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Question 1 of 10
1. Question
When a producer makes recommendations about the amount and type of insurance needed by an individual, Which of the following should not be taken into account?
Correct
The producer is supposed to serve the client’s needs. The amount of commission should not be a factor in any recommendations. So, How much commission does the product offer should not be taken into account.
Incorrect
The producer is supposed to serve the client’s needs. The amount of commission should not be a factor in any recommendations. So, How much commission does the product offer should not be taken into account.
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Question 2 of 10
2. Question
Kennedy’s husband died 5 years ago, leaving her with two children in grade school. Kennedy is most likely in which income period?
Correct
This is an example of the family dependency period. As Kennedy’s husband died 5 years ago, leaving her with two children in grade school, she depends solely on that income.
Incorrect
This is an example of the family dependency period. As Kennedy’s husband died 5 years ago, leaving her with two children in grade school, she depends solely on that income.
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Question 3 of 10
3. Question
Peter wishes to purchase enough insurance to support his wife for the rest of her life if she should die prematurely, and then leave a sizeable inheritance for his children upon his death. Which method should be used to calculate the amount of insurance necessary?
Correct
As Peter wishes to purchase enough insurance to support his wife for the rest of her life if she should die prematurely, the primary concern here is capital conservation.
Incorrect
As Peter wishes to purchase enough insurance to support his wife for the rest of her life if she should die prematurely, the primary concern here is capital conservation.
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Question 4 of 10
4. Question
The estate transfer type made while the estate owner is still alive is called a
Correct
A transfer made while the estate owner is still alive in an inter vivos transfer.
Incorrect
A transfer made while the estate owner is still alive in an inter vivos transfer.
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Question 5 of 10
5. 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 to
Correct
The temporary insurance agreement provides immediate coverage while the underwriting process is taking place. To meet Brandy’s demand,
the producer is most likely to accept the premium and set up a temporary insurance agreement.Incorrect
The temporary insurance agreement provides immediate coverage while the underwriting process is taking place. To meet Brandy’s demand,
the producer is most likely to accept the premium and set up a temporary insurance agreement. -
Question 6 of 10
6. Question
Which of the following statements is incorrect?
Correct
Replacement transactions are not illegal when they are in the best interests of the insured. So, option A is incorrect.
Incorrect
Replacement transactions are not illegal when they are in the best interests of the insured. So, option A is incorrect.
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Question 7 of 10
7. Question
Mandy has a term policy that will enable her to switch over to a whole life policy at any time during the first half of the term without providing evidence of insurability. What type of policy is this?
Correct
As Mandy’s term policy will enable her to switch over to a whole life policy at any time during the first half of the term without providing evidence of insurability, so this is an example of convertible term insurance.
Incorrect
As Mandy’s term policy will enable her to switch over to a whole life policy at any time during the first half of the term without providing evidence of insurability, so this is an example of convertible term insurance.
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Question 8 of 10
8. Question
Robert has a life insurance policy that will pay $100,000 if he dies before age 65 and $50,000 if he dies after age 65. Robert probably has a
Correct
This is an example of a multiple protection policy. Robert probably has a multiple protection policy.
Incorrect
This is an example of a multiple protection policy. Robert probably has a multiple protection policy.
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Question 9 of 10
9. Question
Due to tax legislation, minimum deposit policies have become less common, but can still be used as long as a certain number of initial deposits are made from sources other than the cash value. How many payments must be made from other sources?
Correct
At least four payments must be made from sources other than policy loans. This is an IRS rule. So, 4 of 7 payments must be made from other sources.
Incorrect
At least four payments must be made from sources other than policy loans. This is an IRS rule. So, 4 of 7 payments must be made from other sources.
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Question 10 of 10
10. Question
Which type of policy combines complete life insurance on one family member with term coverage on other family members?
Correct
A family protection policy combines complete life insurance on one family member with term coverage on other family members. So, option D is the correct answer.
Incorrect
A family protection policy combines complete life insurance on one family member with term coverage on other family members. So, option D is the correct answer.