Idaho Life Producer Exam questions
well answered graded A+
What does life insurance protect against? - correct answer ✔✔ Dying too soon.
What happens to the death benefit with a Variable Universal Life Policy? - correct answer ✔✔ It
may increase/decrease within limits.
Who sells insurance to a client and owes a fiduciary duty to an insurance company? - correct
answer ✔✔ The Agent/Producer
What does a "Family Policy" provide? - correct answer ✔✔ Different coverage on different
family members.
In order to qualify for AD&D coverage, the accident must directly cause death within how many
days? - correct answer ✔✔ 90 days
What is the time period called before an employee is eligible for group Disability Income or
Health Insurance? - correct answer ✔✔ Probationary Period
Is a death benefit provided in a retirement plan? - correct answer ✔✔ No, for life insurance
policies only.
Which policy requires premium payments over the Insured's lifetime and provides death benefit
protection for the Insured's lifetime? - correct answer ✔✔ Modified Life
, What does a Family Maintenance policy do? - correct answer ✔✔ Pays same death benefit on
deceased but extra money for survivor to maintain a level lifestyle no matter how many
children.
Why are SEPs preferred over Keogh Plans for small business owners? - correct answer ✔✔ The
SEP is less complicated.
What plans measure in investment units rather than dollars? - correct answer ✔✔ Variable Life
or Variable Universal Life
If an applicant is not offered a policy after the underwriting process, they are referred to as
what? - correct answer ✔✔ Declined Risk
Which policy combines stock market investments chosen by the policy owner with a form of
Term Life coverage? - correct answer ✔✔ Variable Universal Life
What document becomes part of the contract and includes information about the Insured? -
correct answer ✔✔ The application
Who is entitled to the death benefit proceeds on a Key Person Life policy? - correct answer ✔✔
Typically the employer of the employee being insured.
What does the Uniform Policy Provision Law provide? - correct answer ✔✔ The right to sue
within a stated time after filing a Proof of Loss claim.
Why is the premium higher when an insured converts from Convertible Term to Whole Term? -
correct answer ✔✔ Whole Life costs more than Term Life and the new premium is based on the
Insured's age at the time of conversion.
well answered graded A+
What does life insurance protect against? - correct answer ✔✔ Dying too soon.
What happens to the death benefit with a Variable Universal Life Policy? - correct answer ✔✔ It
may increase/decrease within limits.
Who sells insurance to a client and owes a fiduciary duty to an insurance company? - correct
answer ✔✔ The Agent/Producer
What does a "Family Policy" provide? - correct answer ✔✔ Different coverage on different
family members.
In order to qualify for AD&D coverage, the accident must directly cause death within how many
days? - correct answer ✔✔ 90 days
What is the time period called before an employee is eligible for group Disability Income or
Health Insurance? - correct answer ✔✔ Probationary Period
Is a death benefit provided in a retirement plan? - correct answer ✔✔ No, for life insurance
policies only.
Which policy requires premium payments over the Insured's lifetime and provides death benefit
protection for the Insured's lifetime? - correct answer ✔✔ Modified Life
, What does a Family Maintenance policy do? - correct answer ✔✔ Pays same death benefit on
deceased but extra money for survivor to maintain a level lifestyle no matter how many
children.
Why are SEPs preferred over Keogh Plans for small business owners? - correct answer ✔✔ The
SEP is less complicated.
What plans measure in investment units rather than dollars? - correct answer ✔✔ Variable Life
or Variable Universal Life
If an applicant is not offered a policy after the underwriting process, they are referred to as
what? - correct answer ✔✔ Declined Risk
Which policy combines stock market investments chosen by the policy owner with a form of
Term Life coverage? - correct answer ✔✔ Variable Universal Life
What document becomes part of the contract and includes information about the Insured? -
correct answer ✔✔ The application
Who is entitled to the death benefit proceeds on a Key Person Life policy? - correct answer ✔✔
Typically the employer of the employee being insured.
What does the Uniform Policy Provision Law provide? - correct answer ✔✔ The right to sue
within a stated time after filing a Proof of Loss claim.
Why is the premium higher when an insured converts from Convertible Term to Whole Term? -
correct answer ✔✔ Whole Life costs more than Term Life and the new premium is based on the
Insured's age at the time of conversion.
