SIMULATION 2 EXAM QUESTIONS
AND ANSWERS ALL CORRECT
A group health policy's approved premium rate is guaranteed by the insurer for an initial
period of at LEAST __ months. - Answer- 12 months
Which of the following actions require a policy owner to provide proof of insurability in
an Adjustable Life policy - Answer- Increase face amount
What kind of life insurance product covers children under their parent's policy? -
Answer- Term rider
Which of these statements concerning an Individual Straight Life annuity is accurate? -
Answer- Payments are made to an annuitant for life
S owns a life insurance policy with cash values that fluctuate according to the
underlying investment performance of common stocks. Which of these policies does S
own? - Answer- Variable Whole Life
Variable Whole Life insurance - Answer- is an insurance policy in which the cash values
are determined by the performance of the underlying securities in the policy
Which health policy clause specifies the amount of benefits to be paid - Answer-
Insuring
_____ riders allow an applicant to have excess life insurance coverage - Answer- Term
rider
ABC Insurance Company fails to pay death proceeds after satisfactory proof of loss was
submitted. ABC must then begin paying interest on the death proceeds after __ days of
receiving proof of loss. - Answer- 30 days
When is the face amount paid under a Joint Life and Survivor policy? - Answer- Upon
death of the last insured
G purchased a Family Income policy at age 40, The policy has a 20-year rider period. If
G were to die at age 50, how long would G's family receive an income? - Answer- 10
years
AND ANSWERS ALL CORRECT
A group health policy's approved premium rate is guaranteed by the insurer for an initial
period of at LEAST __ months. - Answer- 12 months
Which of the following actions require a policy owner to provide proof of insurability in
an Adjustable Life policy - Answer- Increase face amount
What kind of life insurance product covers children under their parent's policy? -
Answer- Term rider
Which of these statements concerning an Individual Straight Life annuity is accurate? -
Answer- Payments are made to an annuitant for life
S owns a life insurance policy with cash values that fluctuate according to the
underlying investment performance of common stocks. Which of these policies does S
own? - Answer- Variable Whole Life
Variable Whole Life insurance - Answer- is an insurance policy in which the cash values
are determined by the performance of the underlying securities in the policy
Which health policy clause specifies the amount of benefits to be paid - Answer-
Insuring
_____ riders allow an applicant to have excess life insurance coverage - Answer- Term
rider
ABC Insurance Company fails to pay death proceeds after satisfactory proof of loss was
submitted. ABC must then begin paying interest on the death proceeds after __ days of
receiving proof of loss. - Answer- 30 days
When is the face amount paid under a Joint Life and Survivor policy? - Answer- Upon
death of the last insured
G purchased a Family Income policy at age 40, The policy has a 20-year rider period. If
G were to die at age 50, how long would G's family receive an income? - Answer- 10
years
