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Question 1 of 10
1. Question
What clause could cancel all future premiums in the case of total and permanent disability?
Correct
If a premium provision waiver applies, no future premium payments will be required if the insured becomes totally and
permanently disabled. So, Waiver of premium could cancel all future premiums in the case of total and permanent disability.Incorrect
If a premium provision waiver applies, no future premium payments will be required if the insured becomes totally and
permanently disabled. So, Waiver of premium could cancel all future premiums in the case of total and permanent disability. -
Question 2 of 10
2. Question
Which of the clauses below represents a guarantee that is assured at the specified ages, dates, or events, the insured may buy additional insurance without a medical exam?
Correct
A guaranteed insurability provision locks in the right to purchase additional insurance regardless of changing circumstances.
Incorrect
A guaranteed insurability provision locks in the right to purchase additional insurance regardless of changing circumstances.
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Question 3 of 10
3. Question
Which of the following type of policy combines whole life insurance with decreasing term coverage?
Correct
This is an example of a family income policy. Family income policy combines whole life insurance with decreasing term coverage.
Incorrect
This is an example of a family income policy. Family income policy combines whole life insurance with decreasing term coverage.
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Question 4 of 10
4. Question
Laila buys a policy that enables her to adjust the face amount, premium, and length of protection without completing a new application or having a new policy issued. Laila has a
Correct
This is an example of adjustable life insurance. An adjustable life insurance policy enables Laila to adjust the face amount, premium, and protection length without completing a new application or having a new policy issued.
Incorrect
This is an example of adjustable life insurance. An adjustable life insurance policy enables Laila to adjust the face amount, premium, and protection length without completing a new application or having a new policy issued.
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Question 5 of 10
5. Question
A flexible premium, adjustable life insurance benefits policy that accumulates cash values is referred to as
Correct
This is the definition of universal life insurance. Universal life insurance has A flexible premium, adjustable life insurance benefits policy that accumulates cash values.
Incorrect
This is the definition of universal life insurance. Universal life insurance has A flexible premium, adjustable life insurance benefits policy that accumulates cash values.
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Question 6 of 10
6. Question
Which insurance is designed to provide life insurance protection for only a limited period of time?
Correct
This is an example of term insurance. Term life insurance is designed to provide life insurance protection for only a limited period of time.
Incorrect
This is an example of term insurance. Term life insurance is designed to provide life insurance protection for only a limited period of time.
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Question 7 of 10
7. Question
Henry decides to borrow some money from a bank and use life insurance cash values as collateral. What type of assignment will Henry probably use to secure the loan?
Correct
This is an example of a partial assignment. Henry will probably use a partial assignment to secure the loan.
Incorrect
This is an example of a partial assignment. Henry will probably use a partial assignment to secure the loan.
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Question 8 of 10
8. Question
Peter and Ron are in a fatal car crash that kills them both. Peter is the primary beneficiary of a policy on Ron’s life. What happens to the policy proceeds?
Correct
Under the Simultaneous Death Act, it will be assumed that Ken survived Alice, and the benefits will be paid to Ken’s estate if there are no contingent beneficiaries.
Incorrect
Under the Simultaneous Death Act, it will be assumed that Ken survived Alice, and the benefits will be paid to Ken’s estate if there are no contingent beneficiaries.
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Question 9 of 10
9. Question
When Harry dies, Harmony receives the death benefit. If Harmony had died before Harry, Ron would have received the benefit. Which statement is true?
Correct
Harmony is the primary beneficiary. Ron would only have been eligible to receive the benefit if Harmony died before he did.
Incorrect
Harmony is the primary beneficiary. Ron would only have been eligible to receive the benefit if Harmony died before he did.
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Question 10 of 10
10. Question
Maria has a policy on her ex-husband that she wants to give to their daughter. Maria no longer wants any control over this policy. What type of assignment will Maria probably use to accomplish this?
Correct
This is an example of a voluntary assignment. Maria will probably use a voluntary assignment to accomplish this.
Incorrect
This is an example of a voluntary assignment. Maria will probably use a voluntary assignment to accomplish this.