Pennsylvania Life Insurance - Premiums/Underwriting Test Questions and Correct Answers

Which statement regarding the joint and survivor life insurance settlement option is INCORRECT? Age of the beneficiaries plays a factor when determining the payment amounts Income continues until the last beneficiary dies Two or more beneficiaries can be paid The income payments are larger as compared to a single-life income option The income payments are larger as compared to a single-life income option Which of these factors do NOT affect life insurance premium rates? Expense factor Interest factor Mortality factor An insurer's rating An insurer's rating The initial premium for a life insurance policy is typically handled in what way? The applicant mails it to the insurer after the policy has been approved It is typically obtained by the producer and sent to the insurer It is typically forwarded to the insurer by the applicant The producer pays it from any commissions received It is typically obtained by the producer and sent to the insurer The highest mortality rate belongs to which group? Age 60 females Age 70 males Age 60 males Age 70 females Age 70 Males A contingent beneficiary is described as the primary person who receives the death benefits if the insured dies person who receives the death benefits if the primary beneficiary dies before the insured person who receives the death benefits if there is no named beneficiary person whose approval is needed before a beneficiary designation is changed person who receives the death benefits if the primary beneficiary dies before the insured A policyowner pays the first annual premium for a $50,000 life insurance policy and dies one month after the policy effective date. Which of these statements is true? Premium will be refunded with interest and no death benefit paid