ARKANSAS LIFE INSURANCE EXAM | 180
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For those individuals who have health issues, which of the following
would be an insurance plan to consider?
A. Decreasing Term
B. Joint Life
C. Group
D. Variable Universal Life
- Correct Answer - C. Group
T has some hearth health issues but needs some additional life
insurance coverage. What options should T consider?
A. A group life insurance plan
B. A group health insurance plan
C. Universal Life Option B
D. Adjustable Life
- Correct Answer - A. A group life insurance plan
If Alvin purchases a Variable Universal Life Policy with a face amount of
$250,000, and chooses death benefit Option B, upon his death the
,amount of the benefit payable to the beneficiary would be ________ if
the policy had $25,000 in cash values.
A. $225,000
B. $250,000
C. Nothing
D. $275,000
- Correct Answer - D. $275,000
Linda wants her husband to be the beneficiary of her life policy but also
wants to retain all rights of ownership. Which of the following types of
beneficiary designations should she use?
A. Contingent beneficiary
B. Tertiary beneficiary
C. Irrevocable beneficiary
D. Revocable beneficiary
- Correct Answer - D. Revocable
Which of the following annuities does not have a traditional accumulation
phase?
A. Flexible premium deferred
B. Single premium deferred
C. Single premium immediate
D. Periodic premium deferred
,- Correct Answer - C. Single premium immediate
An insured forgets to pay his insurance premium. Instead of the policy
lapsing, the premium is paid by the company. This would suggest that a
__________ policy was purchased.
A. Renewable term
B. Level term
C. Decreasing term
D. Whole Life
- Correct Answer - D. Whole life
Which of the following riders can be used to cover the life of an
additional insured who is an unrelated business partner?
A. Spouse rider
B. Child rider
C. Family rider
D. Nonfamily rider
- Correct Answer - D. Nonfamily rider
In all cases upon the insured's death, the beneficiary receives which of
the following?
A. The policy's rider values
B. A refund of premiums
, C. The policy's cash values
D. The face amount of the policy - Correct Answer - D. The face amount
of the policy
Instead of waiting to receive her payments over time Jeanne decides to
obtain the greatest amount of money out of her annuity immediately.
Which option did she choose?
A. Life income with refund
B. Life income period certain
C. Straight life option (life income)
D. Lump Sum - Correct Answer - D. Lump Sum
If a policyowner unintentionally pays premiums in excess of the MEC
guidelines, the excess premium can be refunded by the insurer within 60
days after the ______.
A. Latest premium payment was received
B. End of the calendar year
C. End of the contract year
D. End of the tax year - Correct Answer - C. End of the contract year
+ QUESTIONS AND ANSWERS GRADED
A+ | DOWNLOAD FOR A GUARANTEED A+
For those individuals who have health issues, which of the following
would be an insurance plan to consider?
A. Decreasing Term
B. Joint Life
C. Group
D. Variable Universal Life
- Correct Answer - C. Group
T has some hearth health issues but needs some additional life
insurance coverage. What options should T consider?
A. A group life insurance plan
B. A group health insurance plan
C. Universal Life Option B
D. Adjustable Life
- Correct Answer - A. A group life insurance plan
If Alvin purchases a Variable Universal Life Policy with a face amount of
$250,000, and chooses death benefit Option B, upon his death the
,amount of the benefit payable to the beneficiary would be ________ if
the policy had $25,000 in cash values.
A. $225,000
B. $250,000
C. Nothing
D. $275,000
- Correct Answer - D. $275,000
Linda wants her husband to be the beneficiary of her life policy but also
wants to retain all rights of ownership. Which of the following types of
beneficiary designations should she use?
A. Contingent beneficiary
B. Tertiary beneficiary
C. Irrevocable beneficiary
D. Revocable beneficiary
- Correct Answer - D. Revocable
Which of the following annuities does not have a traditional accumulation
phase?
A. Flexible premium deferred
B. Single premium deferred
C. Single premium immediate
D. Periodic premium deferred
,- Correct Answer - C. Single premium immediate
An insured forgets to pay his insurance premium. Instead of the policy
lapsing, the premium is paid by the company. This would suggest that a
__________ policy was purchased.
A. Renewable term
B. Level term
C. Decreasing term
D. Whole Life
- Correct Answer - D. Whole life
Which of the following riders can be used to cover the life of an
additional insured who is an unrelated business partner?
A. Spouse rider
B. Child rider
C. Family rider
D. Nonfamily rider
- Correct Answer - D. Nonfamily rider
In all cases upon the insured's death, the beneficiary receives which of
the following?
A. The policy's rider values
B. A refund of premiums
, C. The policy's cash values
D. The face amount of the policy - Correct Answer - D. The face amount
of the policy
Instead of waiting to receive her payments over time Jeanne decides to
obtain the greatest amount of money out of her annuity immediately.
Which option did she choose?
A. Life income with refund
B. Life income period certain
C. Straight life option (life income)
D. Lump Sum - Correct Answer - D. Lump Sum
If a policyowner unintentionally pays premiums in excess of the MEC
guidelines, the excess premium can be refunded by the insurer within 60
days after the ______.
A. Latest premium payment was received
B. End of the calendar year
C. End of the contract year
D. End of the tax year - Correct Answer - C. End of the contract year
