Risk Management and Insurance > QUESTIONS & ANSWERS > Life Insurance Practice Exam Latest 2023 with Verified Answers (All)
Life Insurance Practice Exam Latest 2023 with Verified Answers
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Life Insurance Practice Exam Latest 2023 with Verified Answers The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary.... c) Set premium rates. d) Receive a policy loan. ✔✔c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty Association b) Consumer Privacy Act c) The Fair Credit Reporting Act d) Unfair Trade Practices Law ✔✔c) The Fair Credit Reporting Act The purpose of the Fair Credit Reporting Act is to protect consumers against the circulation of inaccurate or obsolete information and to insure that consumer reporting agencies are fair and equitable in their treatment of consumers. Why is an equity indexed annuity considered to be fixed annuity? a) It has modest investment potential. b) It has a fixed rate of return. c) It is not tied to an index like the S&P 500. d) It has a guaranteed minimum interest rate. ✔✔d) It has a guaranteed minimum interest rate. While equity indexed annuities earn high [Show More]
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