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LIFE INSURANCE PRACTICE EXAM/ Qs & Ans/
A+ Score Solution.
Insurable Receipt - Answer: The receipt given to a life insurance applicant when
the application is completed and the initial premium is received is called a(n)
Representations - Answer: Statements in the application for insurance that are
believed to be true to the best of the applicant’s knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or
current rate - Answer: An annuity is considered fixed when it does all of the
following EXCEPT
Page 1 of 8
, Continuous Premium (straight) life - Answer: The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age
100 is called.
Entire contract - Answer: The policy and a copy of the application, along with any
riders and amendments, is called the
Not taxable - Answer: Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - Answer: Which of the
following annuity products requires an agent to hold a securities license?
Life income annuity - Answer: Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement - Answer: Two business partners own life insurance on each
other. If one partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business interests?
Adjustable life - Answer: Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
Page 2 of 8
LIFE INSURANCE PRACTICE EXAM/ Qs & Ans/
A+ Score Solution.
Insurable Receipt - Answer: The receipt given to a life insurance applicant when
the application is completed and the initial premium is received is called a(n)
Representations - Answer: Statements in the application for insurance that are
believed to be true to the best of the applicant’s knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or
current rate - Answer: An annuity is considered fixed when it does all of the
following EXCEPT
Page 1 of 8
, Continuous Premium (straight) life - Answer: The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age
100 is called.
Entire contract - Answer: The policy and a copy of the application, along with any
riders and amendments, is called the
Not taxable - Answer: Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - Answer: Which of the
following annuity products requires an agent to hold a securities license?
Life income annuity - Answer: Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement - Answer: Two business partners own life insurance on each
other. If one partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business interests?
Adjustable life - Answer: Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
Page 2 of 8
