Indiana Life Insurance Exam
P P P
- ANS-UnderPthePUnfairPCompetitionPStatute
a. FinancialPinstitutionsPmayPrequirePinsurancePonPthePlivesPofPdebtors.
b. PremiumsPmayPnotPbePbasedPuponPthePagePorPgenderPofPanPapplicant.
c. ParticipatingPpoliciesPmustPguaranteePdividends.
d. RebatesPmayPbePpaidPtoPconsumers,PifPitPisPinP"thePpublicPinterest."
.PItPisPthePsamePasPaPModifiedPLifePPolicyP-PANS-
WhichPofPthePfollowingPstatementsPisPNOTPtruePaboutPEnhancedPOrdinaryPLife?
a. ItPisPthePsamePasPaPModifiedPLifePpolicy.
b. ItPisPaPcombinationPofPcontinuousPpremiumPWholePLifePandPRenewablePTerm.
c. PolicyPdividendsParePusedPtoPpurchasePPaidPUpPAdditions.
d. ItPisPonlyPavailablePonPParticipatingPLifePinsurancePpolicies.
$25,000P-PANS-IfPthePCommissionerPissuesPaPcease-and-
desistPorderPandPyouPcontinuePthePsamePactivities,PyouPcanPbePfinedPupPtoPwhichPofPthePfollowingP
amountsPperPviolationPofPthatPorder?
a.P$5,000
b.P$1,000
c.P$50,000
d.P$25,000
1. APSinglePPremium
2. LimitedPPayP(ForPaPlimitedPperiodPofPtime)
3. StraightPLifeP(Continuous)PPremium
ThePshorterPthePpaymentPperiod,PthePhigherPeachPindividualPpaymentPbutPthePlowerPthePtotalPcost.
PThePlongerPthePpaymentPperiod,PthePsmallerPthePindividualPpremiums,PbutPthePgreaterPthePtotalPc
ost.PNoPmatterPhowPit'sPpaidPfor,PthePcashPvaluePwillPequalPthePfacePamountPatPageP100.P-
ANS-HowPcanPyouPbuyPaPwholePlifePinsurancePpolicy?
1. Offer:PAPconcisePstatementPthatPisPansweredPbyPYesPorPNo.PInPlifePinsurance,PanPapplicationPi
sPonlyPanPofferPifPitPcomesPwithPthePfirstPpremium.
2. Acceptance:PMirrorPimagePofPthePoffer.PThePcompanyPmustPissuePandPdeliverPthePpolicyPbyPth
ePagent.
3. Consideration:PThePexchangePofPsomethingPofPvalue.PCompanyPoffersPpromisesPandPapplicant
PgivesPpremium.
4. Capacity:PAbilityPtoPenterPintoPthePcontract
,5. Purpose:PReasonPforPexistence.PInPlife,PthePapplicantPmustPhavePinsurablePinterestPandPconsen
tPinPthePlifePofPthePproposedPinsured.P-PANS-WhatParePthePfivePelementsPofPaPcontract?
1. TakePthePMoney
2. BuyPanPAnnuityPCertainP(APguaranteedPincomePforPaPspecificPperiodPofPtime)
3. APLifePAnnuityP(GuaranteedPincomePforPlife)P-PANS-
WhatPthreePchoicesPdoesPanPannuitantPhavePwhenPthePannuityPreachesPannuitization?
1. TerminallyPill
2. ExtraordinaryPMedicalPInterventionP(organPtransplant,PartificialPlifePsupport,Petc.)
3. PermanentlyPInstitutionalized
4. LimitsPthePInsured'sPlifePspanP(HeartPdisease,Pcancer,PrenalPfailure)
5. AnyPotherPconditionPapprovedPbyPthePCommissionerP-PANS-
InPorderPtoPqualifyPforPAcceleratedPDeathPBenefits,PthePinsuredPmustPbePinPwhatPkindPofPcircumst
ance?
1. ValuedPContracts:PTheyPhavePaPpre-
determined,PfacePamount.PWhenPJoePdies,PhisPfamilyPwillPreceivePthePdeathPbenefitPplacedPonPt
hePcontract.
2. Reimbursement/indemnityPcontracts:PExistPtoPmakePyouPwhole.PBringsPyouPbackPtoPwherePyo
uPwerePbeforePsomethingPbadPhappenedPtoPyou.
3. ServicePcontracts:PThePcarrier/companyPprovidesPthePservice.P-PANS-
WhatParePthePdifferentPtypesPofPinsurancePcontracts?
