Iowa Life Only Final Exam- Questions And
Verified Answers With Rationales|GET IT 100%
CORRECT |ALREADY GRADED A+
k is an insured under a life insurance policy owned by a third party. Which of these statements is true? -
CORRECT ANSWERS K has no ownership rights
P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit
amount? - CORRECT ANSWERS Accidental Death and Dismemberment clause
S, while in the process of converting her group life insurance to an individual policy, dies. What happens
to the claim her beneficiary submits? - CORRECT ANSWERS Full benefits are payable
under the Master contract
Which of the following is TRUE is the owner of the IRA names their spouse as beneficiary, but then dies
before any distributions are made? - CORRECT ANSWERS The account can be rolled into
the surviving spouses IRA
A life policyowner may sell their policy to a(n) ___ in order to receive a percentage of the policys face
value. - CORRECT ANSWERS viatical settlement provider
On January 8, an applicant filled out an application for a life insurance policy but did not include the
initial premium. The insurance company approved the application on January 14 and issued the policy
January 15. The producer delivered the policy on January 26 and collected the first premium. When did
the coverage become effective? - CORRECT ANSWERS January 26
What action will an insurer take if an interest payment on a policy loan is not made on time? - CORRECT
ANSWERS automatically add the amount of interest due to the loan balance
, T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable
beneficiary. What action will the insurance company take if T requests a change of beneficiary? -
CORRECT ANSWERS Request of the change will be refused
A provision in a life insurance policy that pays the policyowner an amount that does not surpass the
guaranteed cash value is called the - CORRECT ANSWERS Policy Loan provision
What advantage does the renewability feature give the term policy? - CORRECT ANSWERS
The insured may extend the coverage period
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? - CORRECT ANSWERS Conditional receipt
Post-tax dollar contributions are found in - CORRECT ANSWERS Roth IRA investments
Which of the following is example of a nonforfeiture option? - CORRECT ANSWERS
Reduce Paid-Up option
What is one of the roles of commissioner? - CORRECT ANSWERS enforce state insurance
laws
How does a typical Variable Life Policy investment account grow? - CORRECT ANSWERS
Through mutual funds, stocks, bonds
What is the maximum fine for willfully violating the unfair trade practice law of iowa - CORRECT
ANSWERS $5,000
At what time must a policy owner have insurable interest on the insured in order for the life policy to be
valid? - CORRECT ANSWERS At the time of application
Verified Answers With Rationales|GET IT 100%
CORRECT |ALREADY GRADED A+
k is an insured under a life insurance policy owned by a third party. Which of these statements is true? -
CORRECT ANSWERS K has no ownership rights
P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit
amount? - CORRECT ANSWERS Accidental Death and Dismemberment clause
S, while in the process of converting her group life insurance to an individual policy, dies. What happens
to the claim her beneficiary submits? - CORRECT ANSWERS Full benefits are payable
under the Master contract
Which of the following is TRUE is the owner of the IRA names their spouse as beneficiary, but then dies
before any distributions are made? - CORRECT ANSWERS The account can be rolled into
the surviving spouses IRA
A life policyowner may sell their policy to a(n) ___ in order to receive a percentage of the policys face
value. - CORRECT ANSWERS viatical settlement provider
On January 8, an applicant filled out an application for a life insurance policy but did not include the
initial premium. The insurance company approved the application on January 14 and issued the policy
January 15. The producer delivered the policy on January 26 and collected the first premium. When did
the coverage become effective? - CORRECT ANSWERS January 26
What action will an insurer take if an interest payment on a policy loan is not made on time? - CORRECT
ANSWERS automatically add the amount of interest due to the loan balance
, T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable
beneficiary. What action will the insurance company take if T requests a change of beneficiary? -
CORRECT ANSWERS Request of the change will be refused
A provision in a life insurance policy that pays the policyowner an amount that does not surpass the
guaranteed cash value is called the - CORRECT ANSWERS Policy Loan provision
What advantage does the renewability feature give the term policy? - CORRECT ANSWERS
The insured may extend the coverage period
T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage
as of the date of the application or medical examination, whichever is later. Assuming that T is an
acceptable risk, what item is given to T? - CORRECT ANSWERS Conditional receipt
Post-tax dollar contributions are found in - CORRECT ANSWERS Roth IRA investments
Which of the following is example of a nonforfeiture option? - CORRECT ANSWERS
Reduce Paid-Up option
What is one of the roles of commissioner? - CORRECT ANSWERS enforce state insurance
laws
How does a typical Variable Life Policy investment account grow? - CORRECT ANSWERS
Through mutual funds, stocks, bonds
What is the maximum fine for willfully violating the unfair trade practice law of iowa - CORRECT
ANSWERS $5,000
At what time must a policy owner have insurable interest on the insured in order for the life policy to be
valid? - CORRECT ANSWERS At the time of application
