LIFE INSURANCE PRACTICE EXAM / EXPERT
VERIFIED ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS | NEWEST UPDATE, 2025-2026.
Terms in this set (49)
Insurable Receipt The reciept given to a life insurance applicant when the
application is completed and the initial premium is received
is called a(n)
Statements in the application for
insurance that are
Representationsbelieved to be true to the best of the applicants knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the following
an interest rate that is lesser EXCEPT
of the guaranteed or current
rate
Continuous Premium The most common type of whole life insurance where
(straight) life premiums are payable over the whole life of the insured to
age 100 is called.
Entire contract The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an agent to
Deferreed & Equity hold a securities license?
Indexed)
Life income annuity Which type of annuity settlement stops when the annuitant
dies?
, At what age can a participant receive distributions from a
59 1/2
qualified plan without incurring a 10% penalty
Buy-Sell Agreement 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 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?
Either the cash value or If an annuitant dies during the accumulation period, what will
the premiums paid, the beneficiary receive?
whichever is greater
Nonadmitted Any insurer who is NOT approved to do business in this state
is considered
Insurable Interest Exists To prevent people from profiting from a loss, insurers is the
certain
Adjusts the death benefit If a misstatement of age is discovered during the
based on the premiums processing of a life insurance claim what will the
that were paid insurer do?
Policy Exclusions Which of the following allows an insurance company to deny
coverage of the insurers eewth occurs in war?
Evidence of insurability is Each of the following is a typical characteristic of groups life
usually required insurance EXCEPT
Fixed-Period Installments A life settlement option that pays out the death benefit is.
Incrementally, in a specified amount until all of the
proceeds are exhausted, is called
Not subject to any taxes A life insurance death benefit paid in a lump sum to a beneficiary is
VERIFIED ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS | NEWEST UPDATE, 2025-2026.
Terms in this set (49)
Insurable Receipt The reciept given to a life insurance applicant when the
application is completed and the initial premium is received
is called a(n)
Statements in the application for
insurance that are
Representationsbelieved to be true to the best of the applicants knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the following
an interest rate that is lesser EXCEPT
of the guaranteed or current
rate
Continuous Premium The most common type of whole life insurance where
(straight) life premiums are payable over the whole life of the insured to
age 100 is called.
Entire contract The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an agent to
Deferreed & Equity hold a securities license?
Indexed)
Life income annuity Which type of annuity settlement stops when the annuitant
dies?
, At what age can a participant receive distributions from a
59 1/2
qualified plan without incurring a 10% penalty
Buy-Sell Agreement 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 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?
Either the cash value or If an annuitant dies during the accumulation period, what will
the premiums paid, the beneficiary receive?
whichever is greater
Nonadmitted Any insurer who is NOT approved to do business in this state
is considered
Insurable Interest Exists To prevent people from profiting from a loss, insurers is the
certain
Adjusts the death benefit If a misstatement of age is discovered during the
based on the premiums processing of a life insurance claim what will the
that were paid insurer do?
Policy Exclusions Which of the following allows an insurance company to deny
coverage of the insurers eewth occurs in war?
Evidence of insurability is Each of the following is a typical characteristic of groups life
usually required insurance EXCEPT
Fixed-Period Installments A life settlement option that pays out the death benefit is.
Incrementally, in a specified amount until all of the
proceeds are exhausted, is called
Not subject to any taxes A life insurance death benefit paid in a lump sum to a beneficiary is
