Competency of an Individual to enter into an Insurance contract is determined based on
A. legal age.
B. legal purpose.
C. ownership.
D. payment of premium.
The proposed insured's statements on a life insurance application are considered to be
A. absolute statements.
B. misrepresentations.
C. representations.
D. warranties.
What type of insurance is the cheapest option to pay off a 30-year mortgage balance?
A. Increasing term insurance.
B. Decreasing term insurance.
C. Level term insurance.
D. Variable life insurance.
Deliberate withholding of material facts that would affect the validity of an Insurance policy or a claim under the policy Is known as
A. slanting.
B. concealment.
C. misrepresentation.
D. aleatory contract.
Interest earned on a Traditional IRA is taxed
A. prior to contribution.
B. during the accumulation period.
C. at distribution.
D. only if there is a premature distribution.
In which of the following dividend options would an Insurer invest the policyowners money and add interest earnings to the Initial amount of the dividends as such earnings accrue?
A. Accumulation at Interest Option.
B. Paid-up Additions Option.
C. Cash Dividend Option.
D. Reduced Premium Dividend Option.
An insured has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, the Insured MUST
A. provide evidence of insurability.
B. renew for at least 10 years.
C. pay an annual premium that may be higher.
D. convert to a whole life policy.
An Insured owns a whole life policy that has accumulated cash value. Which of the following statements Is true about the policy's cash value?
A. The policy's cash value is viewed as investment growth and therefore subject to taxation for each calendar year.
B. The growth of the policy's cash value Is not subject to income tax while the policy Is in force.
C. It is subject to fluctuations of the company's overall performance.
D. The cash value is not guaranteed.
Without written consent, a policyowner CANNOT change the beneficiary If he has named
A. a contingent beneficiary.
B. a revocable beneficiary.
C. a permanent beneficiary.
D. an irrevocable beneficiary.
Contributions made to a Roth IRA are
A. partially tax deductible.
B. not tax deductible.
C. only tax deductible at age 50 or older.
D. tax deductible at retirement.
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