final exam west Virginia life questions with verified
answers
variable life products require a producer to Ans✔✔-hold a life insurance
license and a securities license
which of these actions is NOT required when a producer replaces an
existing individual life insurance policy Ans✔✔-obtain the beneficiary's
signature
which of the following correctly explains the actions an agent should
take if a customer wants to apply for a life insurance policy Ans✔✔-
complete the application and review the information with the customer
prior to obtaining the customers signature, then send the application off
to the insurance company
which is true concerning a variable universal life policy Ans✔✔-
policyowner controls where the investment will go and selects the
amount of premium payment
according to west virginia law, a group life insurance policy requires at
LEAST ____ insureds Ans✔✔-two
A Life insurance policyowner would like to take out a policy loan
against the cash value in his Whole Life policy. The interest rate applied
to this loan may vary over time. This is referred to as a ______ rate loan.
Ans✔✔-Variable
,S the producer is charged a fee for placing an insurance policy. Under
West Virginia law, S must Ans✔✔-report the placement to his primary
insurer
A domestic insurance company in West Virginia MUST Ans✔✔-be
incorporated and formed in west virginia
M had an annual life insurance premium payment due January 1. She
died January 10 without making the premium payment. What action will
the insurer take? Ans✔✔-pay face amount minus the past due premium
The reason for backdating a policy is Ans✔✔-to obtain a premium rate
based on an earlier age
K owns a whole life policy. If K wants an increasing death benefit to
protect against inflation, which dividend option should she choose?
Ans✔✔-Paid-up additional insurance
All of the following could result in the revocation of a producer's license
EXCEPT Ans✔✔-being charged with a misdemeanor for a driving
incident
life insurance death benefits up to _____ are guaranteed by the west
virginia life and health guaranty association Ans✔✔-300,000
A stock insurance company Ans✔✔-is owned exclusively by its
shareholders
, what is considered to be a characteristic of an immediate annuity
Ans✔✔-benefit payments start within one payment period of purchase
B the producer sold an insurance contract to a client. B has engaged in
Ans✔✔-transacting insurance
A policy of adhesion can only be modified by whom Ans✔✔-the
insurance company
P is looking to purchase a life insurance policy that will pay a stated
monthly income to his beneficiaries for 20 years after he dies in a lump
sum of 20,000 at the end of that 20 year period. What type of policy
should P purchase? Ans✔✔-family maintence policy
who approves continuing education courses in west virginia Ans✔✔-
insurance commissioner and the board of insurance agent education
B owns a whole life policy with a guaranteed insurability option that
allows him to purchase, without evidence of insurability, stated amounts
of Ans✔✔-additional whole life coverage at specified times
what is the initial source of underwriting for an insurance policy Ans✔✔-
application containing statements from the insured
answers
variable life products require a producer to Ans✔✔-hold a life insurance
license and a securities license
which of these actions is NOT required when a producer replaces an
existing individual life insurance policy Ans✔✔-obtain the beneficiary's
signature
which of the following correctly explains the actions an agent should
take if a customer wants to apply for a life insurance policy Ans✔✔-
complete the application and review the information with the customer
prior to obtaining the customers signature, then send the application off
to the insurance company
which is true concerning a variable universal life policy Ans✔✔-
policyowner controls where the investment will go and selects the
amount of premium payment
according to west virginia law, a group life insurance policy requires at
LEAST ____ insureds Ans✔✔-two
A Life insurance policyowner would like to take out a policy loan
against the cash value in his Whole Life policy. The interest rate applied
to this loan may vary over time. This is referred to as a ______ rate loan.
Ans✔✔-Variable
,S the producer is charged a fee for placing an insurance policy. Under
West Virginia law, S must Ans✔✔-report the placement to his primary
insurer
A domestic insurance company in West Virginia MUST Ans✔✔-be
incorporated and formed in west virginia
M had an annual life insurance premium payment due January 1. She
died January 10 without making the premium payment. What action will
the insurer take? Ans✔✔-pay face amount minus the past due premium
The reason for backdating a policy is Ans✔✔-to obtain a premium rate
based on an earlier age
K owns a whole life policy. If K wants an increasing death benefit to
protect against inflation, which dividend option should she choose?
Ans✔✔-Paid-up additional insurance
All of the following could result in the revocation of a producer's license
EXCEPT Ans✔✔-being charged with a misdemeanor for a driving
incident
life insurance death benefits up to _____ are guaranteed by the west
virginia life and health guaranty association Ans✔✔-300,000
A stock insurance company Ans✔✔-is owned exclusively by its
shareholders
, what is considered to be a characteristic of an immediate annuity
Ans✔✔-benefit payments start within one payment period of purchase
B the producer sold an insurance contract to a client. B has engaged in
Ans✔✔-transacting insurance
A policy of adhesion can only be modified by whom Ans✔✔-the
insurance company
P is looking to purchase a life insurance policy that will pay a stated
monthly income to his beneficiaries for 20 years after he dies in a lump
sum of 20,000 at the end of that 20 year period. What type of policy
should P purchase? Ans✔✔-family maintence policy
who approves continuing education courses in west virginia Ans✔✔-
insurance commissioner and the board of insurance agent education
B owns a whole life policy with a guaranteed insurability option that
allows him to purchase, without evidence of insurability, stated amounts
of Ans✔✔-additional whole life coverage at specified times
what is the initial source of underwriting for an insurance policy Ans✔✔-
application containing statements from the insured
