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Question 1 of 10
1. Question
Sujana dies without leaving a will. The distribution of her estate will be handled by a
Correct
This is an example of intestate distribution. An intestate distribution will handle the distribution of her estate.
Incorrect
This is an example of intestate distribution. An intestate distribution will handle the distribution of her estate.
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Question 2 of 10
2. Question
Mike has terminal cancer and wants to access the death benefit of his life insurance policy to pay medical expenses. How might he be able to do this?
Correct
Both options make funds available before death. He might be able to do this either through a viatical settlement or by providing the accelerated benefit.
Incorrect
Both options make funds available before death. He might be able to do this either through a viatical settlement or by providing the accelerated benefit.
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Question 3 of 10
3. Question
Which one of the following would not be financed by using life insurance?
Correct
A split-dollar plan is a purchasing life insurance method, rather than a plan financed using life insurance.
Incorrect
A split-dollar plan is a purchasing life insurance method, rather than a plan financed using life insurance.
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Question 4 of 10
4. Question
Which one of the following are costs that are associated with death?
Correct
All of the choices are costs that might be associated with death.
Incorrect
All of the choices are costs that might be associated with death.
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Question 5 of 10
5. Question
An insurance producer analyzed Bob’s life insurance needs, taking into account Bob’s net annual salary, expenses, current age, and depreciation of the dollar over time. This producer was using
Correct
This is an example of using the human life value approach.
Incorrect
This is an example of using the human life value approach.
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Question 6 of 10
6. Question
Anne’s husband died 3 years ago, leaving her with two children in grade school. Anne is most likely in which income period?
Correct
This is an example of the family dependency period. Anne is most likely in the family dependency period.
Incorrect
This is an example of the family dependency period. Anne is most likely in the family dependency period.
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Question 7 of 10
7. Question
Robin applies for a policy, pays the initial premium, and receives a binding receipt on Friday, September 1. On Monday, September 4, the underwriting department decides not to issue the policy and places the file in a pile for notification letters to be sent out at the end of the week. On Wednesday, September 6, Robin is killed in an auto accident. On Thursday, September 7, the insurer receives the notice of claim. The insurer will
Correct
The binding receipt guarantees coverage until the applicant is notified otherwise. The insurer will pay the claim because a binding receipt assures coverage until the potential insured is notified of a rejection.
Incorrect
The binding receipt guarantees coverage until the applicant is notified otherwise. The insurer will pay the claim because a binding receipt assures coverage until the potential insured is notified of a rejection.
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Question 8 of 10
8. Question
Brandy purchases a policy and tells the producer he wants immediate coverage, regardless of the underwriting outcome. To meet Brandy’s demand,
the producer is most likely toCorrect
The temporary insurance agreement provides immediate coverage while the underwriting process is taking place.
Incorrect
The temporary insurance agreement provides immediate coverage while the underwriting process is taking place.
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Question 9 of 10
9. Question
A policy may be issued in all of the following ways except
Correct
Life insurance policies cannot be exchanged to cover different insured.
Incorrect
Life insurance policies cannot be exchanged to cover different insured.
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Question 10 of 10
10. Question
Which one of the following statements is correct about submitting the application, premium, and other forms to the insurance company?
Correct
This is a common business practice. As coverage is effective immediately, it is unnecessary to send applications, premiums, and other forms to the home office underwriter more often than weekly.
Incorrect
This is a common business practice. As coverage is effective immediately, it is unnecessary to send applications, premiums, and other forms to the home office underwriter more often than weekly.