REAL Life Insurance Primerica Exam @ 2023 WITH 100% VERIFIED ANSWERS

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Which will be included in a policy summary? - Answer Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - Answe... r To help the insured understand all aspects of the contract An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? - Answer Conditional If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered to the applicant - Answer With the policy If an applicant for a life insurance policy is found to be a substandard risk, the insurance company is most likely to - Answer Charge a higher premium Which of the following best details the underwriting process for life insurance? - Answer Selection, classification, and rating of risks Upon policy delivery, the producer may be required to obtain any of the following EXCEPT - Answer Signed waiver of premium Which of the following is a risk classification used by underwriters for insurance? - Answer Standard Which of the following documents delivered to the policy owner includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? - Answer A policy summary When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is - Answer Conditional Representations are written or oral statements made by the applicant that are - Answer Considered true to the best of the applicant's knowledge Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a - Answer Premium receipt All of the following are duties and responsibilities of producers at the time of application EXCEPT - Answer Change any incorrect statement on the application by personally initialing next to the corrected statement (must be initialed by the applicant) In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe? - Answer Unilateral An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? - Answer Consideration Which of the following is TRUE regarding the premium in term policies? - Answer The premium is level Which of the following terms best describe the coverage provided by term policies, as compared to any other form of protection? - Answer Greatest [Show More]

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