1 Exampromax - Stuvia US
Final exam New Mexico Life Only Questions
and Answers 100% Correct Answers Already
Graded A+
Q: What is an insurance contract that identifies individuals by relationship
to a specific organization?
Ans: group insurance
Q: When an insured under a group life insurance plan in NM elects the
conversation option, the new policy is issued
Exampromax - Stuvia US
Ans: Without requiring evidence of insurability
Q: What is another name for a Keogh plan
Ans: HR 10 plan
Q: An insurance policy may be issued with a preferred insurance premium
in all these situations EXEPT
Ans: Living in a rural area
Q: All of these statements concerning group credit life insurance are false
EXEPT
Ans: The face amount is based on the outstanding loan balance
Q: Risk ____ is the process of analyzing exposures that create risk and
designing programs to handle them
Ans: management
Q: XYZ Insurance Company gives direct authority to its producers to sell
insurance through an agency contract, but nothing is stated regarding the
, 2 Exampromax - Stuvia US
collection of premiums. Which authority grants the producer the right to
collect premiums?
Ans: implied authority
Q: When the superintendent believes an agent is causing substantial and
material harm, the superintendent has the authority to
Ans: issue a cease and desist order against the agent
Q: Who normally pays the premiums for group credit life insurance?
Ans: borrower
Q: For policyholders in the same risk classification, it is unlawful to
Ans: Charge different premiums
Exampromax - Stuvia US
Q: What happens to the cash value of a market value adjusted annuity if it's
surrendered prior to the end of the stated guarantee period
Ans: Subject to market value adjustment
Q: What must be given to a life insurance applicant when the agent
receives an application and the initial premium
Ans: Conditional receipt
Q: Which situation would not require the insureds consent when a life
insurance policy is issued
Ans: A policy is purchased by a parent for a minor child
Q: A business becoming incorporated is an example of risk ____.
Ans: to transfer
Q: The Superintendent may suspend an agent's license when the agent
Ans: Rebates a portion of the commission to the insured
Final exam New Mexico Life Only Questions
and Answers 100% Correct Answers Already
Graded A+
Q: What is an insurance contract that identifies individuals by relationship
to a specific organization?
Ans: group insurance
Q: When an insured under a group life insurance plan in NM elects the
conversation option, the new policy is issued
Exampromax - Stuvia US
Ans: Without requiring evidence of insurability
Q: What is another name for a Keogh plan
Ans: HR 10 plan
Q: An insurance policy may be issued with a preferred insurance premium
in all these situations EXEPT
Ans: Living in a rural area
Q: All of these statements concerning group credit life insurance are false
EXEPT
Ans: The face amount is based on the outstanding loan balance
Q: Risk ____ is the process of analyzing exposures that create risk and
designing programs to handle them
Ans: management
Q: XYZ Insurance Company gives direct authority to its producers to sell
insurance through an agency contract, but nothing is stated regarding the
, 2 Exampromax - Stuvia US
collection of premiums. Which authority grants the producer the right to
collect premiums?
Ans: implied authority
Q: When the superintendent believes an agent is causing substantial and
material harm, the superintendent has the authority to
Ans: issue a cease and desist order against the agent
Q: Who normally pays the premiums for group credit life insurance?
Ans: borrower
Q: For policyholders in the same risk classification, it is unlawful to
Ans: Charge different premiums
Exampromax - Stuvia US
Q: What happens to the cash value of a market value adjusted annuity if it's
surrendered prior to the end of the stated guarantee period
Ans: Subject to market value adjustment
Q: What must be given to a life insurance applicant when the agent
receives an application and the initial premium
Ans: Conditional receipt
Q: Which situation would not require the insureds consent when a life
insurance policy is issued
Ans: A policy is purchased by a parent for a minor child
Q: A business becoming incorporated is an example of risk ____.
Ans: to transfer
Q: The Superintendent may suspend an agent's license when the agent
Ans: Rebates a portion of the commission to the insured
