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問題一覧
1
Each of the following factors are used in determining insurance rates EXCEPT
Dividends
2
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
The policy is owned by the company.
3
In the Executive Bonus plan, who is the owner of the policy, and who pays the premium?
Executive is the owner, and the executive pays the premium
4
Upon policy delivery, the producer may be required to obtain any of the following EXCEPT
Signed waiver of premium
5
An agent and an applicant for a life insurance policy fill out and sign the application. However ,the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. When will the coverage begin?
When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable Statement of Good Health
6
If business owner becomes totally disabled, a Business Overhead Expense policy will pay all of the following EXCEPT
Loss of the owner's income
7
If an insurer issued a policy based on the application that had unanswered questions, which of the following will be TRUE?
The policy will be interpreted as if the insurer waived its right to have an answer on the application
8
Which is the appropriate action by the insurer if a prospective insured submitted an incomplete application?
Return the application to the application for completion
9
A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then
The benefit is received tax free
10
Which is generally true regarding insureds who have been classified as preferred risks?
Their premiums are lower
11
Which of the following would best describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount?
Buy-sell agreement
12
Under the Fair Credit Roporting Act, individuals rejected for insurance due to information contained in a consumer report
Must be informed of the source of the report.
13
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2.500
14
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?
The Fair Credit Reporting Act
15
The term "illustration" in a life insurance policy refers to
A presentation of nonguaranteed elements of a policy
16
What is the purpose of a conditional receipt?
It is intended to provide coverage on a date prior to the policy issue.
17
Which of the following is true regarding written binders?
Binders prove that the insured has insurance coverage, even though the policy has not been issued yet.
18
If an agent fails to obtain an applicant's signature on the application, the agent must
Return the application to the applicant for a signature
19
In the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. Which of the following is true concerning the policy premium?
It will likely be higher because the applicant is a substandard risk.
20
An insurer's liability shall be limited to
The face amount of an individual insurance policy, subject to any exclusions and riders as applicable, minus any outstanding policy loans and interest payments due to the insurer.