PA LIFE INSURANCE TEST 60 QUESTIONS &
CORRECT ANSWERS LATEST 2025
Single premium cash value policy can be described as.. - ANSWER-a policy that is
paid up only after one payment
All of the following are considered appropriate uses of life insurance.. - ANSWER--
attracting quality employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - ANSWER-life insurance
Ken is a producer who has consumer info reports under false pretenses under the
fair credit reporting act, what is the max penalty.. - ANSWER-$5000 & 1 year in jail
Which type of annuity guarantees a stated number of income payments whether
or not the annuitant is still alive to receive it - ANSWER-life annuity certain
In what part of the policy are the policy benefits found - ANSWER-conditions
Commissioner is responsible for all of the following.. - ANSWER-- issue cease &
desist orders
- conduct hearings
- regulate premium rates
, Maria would like an annuity that provides a guaranteed accumulation or payout.
The type of annuity she is seeking is called.. - ANSWER-annuity certain
Which type of rider will waive the premium on a child's life insurance policy if the
parent paying the premium dies? - ANSWER-guaranteed insurability
Pat owns a 20 pay life policy with a paid dividend option. Which of the following
statements is true? - ANSWER-the policy may be paid up early by using policy
dividends
A renewable term life insurance policy can be renewed - ANSWER-anytime the
policy owners request
What would a be an expense factor in an insurance program - ANSWER-mortality
costs
Which of the following is an annuity that is linked to a market related index.. -
ANSWER-equity index annuity
Agreements made by terminally ill persons to sell their life insurance policies at a
discount in order to pay medical expenses is called.. - ANSWER-viatical
settlements
Variable life insurance & universal life insurance are similar. Which of these are
held exclusively by variable universal life insurance.. - ANSWER-Policyowner has
the right to select the investments which will provide the the greatest return
CORRECT ANSWERS LATEST 2025
Single premium cash value policy can be described as.. - ANSWER-a policy that is
paid up only after one payment
All of the following are considered appropriate uses of life insurance.. - ANSWER--
attracting quality employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - ANSWER-life insurance
Ken is a producer who has consumer info reports under false pretenses under the
fair credit reporting act, what is the max penalty.. - ANSWER-$5000 & 1 year in jail
Which type of annuity guarantees a stated number of income payments whether
or not the annuitant is still alive to receive it - ANSWER-life annuity certain
In what part of the policy are the policy benefits found - ANSWER-conditions
Commissioner is responsible for all of the following.. - ANSWER-- issue cease &
desist orders
- conduct hearings
- regulate premium rates
, Maria would like an annuity that provides a guaranteed accumulation or payout.
The type of annuity she is seeking is called.. - ANSWER-annuity certain
Which type of rider will waive the premium on a child's life insurance policy if the
parent paying the premium dies? - ANSWER-guaranteed insurability
Pat owns a 20 pay life policy with a paid dividend option. Which of the following
statements is true? - ANSWER-the policy may be paid up early by using policy
dividends
A renewable term life insurance policy can be renewed - ANSWER-anytime the
policy owners request
What would a be an expense factor in an insurance program - ANSWER-mortality
costs
Which of the following is an annuity that is linked to a market related index.. -
ANSWER-equity index annuity
Agreements made by terminally ill persons to sell their life insurance policies at a
discount in order to pay medical expenses is called.. - ANSWER-viatical
settlements
Variable life insurance & universal life insurance are similar. Which of these are
held exclusively by variable universal life insurance.. - ANSWER-Policyowner has
the right to select the investments which will provide the the greatest return
