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問題一覧
1
Different types of annuities
fixed, variable, deferred and immediate
2
Immediate annuities are
specifically designed to provide an immediate guaranteed lifetime payout.
3
Variable annuities
type of tax-deferred annuity contract that allows you to invest your money into sub-accounts, similar to those in a 401(k).
4
What is a cost of living rider ?
an optional add-on to a life insurance policy that increases your coverage amount over time to keep pace with increases in cost of living.
5
What is a guaranteed insurability rider ?
Also known as a guaranteed purchase option, this rider allows you to increase or renew your coverage at a later date without a medical exam
6
What is an Accelerated Death benefit rider
Allows the policyholder to use their death benefits if they are diagnosed with a terminal illness
7
What is modified premium life insurance
ordinary life insurance policy with premiums adjusted so that, during the first 3 to 5 years, the premiums are lower than a standard policy, and, in subsequent years, the premiums are higher than a standard policy
8
All of the following are true about insurable interest on life insurance, EXCEPT:
It must exist at the time of death
9
If an applicant for a life insurance policy is found to be a substandard risk, the insurance company is most likely to:
charge an extra premium
10
An insurable interest must exist when
A life insurance policy is issued
11
With adjustable life, the owner can change all of the following except
the insured
12
The frequency and the amount of the premium payment are known as what?
premium mode
13
Which of the following best defines the unfair trade practice of rebating?
Offering an inducement of something of value not specified in the policy
14
In a group life policy with a death benefit of more than $50,000
Premium cost above $50,000 is taxable as income to the employee
15
How are policy loans calculated?
The policy's cash value minus unpaid loans and accrued interest
16
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?
Variable whole life
17
A policyowner names his elderly parents as beneficiaries to ensure retirement income for them in case something happens to him. He wants to make sure that both beneficiaries are guaranteed an income for life. Which settlement option should this policyowner select?
Joint and Survivor
18
An insured and his spouse recently had a child. Which of the following riders would allow the couple to insure the child for a limited period of time at a specified amount?
Children's term rider
19
Which of the following best describes life annuity with period certain option?
It guarantees benefit payments for life of the annuitant and for a specified period for the beneficiary
20
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?
A Double Indemnity Rider
21
Underwriters use all of these methods to protect the insurer against adverse selection EXCEPT
Only accepting a small percentage of applicants
22
If an applicant's health is poorer than that of an average applicant, the policy may be issued
Substandard
23
Which of the following would NOT trigger the payment of Accelerated Death Benefits?
Requiring an organ transplant for the insured to survive
24
How long is the grace period for an individual life insurance policy?
1 month
25
Where are premiums from fixed annuities invested?
A general account
26
Which of the following is NOT one of the independent rating services that publishes guides to insurance companies' financial integrity?
NAIC
27
Which risk classification is representative of the majority of people in a certain age group and with similar lifestyles?
Standard
28
How will life insurance proceeds that are paid as a lump sum received by the beneficiary?
Free of federal income taxation
29
A married couple wants to include the entire family in their whole life policy under one rider. Which of the following riders will help them achieve that goal?
Family Term
30
Which of the following would NOT be eligible for coverage under key person?
The owner of a shop
31
All of the following are true of annually renewable term insurance EXCEPT
Proof of insurability must be provided at each renewal
32
The Commissioner has determined that a producer is ineligible for appointment by an insurer. The Commissioner must notify the insurer within
5 days
33
A loss resulting from which of the following would qualify for the accidental death rider coverage?
An automobile accident
34
Which of the following has the right to change a settlement option in a life insurance policy?
The policyowner at any time during the life of the insured
35
Contributions to Roth IRAs are
Not tax deductible
36
Because of the imposed blackout period, the surviving spouse will not receive social security benefits until
The age of 65
37
Which of the following statements describes one of the reasons individuals purchase life insurance?
It provides income an insured cannot outlive
38
At what point would an automatic premium loan be generated?
Following the grace period
39
In life insurance underwriting, all of the following are true regarding HIV testing EXCEPT
The person may be denied coverage based solely on the presence of HIV
40
J's retirement plan meets all federal requirements and entitles him to certain tax benefits as the owner of the plan. What term best describes J's retirement plan?
Qualified
41
A stock insurer is defined as an insurer
Owned by its stockholders
42
Which of the following would be an example of an insurer participating in the unfair trade practice of discrimination?
Charging the insured higher premiums based on their race
43
When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used?
Paid-up additions
44
Guaranteeing future dividends is considered to be an unfair or deceptive act known as
Misrepresentation
45
All of the following statements about mutual insurance companies are correct ЕХСЕРТ
Policy dividends issued by mutual companies are guaranteed and not taxable
46
An aleatory contract is based on what kind of exchange?
Unequal exchange of values
47
Which of the following premium modes would result in the lowest overall premium?
Annual
48
An insurance company that is owned by the policyholders is called a
Mutual insurer
49
An important fact about the financial status of an insurer was deliberately withheld. Which of the following terms best describes this action?
False financial statement
50
In life insurance, which of the following is NOT required to have an insurable interest in the insured?
The beneficiary