20%PofPtotalPearnedPincome
MaximumPannualPcontributionsParePlimitedPtoPthePlesserPofP$30,000PorP20PpercentPofPtotalPearnedP
incomeP(25%PofPthePafter-contributionPincome).P-PANS-
APKeoghPplanPwouldPallowPanPannualPcontributionPofPupPto
a. 20PpercentPofPtotalPearnedPincome.
b. 10PpercentPofPtotalPearnedPincome.
c. 15PpercentPofPtotalPearnedPincome.
d. 30PpercentPofPtotalPearnedPincome.
24PHoursPofPContinuingPEducationP-PANS-
APfullPlinesPProducerPrenewingPaPtwoPyearPlicensePmustPhave
a. 24PHoursPofPContinuingPeducation
b. 10PHoursPofPContinuingPeducation.
c. 15PHoursPofPContinuingPeducation.
d. 30PHoursPofPContinuingPeducation
31PDays:PNormalPConversionPPerio
P
d
,15PDays:PExtension
60PDays:PMaximumPConversionPPeriodP-PANS-
ExplainPthePconversionPsummaryPforPthePStatePofPIndianaPforPGroupPinsurancePpolicies
APDeathPBenefit
AnnuitiesParePallPaboutPthePaccumulationPofPcash,PnotPdeathPbenefits,PandPthePmoneyPdoesPgrowP
onPaPtaxPdeferredPbasis.PAndPit'sPRandyPthatPdoesn'tPhavePaPclue.P-PANS-AnnuitiesPdon'tPhave
a. CashPvalue.
b. TaxPdeferredPgrowth.
c. APdeathPbenefit.
d. APclue.
APlifePinsurancePpolicyPwhosePfacePamountPjumpsPfivePtimesPwhenPthePinsuredPreachesPaPcertainP
age,PsuchPasP21.P-PANS-JumpingPJuvenilePis
a. APhyperactivePcondition.
b. APLifePinsurancePpolicyPdesignedPforPadolescentsPwhoPparticipatePinPtrackPandPfieldPevents.
c. APLifePinsurancePpolicyPwhosePfacePamountPjumpsPfivePtimesPwhenPthePinsuredPreachesP
aPcertainPage,PsuchPasPageP21.
d. APLifePinsurancePpolicyPwhosePpremiumPjumpsPfivePtimesPwhenPthePinsuredPreachesPaPcertai
nPage,PsuchPasPageP21.
APModifiedPEndowmentPContractP-PANS-
APlifePinsurancePpolicyPthatPhasPcashPvaluePwhichPgrowsPfasterPthanPthePcashPvaluePofPaPSevenPPa
yPWholePLifePpolicyPisPknownPas
a. AnPEndowmentPpolicy.
b. ModifiedPLifePpolicy.
c. APModifiedPEndowmentPContract.
d. APModifiedPSuperstockPPro.
APpersonPsellingPlimitedPhealthPpoliciesP(suchPasPcancerPinsurance)PtoPchurchPmembersP-PANS-
AllPofPthePfollowingPmayPobtainPaPlimitedPinsurancePProducer'sPlicensePEXCEPT
a. APpersonPsellingPlimitedPhealthPpoliciesP(suchPasPcancerPinsurance)PtoPchurchPmembers.
b. APpersonPsellingPtravelPaccidentPinsurancePinPaPtransportationPterminal.
c. APpersonPsellingPtitlePinsurancePtoPthePpurchaserPofPrealPestate.
d. APpersonPsellingPbaggagePinsurancePinPaPtransportationPterminal
APproducerPchangesPtheirPtelephonePnumberP-PANS-
ThePCommissionerPmustPbePnotifiedPinPallPofPthePfollowingPcircumstancesPEXCEPT:
a. APProducerPchangesPtheirPtelephonePnumber.
, b. APProducerPisPdischargedPforPcausePbyPanPinsurancePcompany.
c. APProducerPchangesPtheirPbusinessPaddress
d. APProducerPchangesPtheirPresidentialPaddress.
aPsinglePcontractPthatPcoversPaPnumberPofPlives.PThePdebtorPisPthePinsuredPandPthePcreditorPisPthePo
wner/beneficiary.PIfPyouPleavePthePgroup,PyouParePnoPlongerPeligiblePtoPhavePthePinsurance.PYouPha
veP31PdaysPtoPconvertPtoPanPindividualPpolicyPtoPmaintainPthePinsurance.PThePpremiumPwillPbePbas
edPuponPthePattainedPagePatPtimePofPthePconversion.PDeathPduringPthePconversionPperiodPwillPresult
PinPthePsamePwayPasPdeathPwhilePaPmemberPofPthePgroup.P-PANS-WhatPisPgroupPlifePinsurance?
