1|Page
VITA 2022 ADVANCED TEST EXAM ||VERIFIED
EXAM!!|| MOST RECENT EXAM ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM!!!
What is the main difference between ordinary whole life
and limited payment whole life insurance? - Answer-the
length of time that the insured must pay premiums
Abby lives in New Mexico, where she is licensed as an
insurance agent and wants to apply for a nonresident
license in Arizona. She holds a current license in good
standing in New Mexico. When applying for a license in
Arizona, Abby must prove her citizenship by submitting: -
Answer-a valid driver's license
Matt takes out a life insurance policy on himself to protect
his family. Matt's insurance company may consider all of
the following when underwriting his policy EXCEPT: -
Answer-his race
Under which of the following do the cash values and death
benefits rise and fall on the basis of the policy's
,2|Page
subaccount investment performance, and for which the
insurer does not guarantee a rate of return on the cash
value invested? - Answer-variable life
To help determine how much life insurance a prospect
needs, agent Smith uses the human life value approach
which is essentially based on an estimate of the
prospect's: - Answer-net future earnings discounted to a
present value
Which one of the following statements about Multiple
Employer Welfare Arrangements (MEWAs) is most
correct? - Answer-They are usually created by employers
in the same industry.
Which of the following best describes income payments
under the period certain payout option? - Answer-the
longer the payout period, the smaller the amount of each
monthly payment
Delta Co. buys a group life insurance policy for its
employees. As the plan sponsor, what will Delta receive? -
Answer-a policy
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Margie owns a fixed life insurance policy. What type of
death benefit is Margie guaranteed? - Answer-The policy
guarantees a fixed amount.
What is the minimum grace period required for payment
on an annuity? - Answer-30 days
Which one of the following has more than "an expectancy"
that he or she will receive the death benefit under a life
insurance policy? - Answer-an irrevocable beneficiary
An agent for ABC Insurance Company meets with a client.
The agent shows the client ABC's sample policies, refers
to the ABC rate book, and gives the client an ABC
business card. The client assumes that ABC has
appointed the agent to represent it. What kind of authority
does the agent have? - Answer-apparent authority
Which statement about variable annuity subaccounts is
NOT correct? - Answer-The insurer selects the variable
subaccounts to which the contract owner's premiums are
allocated.
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Stephanie is hired by ABC Insurance Company's home
office. She does not have an insurance producer's license.
Which of the following duties may she perform for ABC? -
Answer-mail company correspondence for the president
The life insurance nonforfeiture option that results in the
permanent continuation of cash value life insurance with
no further premiums is called the: - Answer-reduced paid-
up option
In general, what is the earliest age at which a person can
take a distribution from a qualified plan without a tax
penalty? - Answer-59 1/2
Carol was 35 when she bought her deferred annuity. Now,
at age 38, she wants to withdraw funds from the contract
to take a vacation. Carol is likely to encounter all of the
following consequences in making the withdrawal
EXCEPT: - Answer-statutory minimum withholding
requirements
What kind of misrepresentation on an insurance
application gives the insurer reason to terminate a policy?
- Answer-material fact
VITA 2022 ADVANCED TEST EXAM ||VERIFIED
EXAM!!|| MOST RECENT EXAM ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM!!!
What is the main difference between ordinary whole life
and limited payment whole life insurance? - Answer-the
length of time that the insured must pay premiums
Abby lives in New Mexico, where she is licensed as an
insurance agent and wants to apply for a nonresident
license in Arizona. She holds a current license in good
standing in New Mexico. When applying for a license in
Arizona, Abby must prove her citizenship by submitting: -
Answer-a valid driver's license
Matt takes out a life insurance policy on himself to protect
his family. Matt's insurance company may consider all of
the following when underwriting his policy EXCEPT: -
Answer-his race
Under which of the following do the cash values and death
benefits rise and fall on the basis of the policy's
,2|Page
subaccount investment performance, and for which the
insurer does not guarantee a rate of return on the cash
value invested? - Answer-variable life
To help determine how much life insurance a prospect
needs, agent Smith uses the human life value approach
which is essentially based on an estimate of the
prospect's: - Answer-net future earnings discounted to a
present value
Which one of the following statements about Multiple
Employer Welfare Arrangements (MEWAs) is most
correct? - Answer-They are usually created by employers
in the same industry.
Which of the following best describes income payments
under the period certain payout option? - Answer-the
longer the payout period, the smaller the amount of each
monthly payment
Delta Co. buys a group life insurance policy for its
employees. As the plan sponsor, what will Delta receive? -
Answer-a policy
,3|Page
Margie owns a fixed life insurance policy. What type of
death benefit is Margie guaranteed? - Answer-The policy
guarantees a fixed amount.
What is the minimum grace period required for payment
on an annuity? - Answer-30 days
Which one of the following has more than "an expectancy"
that he or she will receive the death benefit under a life
insurance policy? - Answer-an irrevocable beneficiary
An agent for ABC Insurance Company meets with a client.
The agent shows the client ABC's sample policies, refers
to the ABC rate book, and gives the client an ABC
business card. The client assumes that ABC has
appointed the agent to represent it. What kind of authority
does the agent have? - Answer-apparent authority
Which statement about variable annuity subaccounts is
NOT correct? - Answer-The insurer selects the variable
subaccounts to which the contract owner's premiums are
allocated.
, 4|Page
Stephanie is hired by ABC Insurance Company's home
office. She does not have an insurance producer's license.
Which of the following duties may she perform for ABC? -
Answer-mail company correspondence for the president
The life insurance nonforfeiture option that results in the
permanent continuation of cash value life insurance with
no further premiums is called the: - Answer-reduced paid-
up option
In general, what is the earliest age at which a person can
take a distribution from a qualified plan without a tax
penalty? - Answer-59 1/2
Carol was 35 when she bought her deferred annuity. Now,
at age 38, she wants to withdraw funds from the contract
to take a vacation. Carol is likely to encounter all of the
following consequences in making the withdrawal
EXCEPT: - Answer-statutory minimum withholding
requirements
What kind of misrepresentation on an insurance
application gives the insurer reason to terminate a policy?
- Answer-material fact
