PA Life Insurance License Exam
1. an immediate annuity has been purchased with a single
premium. when does the annuitant typically begin receiving
benefit payments?: 1 month
2. An insurer will accept a premium from the insured and
continue the cover- age in full force as though it was NOT
late during which time period?
Incontestable period Probation period Reinstatement period
Grace period: 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.
3. A little insurance producer licensed in the commonwealth
of PA is autho- rized to: Solicit, Receive and forward
applications to insurers
4. 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?: A good health statement
5. Which contract element is insurable interest a component
of?: legal purpose
, 6. All of these are common exclusions to a life insurance
policy EXCEPT: ac- cidental death
7. An insurer's ability to make unpredictable payouts to
policyowners is called-
: liquidity
8. A policy owner may exercise which of these dividend
options that uses
the dividend to pay all or part of the next premium due:
Reduction of Premium
Dividend Option
9. when collecting insurance premiums from a client, a
producer must: forward premiums to the insurer on a timely
basis
10. 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?: Child term
rider
11. 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?: nothing
12. A resident produces license requires each of the following
EXCEPT: Insur- ers appointment
1. an immediate annuity has been purchased with a single
premium. when does the annuitant typically begin receiving
benefit payments?: 1 month
2. An insurer will accept a premium from the insured and
continue the cover- age in full force as though it was NOT
late during which time period?
Incontestable period Probation period Reinstatement period
Grace period: 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.
3. A little insurance producer licensed in the commonwealth
of PA is autho- rized to: Solicit, Receive and forward
applications to insurers
4. 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?: A good health statement
5. Which contract element is insurable interest a component
of?: legal purpose
, 6. All of these are common exclusions to a life insurance
policy EXCEPT: ac- cidental death
7. An insurer's ability to make unpredictable payouts to
policyowners is called-
: liquidity
8. A policy owner may exercise which of these dividend
options that uses
the dividend to pay all or part of the next premium due:
Reduction of Premium
Dividend Option
9. when collecting insurance premiums from a client, a
producer must: forward premiums to the insurer on a timely
basis
10. 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?: Child term
rider
11. 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?: nothing
12. A resident produces license requires each of the following
EXCEPT: Insur- ers appointment
