Generally, rates charged for Insurance may NOT be
A. discriminatory.
B. cost prohibitive.
C. excessive, inadequate, or unfairly discriminatory.
D. different for persons withdiffering risk profiles.
When a policy owner requests a partial surrender from her Universal Life Policy she Is requesting which of the following?
A. Cash withdrawal.
B. A loan from the policy.
C. Surrender of the policy.
D. Decrease In the coverage amount.
In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life If
A. the interest exists at the time of death.
B. the interest exists at the time of application.
C. any type of distant family relationship exists with the insured party.
D. any type of business relationship exists between the insured party and the beneficiary.
Upon annuitization, which of the following will have the HIGHEST monthly payout?
A. Straight life with guaranteed payments.
B. Joint life.
C. Straight life.
D. Joint and survivor life.
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?
A. Help the insured file and follow up on claims.
B. Notify the insurance department when claims are paid.
C. Work with rating bureaus to establish insurer ratings.
D. Pay the insured's premiums if they are unable to do so.
What annuity payout option has no additional payouts regardless of when the annuitant dies?
A. Life only.
B. Cash refund.
C. Life certain.
D. Installment refund.
The period after an annuity Is purchased but before distributions begin Is referred to as the
A. annuity phase.
B. build-up phase.
C. endowment phase.
D. accumulation phase.
Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?
A. Partial Surrender.
B. Automatic Premium Loan.
C. Waiver of Premium.
D. Spendthrift Clause.
To avoid tax consequences, a rollover from a Traditional IRA to another IRA MUST be done within
A. 30 days.
B. 45 days.
C. 60 days.
D. 90 days.
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
A. interest only.
B. lump sum.
C. fixed period.
D. fixed amount.
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