Which of the following is NOT required to sign a completed application?

a. Beneficiary

b. Producer

c. Applicant

d. Insured or guardian

Answer: A

Life Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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In insurance,

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All of the following are considered limited lines of authority EXCEPT
What is the other term for the cash payment settlement option?
The pro rata liability clause is designed to protect the principle of
What does the Group Life underwriting risk selection process help protect insurance companies from?
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What is the purpose of establishing the target premium for a universal life policy?
A domestic insurer issuing variable contracts must establish one or more
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
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Which of the following best defines target premium in a universal life policy?
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A beneficiary change can occur
No existing agent's license will be revoked until
Which of the following statements about aleatory contracts is NOT true?
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
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Which type of life insurance policy generates immediate cash value?
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Which of the following is NOT the purpose of HIPAA?
The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
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Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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All of the following statements are true regarding installments for a fixed amount EXCEPT
Fraternal Benefit Society has each of the following characteristics EXCEPT
Which contract element is insurable interest a component of?
Which nonforfeiture option provides coverage for the longest period of time?
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of:
A securities license is required for a life insurance producer to sell
Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
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Insurable interest does NOT occur in which of the following relationships?
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The authority granted to a licensed producer is provided via the
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Which of these would be the best example of a limited pay life insurance policy?
All of the following entities regulate variable life policies EXCEPT
The pro rata liability clause is designed to protect the principle of
When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
All of the following are TRUE regarding the convertibility option under a term life insurance policy EXCEPT
All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
Which of the following is NOT a characteristic of an insurable risk?
All of the following are elements of an insurance policy EXCEPT
What would be an expense factor in an insurance program?
All of the following are true of key person insurance EXCEPT
Which of the following statements concerning a Simplified Employee Pension plan (SEP) is INCORRECT?
All of the following statements are true regarding tax-qualified annuities EXCEPT
Which of the following is true regarding a market value adjusted annuity?
Which of the following statements is NOT true regarding a personal umbrella liability policy?
Items stipulated in the contract that the insurer will not provide coverage for are found in the
All of the following would be different between qualified and nonqualified retirement plans EXCEPT
The paid-up addition option uses the dividend
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Which of the following statements about group life is correct?
The paid-up addition option uses the dividend
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Life income joint and survivor settlement option guarantees
What is the other term for the cash payment settlement option?
Which of the following is NOT true regarding the accumulation period of an annuity?
Which of the following is NOT true regarding a Certificate of Authority?
Which of the following is NOT an example of utilization review?
The requirement that agents not commingle insurance monies with their own funds is known as
An individual purchased a $100,000 Joint Life policy on himself and wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy?
What is the purpose of establishing the target premium for a universal life policy?
What is the other term for the cash payment settlement option?
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
Insurance represents the process of risk
All of these are valid options for an Adjustable Life Policy EXCEPT
What is the purpose of establishing the target premium for a universal life policy?
Which of the following is NOT true regarding the accumulation period of an annuity?
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Which of the following is true regarding a market value adjusted annuity?
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What documentation grants express authority to an agent?

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