Labour Law > QUESTIONS & ANSWERS > LI_Exam_2_Ch_9_11_19_22 (All)
LI_Exam_2_Ch_9_11_19_22
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A policy that originally is not a modified endowment contract will be subject to re-testing if there is a "material change" in the contract. Which of the following would likely be a material change? ... Answer Selected Answer: Increases in death benefits because of premiums paid for the policy to support the first seven contract years of benefits. Correct Answer: An exchange of one policy for another policy in a 1035 exchange. • Question 2 0 out of 5 points A policy that automatically increases the death benefit without evidence of insurability will typically violate the MEC rules. Answer Selected Answer: True Correct Answer: False • Question 3 5 out of 5 points A modified endowment contract is a life insurance policy that has failed Answer Selected Answer: the seven-pay test Correct Answer: the seven-pay test • Question 4 [Show More]
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