LIFE INSURANCE PRACTICE EXAM QUESTIONS WITH WELL
VERIFIED ANSWERS
Insurable Receipt - answer☑️✔️...The reciept given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - answer☑️✔️...Statements in the application for insurance that are believed
to be true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate -
answer☑️✔️...An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - answer☑️✔️...The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is called.
Entire contract - answer☑️✔️...The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable - answer☑️✔️...Money borrowed from the policy's cash value is
All annuities (Variable, Deferreed & Equity Indexed) - answer☑️✔️...Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - answer☑️✔️...Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - answer☑️✔️...At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
, Buy-Sell Agreement - answer☑️✔️...Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow the surviving partner to use the
death benefit to purchase the deceased's business interests?
Adjustable life - answer☑️✔️...Which type of policy allows the insured to change the amount
of the dwah benefit, the amount of premium, or the type of coverage S their needs change?
Either the cash value or the premiums paid, whichever is greater - answer☑️✔️...If an
annuitant dies during the accumulation period, what will the beneficiary receive?
Nonadmitted - answer☑️✔️...Any insurer who is NOT approved to do business in this state is
considered
Insurable Interest Exists - answer☑️✔️...To prevent people from profiting from a loss, insurers
is the certain
Adjusts the death benefit based on the premiums that were paid - answer☑️✔️...If a
misstatement of age is discovered during the processing of a life insurance claim what will the
insurer do?
Policy Exclusions - answer☑️✔️...Which of the following allows an insurance company to deny
coverage of the insurers eewth occurs in war?
Evidence of insurability is usually required - answer☑️✔️...Each of the following is a typical
characteristic of groups life insurance EXCEPT
Fixed-Period Installments - answer☑️✔️...A life settlement option that pays out the death
benefit is. Incrementally, in a specified amount until all of the proceeds are exhausted, is called
VERIFIED ANSWERS
Insurable Receipt - answer☑️✔️...The reciept given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - answer☑️✔️...Statements in the application for insurance that are believed
to be true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate -
answer☑️✔️...An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - answer☑️✔️...The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is called.
Entire contract - answer☑️✔️...The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable - answer☑️✔️...Money borrowed from the policy's cash value is
All annuities (Variable, Deferreed & Equity Indexed) - answer☑️✔️...Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - answer☑️✔️...Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - answer☑️✔️...At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
, Buy-Sell Agreement - answer☑️✔️...Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow the surviving partner to use the
death benefit to purchase the deceased's business interests?
Adjustable life - answer☑️✔️...Which type of policy allows the insured to change the amount
of the dwah benefit, the amount of premium, or the type of coverage S their needs change?
Either the cash value or the premiums paid, whichever is greater - answer☑️✔️...If an
annuitant dies during the accumulation period, what will the beneficiary receive?
Nonadmitted - answer☑️✔️...Any insurer who is NOT approved to do business in this state is
considered
Insurable Interest Exists - answer☑️✔️...To prevent people from profiting from a loss, insurers
is the certain
Adjusts the death benefit based on the premiums that were paid - answer☑️✔️...If a
misstatement of age is discovered during the processing of a life insurance claim what will the
insurer do?
Policy Exclusions - answer☑️✔️...Which of the following allows an insurance company to deny
coverage of the insurers eewth occurs in war?
Evidence of insurability is usually required - answer☑️✔️...Each of the following is a typical
characteristic of groups life insurance EXCEPT
Fixed-Period Installments - answer☑️✔️...A life settlement option that pays out the death
benefit is. Incrementally, in a specified amount until all of the proceeds are exhausted, is called
