PA LIFE INSURANCE UPDATED 2026 EXAM SCRIPT
QUESTIONS AND ANSWERS SCORED A+
✔✔Andy annuitant dies before the annuity start date.. - ✔✔premiums paid plus interest
earned is returned to the beneficiary
✔✔Describe a conditional insurance contract.. - ✔✔a contract that requires certain
conditions or acts by the insured individual
✔✔All of the following are unfair claims practices.. - ✔✔- refusing to pay claims without
reasonable investigation
- failing to promptly provide reasonable explanation of any certain denials
- offering low amounts to force insureds to institute litigation
✔✔A life insurance producer licensed in PA is authorized to.. - ✔✔solicit, receive, &
forward applications to the insurer
✔✔3 brothers who have a $100 K first to die joint life policy covering all 3 of their lives. If
1 brother dies first, the policy proceeds.. - ✔✔will no longer provide insurance protection
✔✔All of these are standard exclusions found in a life insurance policy.. - ✔✔-
hazardous occupations
- aviation
- war
✔✔An immediate annuity has been purchased with a single premium. When does the
annuitant typically begin receiving benefit payments.. - ✔✔1 month
✔✔The automatic premium loan provision authorizes an insurer to withdraw from a
policys cash value the amount of - ✔✔past due premiums that have not been paid by
the end of the grace period
✔✔When a producer offers something of value in return for the purchase of an
insurance policy, which prohibited sales practice has been committed.. - ✔✔inducement
✔✔Which type of annuity stops all payments upon the death of the annuitant.. - ✔✔life
annuity
✔✔Which of these is a method of determining the level of funds required for ongoing
support in the event of the breadwinner's death.. - ✔✔human life value
✔✔How do insurers predict the increase of individual risks.. - ✔✔law of large numbers
, ✔✔Decreasing term life insurance is often used to.. - ✔✔provide coverage for a home
mortgage
✔✔Under a traditional IRA, interest is earned & taxed.. - ✔✔upon distribution
✔✔Which annuity payout option allows the policyowner to choose a predetermined
number of benefit payments.. - ✔✔period certain
✔✔Which of the following statements about the contestability of a life insurance policy is
true.. - ✔✔the policy can be contested by the insurer only during the first 2 years of the
contract
✔✔A non contributory health insurance plan helps the insurer avoid.. - ✔✔adverse
selection
✔✔Risk factors of life insurance underwriting.. - ✔✔- health history
- hobbies
- occupation
✔✔Common exclusions to a life insurance policy.. - ✔✔- military service
- aviation
- hazardous occupations
✔✔Craig purchased a life insurance policy for enabling his heirs to pay estate taxes.
What is this called? - ✔✔estate conservation
✔✔Simon has purchased fixed immediate annuity. His payment amount will be
dependent upon principal, interest, and the contracts.. - ✔✔income period
✔✔A renewable term life insurance policy allows the policy owner the right to renew the
policy.. - ✔✔without producing proof of insurability
✔✔A partial surrender is allowed in which policies.. - ✔✔universal life
✔✔Who were Keogh plans designed to provide pension benefits for... - ✔✔self-
employed
✔✔Which settlement option pays a stated amount to an annuitant, but no residual value
to the beneficiary.. - ✔✔life income
✔✔All of these are considered a form of advertising - ✔✔- insurer's billboard
- formal sales presentation
- insurer's direct mailing to a target audience
QUESTIONS AND ANSWERS SCORED A+
✔✔Andy annuitant dies before the annuity start date.. - ✔✔premiums paid plus interest
earned is returned to the beneficiary
✔✔Describe a conditional insurance contract.. - ✔✔a contract that requires certain
conditions or acts by the insured individual
✔✔All of the following are unfair claims practices.. - ✔✔- refusing to pay claims without
reasonable investigation
- failing to promptly provide reasonable explanation of any certain denials
- offering low amounts to force insureds to institute litigation
✔✔A life insurance producer licensed in PA is authorized to.. - ✔✔solicit, receive, &
forward applications to the insurer
✔✔3 brothers who have a $100 K first to die joint life policy covering all 3 of their lives. If
1 brother dies first, the policy proceeds.. - ✔✔will no longer provide insurance protection
✔✔All of these are standard exclusions found in a life insurance policy.. - ✔✔-
hazardous occupations
- aviation
- war
✔✔An immediate annuity has been purchased with a single premium. When does the
annuitant typically begin receiving benefit payments.. - ✔✔1 month
✔✔The automatic premium loan provision authorizes an insurer to withdraw from a
policys cash value the amount of - ✔✔past due premiums that have not been paid by
the end of the grace period
✔✔When a producer offers something of value in return for the purchase of an
insurance policy, which prohibited sales practice has been committed.. - ✔✔inducement
✔✔Which type of annuity stops all payments upon the death of the annuitant.. - ✔✔life
annuity
✔✔Which of these is a method of determining the level of funds required for ongoing
support in the event of the breadwinner's death.. - ✔✔human life value
✔✔How do insurers predict the increase of individual risks.. - ✔✔law of large numbers
, ✔✔Decreasing term life insurance is often used to.. - ✔✔provide coverage for a home
mortgage
✔✔Under a traditional IRA, interest is earned & taxed.. - ✔✔upon distribution
✔✔Which annuity payout option allows the policyowner to choose a predetermined
number of benefit payments.. - ✔✔period certain
✔✔Which of the following statements about the contestability of a life insurance policy is
true.. - ✔✔the policy can be contested by the insurer only during the first 2 years of the
contract
✔✔A non contributory health insurance plan helps the insurer avoid.. - ✔✔adverse
selection
✔✔Risk factors of life insurance underwriting.. - ✔✔- health history
- hobbies
- occupation
✔✔Common exclusions to a life insurance policy.. - ✔✔- military service
- aviation
- hazardous occupations
✔✔Craig purchased a life insurance policy for enabling his heirs to pay estate taxes.
What is this called? - ✔✔estate conservation
✔✔Simon has purchased fixed immediate annuity. His payment amount will be
dependent upon principal, interest, and the contracts.. - ✔✔income period
✔✔A renewable term life insurance policy allows the policy owner the right to renew the
policy.. - ✔✔without producing proof of insurability
✔✔A partial surrender is allowed in which policies.. - ✔✔universal life
✔✔Who were Keogh plans designed to provide pension benefits for... - ✔✔self-
employed
✔✔Which settlement option pays a stated amount to an annuitant, but no residual value
to the beneficiary.. - ✔✔life income
✔✔All of these are considered a form of advertising - ✔✔- insurer's billboard
- formal sales presentation
- insurer's direct mailing to a target audience
