An applicant would be charged a higher premium for a life Insurance policy if they were
A. younger.
B. older.
C. married.
D. deaf.
The structure of a credit life insurance policy does NOT allow for
A. coverage amount to match the loan amount.
B. conversion privileges.
C. Individual policies.
D. group policies.
Which of the following individuals has the right to name a beneficiary?
A. producer
B. owner
C. Insured
D. assignee
All of the following statements regarding a group annuity are correct, EXCEPT
A. purchased as part of a structured corporate pension plan.
B. each employee signs and receives an individual contract.
C. participation is limited to eligible employees.
D. considered a defined-benefit plan.
Under the children's term rider, what occurs when a child reaches the specified age? He or she
A. automatically becomes the beneficiary of the life insurance policy.
B. must show evidence of insurability to remain covered.
C. may Increase the term coverage of the rider.
D. is eliminated from coverage.
Which of the following is TRUE of a payor benefit rider?
A. Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.
B. Pays a monthly income to the policyowner if the insured is totally disabled.
C. Waives policy premiums if the insured becomes totally disabled.
D. Increases the value of the policy if the policyowner dies.
The grace period is a period of time
A. between the death of the insured individual and the payment of the benefits.
B. after the premium is paid and before the policy is issued.
C. after the premium is received and before the policy is issued.
D. after the premium is due but while the policy remains in force.
Which of the following retirementplans will allow for a nonworking spouse to set up a separate account and make contributions based on the working spouse's Income?
A. SIMPLE IRA
B. SEP IRA
C. 401(k)
D. IRA
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
A. universal life.
B. adjustable life.
C. variable universal life.
D. graded premium whole life.
In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?
A. 10
B. 15
C. 20
D. 30
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