EXAMFX SIE EXAM AND PRACTICE EXAM
NEWEST ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Which of the following would help prevent a universal life policy from lapsing? -
ANSWER target premium
What limits the amount that a policyowner may borrow from a whole life insurance
policy? - ANSWER Cash value
Which of the following best describes the unfair trade practice of defamation? -
ANSWER Making derogatory oral statements about another insurer's financial
condition
In which Medicare supplemental policies are the core benefits found? - ANSWER All
plans
Which of the following is TRUE regarding the annuity period? - ANSWER It may last
for the lifetime of the annuitant.
Regarding viatical settlements, the term terminally ill means a person who is
expected to live for no longer than - ANSWER 24 months.
A lucky individual won the state lottery, so the state will be sending him a check each
month for the next 25 years. What type of annuity products are they likely to use to
provide these benefits? - ANSWER Immediate annuity
A father purchases a life insurance policy on his teenage daughter and adds the
Payor Benefit rider. In which of the following scenarios will the rider waive the
payment of premium? - ANSWER If the father is disabled for more than 6 months
Which of the following is NOT the consideration in a policy? - ANSWER The
application given to a prospective insured
Which of the following statements concerning buy-sell agreements is true? -
ANSWER Buy-sell agreements are normally funded with a life insurance policy.
A policy will pay the death benefit if the insured dies during the 20-year premium-
paying period, and nothing if death occurs after the 20-year period. What type of
policy is this? - ANSWER level term
When the policy premium wasn't submitted with the application, what should the
agent obtain from the insured upon policy delivery? - ANSWER A statement of good
health
, Which of the following authorities monitors the financial strength of insurers? -
ANSWER Department of Insurance
The minimum number of credits required for partially insured status for Social
Security disability benefits is - ANSWER 6 credits
A producer has successfully completed 52 hours of CE. How many hours can the
producer apply to her current reporting period, and how many hours can she carry
forward to the next reporting period? - ANSWER 24 hours will be applied to the
current reporting period, and 24 can be applied to the period immediately following.
The excess 4 hours may not be carried over.
A producer's license must be renewed - ANSWER Biennially
Which of the following statements best describes the effect the Accelerated Benefit
provision would have on the benefits paid to the beneficiary? - ANSWER It will
decrease the benefits paid to the beneficiary.
In comparison to consumer reports, which of the following describes a unique
characteristic of investigative consumer reports? - ANSWER The customer's
associates, friends, and neighbors provide the report's data.
An insured is hospitalized with a back injury. Upon checking his disability income
policy, he learns that he will not be eligible for benefits for at least 30 days. This
indicates that his policy is written with a 30-day - ANSWER Elimination period.
Which of the following is the closest term to an authorized insurer? - ANSWER
Admitted
Your client plans to retire at age 50. He would like to purchase an annuity that would
provide income from the time he retires to the age when social security and other
pension funds become available. What settlement option should he consider? -
ANSWER Annuity certain
An insurance agent proposed an individual health insurance policy that is
guaranteed renewable. If the applicant accepts this policy, the insurer agrees that -
ANSWER The company will continue to renew the policy until the insured has
reached age 65.
What is a material misrepresentation? - ANSWER A statement by the applicant that,
upon discovery, would affect the underwriting decision of the insurance company
An individual was just caught acting as an exclusive general agent - even though he
is not properly licensed. Assuming that this occurred in a single day, what is the
maximum penalty he faces? - ANSWER A third degree misdemeanor and a $1,000
fine
Which of the following provisions must be included on the first page of a Medicare
supplement policy, which states the insurer's right to change premium amounts? -
ANSWER Continuation provision
NEWEST ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Which of the following would help prevent a universal life policy from lapsing? -
ANSWER target premium
What limits the amount that a policyowner may borrow from a whole life insurance
policy? - ANSWER Cash value
Which of the following best describes the unfair trade practice of defamation? -
ANSWER Making derogatory oral statements about another insurer's financial
condition
In which Medicare supplemental policies are the core benefits found? - ANSWER All
plans
Which of the following is TRUE regarding the annuity period? - ANSWER It may last
for the lifetime of the annuitant.
Regarding viatical settlements, the term terminally ill means a person who is
expected to live for no longer than - ANSWER 24 months.
A lucky individual won the state lottery, so the state will be sending him a check each
month for the next 25 years. What type of annuity products are they likely to use to
provide these benefits? - ANSWER Immediate annuity
A father purchases a life insurance policy on his teenage daughter and adds the
Payor Benefit rider. In which of the following scenarios will the rider waive the
payment of premium? - ANSWER If the father is disabled for more than 6 months
Which of the following is NOT the consideration in a policy? - ANSWER The
application given to a prospective insured
Which of the following statements concerning buy-sell agreements is true? -
ANSWER Buy-sell agreements are normally funded with a life insurance policy.
A policy will pay the death benefit if the insured dies during the 20-year premium-
paying period, and nothing if death occurs after the 20-year period. What type of
policy is this? - ANSWER level term
When the policy premium wasn't submitted with the application, what should the
agent obtain from the insured upon policy delivery? - ANSWER A statement of good
health
, Which of the following authorities monitors the financial strength of insurers? -
ANSWER Department of Insurance
The minimum number of credits required for partially insured status for Social
Security disability benefits is - ANSWER 6 credits
A producer has successfully completed 52 hours of CE. How many hours can the
producer apply to her current reporting period, and how many hours can she carry
forward to the next reporting period? - ANSWER 24 hours will be applied to the
current reporting period, and 24 can be applied to the period immediately following.
The excess 4 hours may not be carried over.
A producer's license must be renewed - ANSWER Biennially
Which of the following statements best describes the effect the Accelerated Benefit
provision would have on the benefits paid to the beneficiary? - ANSWER It will
decrease the benefits paid to the beneficiary.
In comparison to consumer reports, which of the following describes a unique
characteristic of investigative consumer reports? - ANSWER The customer's
associates, friends, and neighbors provide the report's data.
An insured is hospitalized with a back injury. Upon checking his disability income
policy, he learns that he will not be eligible for benefits for at least 30 days. This
indicates that his policy is written with a 30-day - ANSWER Elimination period.
Which of the following is the closest term to an authorized insurer? - ANSWER
Admitted
Your client plans to retire at age 50. He would like to purchase an annuity that would
provide income from the time he retires to the age when social security and other
pension funds become available. What settlement option should he consider? -
ANSWER Annuity certain
An insurance agent proposed an individual health insurance policy that is
guaranteed renewable. If the applicant accepts this policy, the insurer agrees that -
ANSWER The company will continue to renew the policy until the insured has
reached age 65.
What is a material misrepresentation? - ANSWER A statement by the applicant that,
upon discovery, would affect the underwriting decision of the insurance company
An individual was just caught acting as an exclusive general agent - even though he
is not properly licensed. Assuming that this occurred in a single day, what is the
maximum penalty he faces? - ANSWER A third degree misdemeanor and a $1,000
fine
Which of the following provisions must be included on the first page of a Medicare
supplement policy, which states the insurer's right to change premium amounts? -
ANSWER Continuation provision