APsinglePcontractPthatPcoversPeverybodyPinPthePfamily.PYouPreceivePaPwholePlifePpolicyPonPthePbre
adwinnerPandPconvertiblePtermPonPthePrest.PThePbasicPtermPisPlifePofPthePbreadwinner.PAfterPthePd
eathPofPthePbreadwinner,PthePfamilyPcanPconvertPtoPindividualPpolicies.PNewPbornPchildrenParePaut
omaticallyPcoveredPwithPnoPproofPofPinsurabilityPandPnoPincreasePinPpremium.P-PANS-
WhatPisPaPfamilyPlifePinsurancePpolicy?
APWholePLifePpolicyPwithPcashPvalueP-PANS-
WhichPofPthePfollowingPlifePpoliciesPwouldPprovidePreinstatementPrights?
a. DecreasingPTerm
b. APWholePLifePpolicyPwithPcashPvalue
c. RenewablePTerm
d. AllPTermPpolicies
A.P$200,000PlessPanyPoutstandingPloansP-PANS-
InPthePyearP2000,PHamletPpurchasedPaP$200,000PfacePamountPAdjustablePLifePpolicyPcontainingP
aPconventionalPSuicidePclause.PIfPHamletPcommitsPsuicidePinPthePyearP2008,PhisPcompanyPwillPpa
yPwhichPofPthePfollowing?
a. $200,000PlessPanyPoutstandingPloans
b. ThePpremiumPpaidPlessPanyPoutstandingPloans
c. $200,000PplusPthePcashPvaluePatPHamlet'sPdeathPminusPanyPoutstandingPloans
d. ThePcashPvaluePlessPanyPoutstandingPloans
A.P$96,000P-PANS-
JoelPownsPaP$100,000PfacePamountPWholePLifePpolicyPwhichPhasPaPcashPvaluePofP$11,000.PTher
ePisPalsoPanPoutstandingPloanPofP$4,000.PIfPJoelPdies,PhowPmuchPwouldPthePinsurancePcompanyP
payPtoPhisPbeneficiary?
a.P$96,000
b.P$100,000
c.P$111,000
d.P$107,000
P P P
- ANS-UnderPthePUnfairPCompetitionPStatute
a. FinancialPinstitutionsPmayPrequirePinsurancePonPthePlivesPofPdebtors.
b. PremiumsPmayPnotPbePbasedPuponPthePagePorPgenderPofPanPapplicant.
c. ParticipatingPpoliciesPmustPguaranteePdividends.
d. RebatesPmayPbePpaidPtoPconsumers,PifPitPisPinP"thePpublicPinterest."
.PItPisPthePsamePasPaPModifiedPLifePPolicyP-PANS-
WhichPofPthePfollowingPstatementsPisPNOTPtruePaboutPEnhancedPOrdinaryPLife?
a. ItPisPthePsamePasPaPModifiedPLifePpolicy.
b. ItPisPaPcombinationPofPcontinuousPpremiumPWholePLifePandPRenewablePTerm.
c. PolicyPdividendsParePusedPtoPpurchasePPaidPUpPAdditions.
d. ItPisPonlyPavailablePonPParticipatingPLifePinsurancePpolicies.
$25,000P-PANS-IfPthePCommissionerPissuesPaPcease-and-
desistPorderPandPyouPcontinuePthePsamePactivities,PyouPcanPbePfinedPupPtoPwhichPofPthePfollowingP
amountsPperPviolationPofPthatPorder?
a.P$5,000
b.P$1,000
c.P$50,000
d.P$25,000
1. APSinglePPremium
2. LimitedPPayP(ForPaPlimitedPperiodPofPtime)
3. StraightPLifeP(Continuous)PPremium
ThePshorterPthePpaymentPperiod,PthePhigherPeachPindividualPpaymentPbutPthePlowerPthePtotalPcost.
PThePlongerPthePpaymentPperiod,PthePsmallerPthePindividualPpremiums,PbutPthePgreaterPthePtotalPc
ost.PNoPmatterPhowPit'sPpaidPfor,PthePcashPvaluePwillPequalPthePfacePamountPatPageP100.P-
ANS-HowPcanPyouPbuyPaPwholePlifePinsurancePpolicy?
1. Offer:PAPconcisePstatementPthatPisPansweredPbyPYesPorPNo.PInPlifePinsurance,PanPapplicationPi
sPonlyPanPofferPifPitPcomesPwithPthePfirstPpremium.
