PA Life Insurance License Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
an immediate annuity has been purchased with a single premium. when does the annuitant
typically begin receiving benefit payments? - Correct answers✔✔1 month
An insurer will accept a premium from the insured and continue the coverage in full force as
though it was NOT late during which time period?
Incontestable period
Probation period
Reinstatement period
Grace period - Correct answers✔✔Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept
the premium from the insured as though it was NOT late.
A little insurance producer licensed in the commonwealth of PA is authorized to - Correct
answers✔✔Solicit, Receive and forward applications to insurers
Upon policy delivery, which of the following must a producer have an applicant sign if no initial
premium was collected with the life insurance application? - Correct answers✔✔A good health
statement
Which contract element is insurable interest a component of? - Correct answers✔✔legal purpose
, All of these are common exclusions to a life insurance policy EXCEPT - Correct
answers✔✔accidental death
An insurer's ability to make unpredictable payouts to policyowners is called - Correct
answers✔✔liquidity
A policy owner may exercise which of these dividend options that uses the dividend to pay all or
part of the next premium due - Correct answers✔✔Reduction of Premium Dividend Option
when collecting insurance premiums from a client, a producer must - Correct
answers✔✔forward premiums to the insurer on a timely basis
Jonas is a whole life insurance policyowner and would like to add coverage for his two children.
Which of the following products would allow him to accomplish this? - Correct
answers✔✔Child term rider
Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after the
policy's inception date, how much will her beneficiary receive? - Correct answers✔✔nothing
A resident produces license requires each of the following EXCEPT - Correct
answers✔✔Insurers appointment
What is the automatic continuance of insurance coverage referred to act - Correct
answers✔✔renewal
QUESTIONS AND CORRECT ANSWERS
an immediate annuity has been purchased with a single premium. when does the annuitant
typically begin receiving benefit payments? - Correct answers✔✔1 month
An insurer will accept a premium from the insured and continue the coverage in full force as
though it was NOT late during which time period?
Incontestable period
Probation period
Reinstatement period
Grace period - Correct answers✔✔Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept
the premium from the insured as though it was NOT late.
A little insurance producer licensed in the commonwealth of PA is authorized to - Correct
answers✔✔Solicit, Receive and forward applications to insurers
Upon policy delivery, which of the following must a producer have an applicant sign if no initial
premium was collected with the life insurance application? - Correct answers✔✔A good health
statement
Which contract element is insurable interest a component of? - Correct answers✔✔legal purpose
, All of these are common exclusions to a life insurance policy EXCEPT - Correct
answers✔✔accidental death
An insurer's ability to make unpredictable payouts to policyowners is called - Correct
answers✔✔liquidity
A policy owner may exercise which of these dividend options that uses the dividend to pay all or
part of the next premium due - Correct answers✔✔Reduction of Premium Dividend Option
when collecting insurance premiums from a client, a producer must - Correct
answers✔✔forward premiums to the insurer on a timely basis
Jonas is a whole life insurance policyowner and would like to add coverage for his two children.
Which of the following products would allow him to accomplish this? - Correct
answers✔✔Child term rider
Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after the
policy's inception date, how much will her beneficiary receive? - Correct answers✔✔nothing
A resident produces license requires each of the following EXCEPT - Correct
answers✔✔Insurers appointment
What is the automatic continuance of insurance coverage referred to act - Correct
answers✔✔renewal
