Life Agent Series 11-44 Online Dumps Boost Your Career

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1. An agent's underwriting duties Include which of the following?

Setting premium amounts.

Completing all applications and collecting initial premiums.

Declining or accepting an application.

Issuing the policy.

2. The settlement option that allows proceeds to remain with the Insurer and the earnings to be paid to the beneficiary on a monthly basis is called

interest only.

lump sum.

fixed period.

fixed amount.

3. What does a limited payment whole life policy provide?

Protection to age 65.

Life time protection.

A lower premium.

Pure protection.

4. If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may

be barred from seeking an appeal.

receive a deduction in commissions.

be charged interest on the refund amount.

have his or her license suspended or revoked.

5. Under Ohio insurance laws, what must a licensee do prior to operating under an assumed business name?

notify the superintendent

notify all prospective insureds

obtain approval from the insurer

notify the National Association of Insurance Commissioners

6. Reinsurers are a specialized branch of the insurance industry because they

provide insurance to otherwise uninsurable individuals.

provide alternative means.

Insure insurers.

keep premiums low.

7. Which of the following statements is TRUE regarding a waiver of premium rider?

There will be no change in the policy other than the insured no longer has to pay the premiums on the policy.

The policy's cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.

The death benefit will be reduced by the amount of the unpaid premiums.

The insured will automatically become eligible for accelerated death benefits.

8. An insured wants to purchase a policy with three key elements: flexible premium, death benefit, and the choice of mutual funds where the cash value will be Invested In a separate account. The Insured should purchase

universal life.

adjustable life.

variable universal life.

graded premium whole life.

9. Each of the following are characteristics of a fixed annuity contract EXCEPT

funds are Invested in a separate account.

the minimum interest rate is guaranteed in the contract.

benefit payments remain level.

it may be sold as an immediate or deferred annuity.

10. While texting and driving, an Insured loses control of the vehicle and hits a tree. The resulting collision Is

an exposure.

a hazard.

a peril.

a risk.

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11. Which of the following is TRUE of a payor benefit rider?

Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.

Pays a monthly income to the policyowner if the insured is totally disabled.

Waives policy premiums if the insured becomes totally disabled.

Increases the value of the policy if the policyowner dies.

12. What annuity payout option has no additional payouts regardless of when the annuitant dies?

Life only.

Cash refund.

Life certain.

Installment refund.

13. An annuitant dies during the accumulation period.

What happens to the cash value in the annuity?

The cash value is paid to the beneficiary.

The cash value is paid into the estate.

The cash value is paid to the IR

The company keeps the cash value.

14. An insured owns a whole life insurance policy on himself. He would also like coverage for his minor son and/or daughter. One way the Insured can accomplish this goal Is to purchase a

child term rider.

family income rider.

famitp maintenance rider.

guaranteed insurability rider.

15. The PRIMARY reason for purchasing life Insurance Is to provide

death benefits.

college tuition.

retirement Income.

safety of principal.

16. When a policy owner requests a partial surrender from her Universal Life Policy she Is requesting which of the following?

Cash withdrawal.

A loan from the policy.

Surrender of the policy.

Decrease In the coverage amount.

17. As a form of level premium permanent Insurance, ordinary life Insurance accumulates a reserve that eventually

equals the face amount of the policy.

results In a dividend payment to the policyowner.

ceases to earn interest or grow in a positive earnings direction.

requires mandatory cash value distributions.

18. Which of the following statements BEST describes a single premium cash value policy?

It requires only one payment to make the policy paid up.

It provides for only one premium to be paid without evidence of insurability.

It waives one future premium if the owner becomes disabled.

It requires the policyowner to pay one premium annually.

19. An exposure Is a condition or situation that presents the possibility of

hazard.

peril.

indemnity.

loss.

20. Which of the following plans will provide a death benefit to the policy's beneficiary Income tax free?

Annuity.

Whole Life.

Qualified Retirement.

Tax Sheltered Annuity.

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21. Generally, rates charged for Insurance may NOT be

discriminatory.

cost prohibitive.

excessive, inadequate, or unfairly discriminatory.

different for persons withdiffering risk profiles.

22. Competency of an Individual to enter into an Insurance contract is determined based on

legal age.

legal purpose.

ownership.

payment of premium.

23. Upon annuitization, which of the following will have the HIGHEST monthly payout?

Straight life with guaranteed payments.

Joint life.

Straight life.

Joint and survivor life.

24. What is the approach to assessing the consumer's need for life insurance that focuses on an individual's future stream of income?

Needs approach

Affordability approach

Human Life Value approach

Return of Investment approach

25. The accumulated cash value of a whole life insurance policy becomes the

policy loan value upon which the insured may borrow.

amount used to purchase paid up additions to the insured's policy.

funds used to offset policy administration and conversion expenses.

face amount payable upon the insured's death.

26. The most common use of a group life insurance policy is to insure

retirees.

company employees.

members of a family.

association members.

27. Insurance agents have duties and responsibilities to the insured and the insurer.

Which of the following responsibilities does an agent owe the insured during the policy year?

Help the insured file and follow up on claims.

Notify the insurance department when claims are paid.

Work with rating bureaus to establish insurer ratings.

Pay the insured's premiums if they are unable to do so.

28. An insured has chosen to receive the payout from her husband's life insurance policy so that she will receive an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been paid out.

The insured has selected which option?

Fixed period.

Interest only.

Fixed amount.

Life income.

29. Something that increases the probability of loss is called

a risk.

a peril.

a hazard.

an exposure.

30. To receive proceeds from a death benefit, a minor

must be related to the insured.

can only be named as a contingent beneficiary.

must be at least 16 years old.

must have an appointed guardian.

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31. An applicant would be charged a higher premium for a life Insurance policy if they were

younger.

older.

married.

deaf.

32. Statements by an applicant concerning personal health history, family health history, occupation, and hobbies are referred to as

depictions.

certifications.

representations.

personal characteristics.

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