2. Acceptance:PMirrorPimagePofPthePoffer.PThePcompanyPmustPissuePandPdeliverPthePpolicyPbyPth
ePagent.
3. Consideration:PThePexchangePofPsomethingPofPvalue.PCompanyPoffersPpromisesPandPapplicant
PgivesPpremium.
4. Capacity:PAbilityPtoPenterPintoPthePcontract
,5. Purpose:PReasonPforPexistence.PInPlife,PthePapplicantPmustPhavePinsurablePinterestPandPconsen
tPinPthePlifePofPthePproposedPinsured.P-PANS-WhatParePthePfivePelementsPofPaPcontract?
1. TakePthePMoney
2. BuyPanPAnnuityPCertainP(APguaranteedPincomePforPaPspecificPperiodPofPtime)
3. APLifePAnnuityP(GuaranteedPincomePforPlife)P-PANS-
WhatPthreePchoicesPdoesPanPannuitantPhavePwhenPthePannuityPreachesPannuitization?
1. TerminallyPill
2. ExtraordinaryPMedicalPInterventionP(organPtransplant,PartificialPlifePsupport,Petc.)
3. PermanentlyPInstitutionalized
4. LimitsPthePInsured'sPlifePspanP(HeartPdisease,Pcancer,PrenalPfailure)
5. AnyPotherPconditionPapprovedPbyPthePCommissionerP-PANS-
InPorderPtoPqualifyPforPAcceleratedPDeathPBenefits,PthePinsuredPmustPbePinPwhatPkindPofPcircumst
ance?
1. ValuedPContracts:PTheyPhavePaPpre-
determined,PfacePamount.PWhenPJoePdies,PhisPfamilyPwillPreceivePthePdeathPbenefitPplacedPonPt
hePcontract.
2. Reimbursement/indemnityPcontracts:PExistPtoPmakePyouPwhole.PBringsPyouPbackPtoPwherePyo
uPwerePbeforePsomethingPbadPhappenedPtoPyou.
3. ServicePcontracts:PThePcarrier/companyPprovidesPthePservice.P-PANS-
WhatParePthePdifferentPtypesPofPinsurancePcontracts?
20%PofPtotalPearnedPincome
MaximumPannualPcontributionsParePlimitedPtoPthePlesserPofP$30,000PorP20PpercentPofPtotalPearnedP
incomeP(25%PofPthePafter-contributionPincome).P-PANS-
APKeoghPplanPwouldPallowPanPannualPcontributionPofPupPto
a. 20PpercentPofPtotalPearnedPincome.
b. 10PpercentPofPtotalPearnedPincome.
c. 15PpercentPofPtotalPearnedPincome.
d. 30PpercentPofPtotalPearnedPincome.
24PHoursPofPContinuingPEducationP-PANS-
APfullPlinesPProducerPrenewingPaPtwoPyearPlicensePmustPhave
a. 24PHoursPofPContinuingPeducation
b. 10PHoursPofPContinuingPeducation.
c. 15PHoursPofPContinuingPeducation.
d. 30PHoursPofPContinuingPeducation
31PDays:PNormalPConversionPPerio
P
d
,15PDays:PExtension
60PDays:PMaximumPConversionPPeriodP-PANS-
ExplainPthePconversionPsummaryPforPthePStatePofPIndianaPforPGroupPinsurancePpolicies
APDeathPBenefit
AnnuitiesParePallPaboutPthePaccumulationPofPcash,PnotPdeathPbenefits,PandPthePmoneyPdoesPgrowP
onPaPtaxPdeferredPbasis.PAndPit'sPRandyPthatPdoesn'tPhavePaPclue.P-PANS-AnnuitiesPdon'tPhave
a. CashPvalue.
b. TaxPdeferredPgrowth.
c. APdeathPbenefit.
d. APclue.
APlifePinsurancePpolicyPwhosePfacePamountPjumpsPfivePtimesPwhenPthePinsuredPreachesPaPcertainP
age,PsuchPasP21.P-PANS-JumpingPJuvenilePis
a. APhyperactivePcondition.
b. APLifePinsurancePpolicyPdesignedPforPadolescentsPwhoPparticipatePinPtrackPandPfieldPevents.
c. APLifePinsurancePpolicyPwhosePfacePamountPjumpsPfivePtimesPwhenPthePinsuredPreachesP
aPcertainPage,PsuchPasPageP21.
d. APLifePinsurancePpolicyPwhosePpremiumPjumpsPfivePtimesPwhenPthePinsuredPreachesPaPcertai
nPage,PsuchPasPageP21.
