PA Life Insurance Exam Review Questions and Solutions

24 Hours will be applied to the current reporting period, and 24 can be applied to the period immediately following A producer has successfully completed 52 hours of continuing education. How many hours can the producer apply to her current reporting period, and how many hours can she carry toward the next reporting period? Depreciation period Which of the following is NOT a term for the period of time during which the annuitant or the beneficiary receives income? It is intended to provide coverage on a date prior to the policy issue What is the purpose of a conditional receipt? A portion of the benefit up to a limit is tax free; the rest is taxable income. An individual has been diagnosed with Alzheimer's disease. He is insured under a life insurance policy with the accelerated benefits rider. Which of the following is true regarding taxation of the accelerated benefits? b. It is a life contingency option. All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT: a. The insurer determines the amount for each payment b. It is a life contingency option. c. It will pay the benefit only for a designated period of time. d. the payments are not guaranteed for life. Handling insurer funds in a trust capacity In insurance transactions, fiduciary responsibility means: b. SEC registration To sell variable life insurance policies, an agent must receive all of the following EXCEPT: a. life insurance license b. SEC registration c. FINRA registration d. a securities license a. A licensee is barred from charging a fee in addition to a commission to a person for the sale, solicitation or negotiation of a contract of insurance for commercial business. Which of the following statements is INCORRECT? a. a. A licensee is barred from charging a fee in addition to a commission to a person for the sale, solicitation or negotiation of a contract of insurance for commercial business. b. no insurance producer may charge a fee for the completion of an application for a contract of insurance