Business > QUESTIONS & ANSWERS > Exam FX Life Insurance Final Exam questions with accurate answers. 100% Verified. (All)
Exam FX Life Insurance Final Exam questions with accurate answers. 100% Verified. A buyer's guide -?ANS/QUIZ? The entire contract includes all of the following EXCEPT... The death benefit is not ... increased -?ANS/QUIZ? All of the following statements about indexed whole life insurance EXCEPT... A Warranty -?ANS/QUIZ? What guarantees that the information explained in the insurance contract is true? (1) the policy, (2) a copy of the application, and (3) any riders or amendments. -?ANS/QUIZ? The entire contract includes: guaranteed -?ANS/QUIZ? Under an indexed whole life policy, the premium is fixed, but the death benefit is... Warranties -?ANS/QUIZ? ... are considered statements of fact or something guaranteed to be true. voiding -?ANS/QUIZ? A breach of warranty can be considered grounds for ________________ the policy. Whole life -?ANS/QUIZ? A graded premium life insurance policy is a modified form of... Graded Premium -?ANS/QUIZ? ... a whole life policy with premiums that increase annually over the first 5 to 10 years. Grace period -?ANS/QUIZ? An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He then takes an extended vacation and forgets to pay the premium. Ten days later, his policy is still in effect and has not lapsed. What policy provision allowed for this? premium -?ANS/QUIZ? Grace period is a mandatory provision found in all life insurance policies that provides coverage for a period of time after the _____________________ becomes past due. The Annuitant -?ANS/QUIZ? Which of the following indicates the person upon whose life the annuity income amount is determined? annuity income -?ANS/QUIZ? The annuitant is the person whose life the ______________ __________________ amount is determined. The premium is based on the age of each insured -?ANS/QUIZ? True of Survivorship Life policy The face amount is paid to the insured. -?ANS/QUIZ? What happens to the face amount of a whole life policy if the insured reaches the age of 100? A policy is reissued with a reduction in cash value -?ANS/QUIZ? According to the life insurance replace meant regulations, which of the following would be an example of policy replacement? The Commissioner may hold hearings immediately after determining that a violation has occurred. - ?ANS/QUIZ? true regarding the insurance commissioner's powers related to hearings and investigations Applicants who may require a larger death benefit in the future should buy convertible term insurance - ?ANS/QUIZ? Incorrect regarding the type of term insurance that fits best with the applicant's needs joint life -?ANS/QUIZ? What is the most common name for a single policy that is designed to insure two or more lives with a standard premium, and that pays the death benefit upon the first death? An accidental death rider -?ANS/QUIZ? Which of the following riders pays a beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident as defined in the policy? The death benefit is taxable to the business -?ANS/QUIZ? not true about key-person insurance One party accepts the exact terms of the other party's offer -?ANS/QUIZ? Which statement best describes agreement as it relates to insurance contracts? Living longer than expected -?ANS/QUIZ? What does an annuity protect the contract owner against? 10 business days -?ANS/QUIZ? An insurance agent changes his address. How long will the agent be given to notify the Department of Insurance? Continue to increase -?ANS/QUIZ? A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will 60 days -?ANS/QUIZ? A distribution fro an employer-sponsored retirement plan or from an IRA is eligible for a tax-free rollover if it is reinvested in an IRA within The premium can be raised up to a guaranteed maximum rate -?ANS/QUIZ? Which of the following is TRUE regarding an indeterminate premium whole life policy? It is the period which the payments into the annuity grow tax deferred. -?ANS/QUIZ? Which of the following is TRUE regarding the accumulation period of an annuity? $50 -?ANS/QUIZ? Failure to notify the Commissioner of changes to a licensee's address within 10 business days may result in an administrative fee of An individual not covered by an employer-sponsored plan who has earned income. -?ANS/QUIZ? Who can make a fully deductible contribution to a traditional IRA? A Modified Endowment Contract -?ANS/QUIZ? If a life insurance policy develops cash value faster than a seven-pay whole life contract, it is The original age is used for premium determination. -?ANS/QUIZ? What is the advantage of reinstating a policy instead of applying for a new one [Show More]
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