APModifiedPEndowmentPContractP-PANS-
APlifePinsurancePpolicyPthatPhasPcashPvaluePwhichPgrowsPfasterPthanPthePcashPvaluePofPaPSevenPPa
yPWholePLifePpolicyPisPknownPas
a. AnPEndowmentPpolicy.
b. ModifiedPLifePpolicy.
c. APModifiedPEndowmentPContract.
d. APModifiedPSuperstockPPro.
APpersonPsellingPlimitedPhealthPpoliciesP(suchPasPcancerPinsurance)PtoPchurchPmembersP-PANS-
AllPofPthePfollowingPmayPobtainPaPlimitedPinsurancePProducer'sPlicensePEXCEPT
a. APpersonPsellingPlimitedPhealthPpoliciesP(suchPasPcancerPinsurance)PtoPchurchPmembers.
b. APpersonPsellingPtravelPaccidentPinsurancePinPaPtransportationPterminal.
c. APpersonPsellingPtitlePinsurancePtoPthePpurchaserPofPrealPestate.
d. APpersonPsellingPbaggagePinsurancePinPaPtransportationPterminal
APproducerPchangesPtheirPtelephonePnumberP-PANS-
ThePCommissionerPmustPbePnotifiedPinPallPofPthePfollowingPcircumstancesPEXCEPT:
a. APProducerPchangesPtheirPtelephonePnumber.
, b. APProducerPisPdischargedPforPcausePbyPanPinsurancePcompany.
c. APProducerPchangesPtheirPbusinessPaddress
d. APProducerPchangesPtheirPresidentialPaddress.
aPsinglePcontractPthatPcoversPaPnumberPofPlives.PThePdebtorPisPthePinsuredPandPthePcreditorPisPthePo
wner/beneficiary.PIfPyouPleavePthePgroup,PyouParePnoPlongerPeligiblePtoPhavePthePinsurance.PYouPha
veP31PdaysPtoPconvertPtoPanPindividualPpolicyPtoPmaintainPthePinsurance.PThePpremiumPwillPbePbas
edPuponPthePattainedPagePatPtimePofPthePconversion.PDeathPduringPthePconversionPperiodPwillPresult
PinPthePsamePwayPasPdeathPwhilePaPmemberPofPthePgroup.P-PANS-WhatPisPgroupPlifePinsurance?
APsinglePcontractPthatPcoversPeverybodyPinPthePfamily.PYouPreceivePaPwholePlifePpolicyPonPthePbre
adwinnerPandPconvertiblePtermPonPthePrest.PThePbasicPtermPisPlifePofPthePbreadwinner.PAfterPthePd
eathPofPthePbreadwinner,PthePfamilyPcanPconvertPtoPindividualPpolicies.PNewPbornPchildrenParePaut
omaticallyPcoveredPwithPnoPproofPofPinsurabilityPandPnoPincreasePinPpremium.P-PANS-
WhatPisPaPfamilyPlifePinsurancePpolicy?
APWholePLifePpolicyPwithPcashPvalueP-PANS-
WhichPofPthePfollowingPlifePpoliciesPwouldPprovidePreinstatementPrights?
a. DecreasingPTerm
b. APWholePLifePpolicyPwithPcashPvalue
c. RenewablePTerm
d. AllPTermPpolicies
A.P$200,000PlessPanyPoutstandingPloansP-PANS-
InPthePyearP2000,PHamletPpurchasedPaP$200,000PfacePamountPAdjustablePLifePpolicyPcontainingP
aPconventionalPSuicidePclause.PIfPHamletPcommitsPsuicidePinPthePyearP2008,PhisPcompanyPwillPpa
yPwhichPofPthePfollowing?
a. $200,000PlessPanyPoutstandingPloans
b. ThePpremiumPpaidPlessPanyPoutstandingPloans
c. $200,000PplusPthePcashPvaluePatPHamlet'sPdeathPminusPanyPoutstandingPloans
d. ThePcashPvaluePlessPanyPoutstandingPloans
A.P$96,000P-PANS-
JoelPownsPaP$100,000PfacePamountPWholePLifePpolicyPwhichPhasPaPcashPvaluePofP$11,000.PTher
ePisPalsoPanPoutstandingPloanPofP$4,000.PIfPJoelPdies,PhowPmuchPwouldPthePinsurancePcompanyP
payPtoPhisPbeneficiary?
a.P$96,000
b.P$100,000
c.P$111,000
d.P$107,000
