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Question 1 of 10
1. Question
Which one of the following statements describes the best use of a producer’s time when personally delivering the policy?
Correct
The other answer choices do not reflect the good use of the producer’s time.
Incorrect
The other answer choices do not reflect the good use of the producer’s time.
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Question 2 of 10
2. Question
Which one of the following statements is not correct?
Correct
Replacement transactions are not illegal when they are in the best interests of the insured.
Incorrect
Replacement transactions are not illegal when they are in the best interests of the insured.
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Question 3 of 10
3. Question
Alex decides to buy a policy, and he pays the first premium. The producer issues a receipt and tells him that he is covered immediately until he is notified that the policy is either issued or declined. What kind of receipt has Alex received?
Correct
A binding receipt provides immediate coverage. Alex has received a binding receipt.
Incorrect
A binding receipt provides immediate coverage. Alex has received a binding receipt.
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Question 4 of 10
4. Question
Which of the following 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 5 of 10
5. Question
Martine has a term policy that will enable him 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
This is an example of convertible term insurance. Martine has convertible term insurance.
Incorrect
This is an example of convertible term insurance. Martine has convertible term insurance.
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Question 6 of 10
6. Question
Which of the clauses below represents a guarantee that is assured at the specified events, ages, or dates, 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 7 of 10
7. Question
Harry has a policy on his ex-wife that he wants to give to their daughter. Harry no longer wants any control over this policy. What type of assignment will Harry probably use to accomplish this?
Correct
This is an example of a voluntary assignment. Harry probably has to use a Voluntary assignment.
Incorrect
This is an example of a voluntary assignment. Harry probably has to use a Voluntary assignment.
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Question 8 of 10
8. Question
When Terry dies, Zina receives the death benefit. If Zina had died before Terry, Bill would have received the benefit. Which statement is true?
Correct
Zina is the primary beneficiary. Bill would only have been eligible to receive the benefit if Zina died before he did.
Incorrect
Zina is the primary beneficiary. Bill would only have been eligible to receive the benefit if Zina died before he did.
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Question 9 of 10
9. Question
Drek leaves his $300,000 estate to his three children to split equally according to a per stirpes distribution. One of his children dies before Drek does. Upon Drek’s death, which of the following is true?
Correct
Under a per stirpes distribution, the proceeds due to a deceased beneficiary are protected and paid to that person’s heirs or estate. Upon Drek’s death, the proceeds are split three ways, between the remaining children and the deceased child’s estate’s beneficiary.
Incorrect
Under a per stirpes distribution, the proceeds due to a deceased beneficiary are protected and paid to that person’s heirs or estate. Upon Drek’s death, the proceeds are split three ways, between the remaining children and the deceased child’s estate’s beneficiary.
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Question 10 of 10
10. Question
Jack and Jill are in a fatal car crash that kills them both. Jack is the primary beneficiary of a policy on Jill’s life. What happens to the policy proceeds?
Correct
Under the Simultaneous Death Act, it will be assumed that Jill survived Jack, and the benefits will be paid to Jill’s estate if there are no contingent beneficiaries.
Incorrect
Under the Simultaneous Death Act, it will be assumed that Jill survived Jack, and the benefits will be paid to Jill’s estate if there are no contingent beneficiaries.