the policy if either one of them were unable to continue making premium
payments due to death or disability/ Which policy rider should their agent recommend?
payor benefit
Insurers and intermediaries must provide a copy of the current edition of Wisconsin Buyer's Guide to
Annuities and a Preliminary Contract Summart at what point?
Prior to accepting the applicant's initial premium
The policy summary must state the effective policy loan annual percentage interest rate for at least
20 years
