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NEW QUESTION # 62
Without written consent, a policyowner CANNOT change the beneficiary If he has named
- A. a revocable beneficiary.
- B. a permanent beneficiary.
- C. an irrevocable beneficiary.
- D. a contingent beneficiary.
Answer: C
NEW QUESTION # 63
Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan
proceeds
- A. are subject to Federal estate tax.
- B. generate nontaxable interest income.
- C. accelerate the benefits under the policy.
- D. are not treated as taxable income.
Answer: D
NEW QUESTION # 64
Which of the following is a characteristic of a contract of adhesion?
- A. Each party is entitled to rely on others' representations.
- B. The terms must be accepted or rejected in full.
- C. The Insurer agrees to pay a stated sum regardless of loss.
- D. The insurer's obligations are dependent upon certain acts of the insured individual.
Answer: B
NEW QUESTION # 65
An insured owns a whole life insurance policy on himself. He would also like coverage for his minor son
and/or daughter. One way the Insured can accomplish this goal Is to purchase a
- A. child term rider.
- B. family income rider.
- C. famitp maintenance rider.
- D. guaranteed insurability rider.
Answer: C
NEW QUESTION # 66
Which of the following statements BEST describes a single premium cash value policy?
- A. It requires only one payment to make the policy paid up.
- B. It waives one future premium if the owner becomes disabled.
- C. It requires the policyowner to pay one premium annually.
- D. It provides for only one premium to be paid without evidence of insurability.
Answer: A
NEW QUESTION # 67
Making a statement that is false and maliciously critical of the financial condition of an insurer is known as
- A. misrepresentation.
- B. coercion.
- C. defamation.
- D. intimidation.
Answer: A
NEW QUESTION # 68
The PRIMARY reason for purchasing life Insurance Is to provide
- A. death benefits.
- B. college tuition.
- C. safety of principal.
- D. retirement Income.
Answer: A
NEW QUESTION # 69
Which of the following is TRUE of a payor benefit rider?
- A. Waives policy premiums if the insured becomes totally disabled.
- B. Increases the value of the policy if the policyowner dies.
- C. Pays a monthly income to the policyowner if the insured is totally disabled.
- D. Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.
Answer: D
NEW QUESTION # 70
To avoid tax consequences, a rollover from a Traditional IRA to another IRA MUST be done within
- A. 30 days.
- B. 90 days.
- C. 45 days.
- D. 60 days.
Answer: D
NEW QUESTION # 71
To receive proceeds from a death benefit, a minor
- A. must be at least 16 years old.
- B. can only be named as a contingent beneficiary.
- C. must be related to the insured.
- D. must have an appointed guardian.
Answer: D
NEW QUESTION # 72
Risks are generally NOT Insurable if
- A. deductibles would be required.
- B. there are many individuals who may also experience a similar loss.
- C. the loss is expected.
- D. the policyholder has a policy from another insurer.
Answer: C
NEW QUESTION # 73
Contributions made to a Roth IRA are
- A. partially tax deductible.
- B. only tax deductible at age 50 or older.
- C. not tax deductible.
- D. tax deductible at retirement.
Answer: C
NEW QUESTION # 74
Which of the following individuals has the right to name a beneficiary?
- A. producer
- B. Insured
- C. assignee
- D. owner
Answer: D
NEW QUESTION # 75
In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is
executed, or the first Insurance application Is submitted?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: C
NEW QUESTION # 76
What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was
misstated?
- A. The insurer must pay the full amount of the policy, minus any additional premiums the Insurance
company would have paid based on the Insured's actual age. - B. The insurer must pay a prorated amount of the policy based on the amount of insurance the insured's
premiums would have been if purchased at the correct age. - C. The insurer must pay the full amount as stated in the policy, as age is not considered a relevant factor.
- D. The insurer is not liable to pay any amount due to the insured's misstatement of age.
Answer: B
NEW QUESTION # 77
Which of the following statements is TRUE regarding a waiver of premium rider?
- A. The death benefit will be reduced by the amount of the unpaid premiums.
- B. There will be no change in the policy other than the insured no longer has to pay the premiums on the
policy. - C. The policy's cash value will continue to grow, but at a slower rate because the insured is no longer
paying premiums. - D. The insured will automatically become eligible for accelerated death benefits.
Answer: B
NEW QUESTION # 78
Survivorship life insurance policies are useful in estate planning because they
- A. redistribute the premium obligation during the early years of the policy.
- B. can provide money to pay taxes on assets.
- C. provide funeral insurance and pre-need burial insurance.
- D. accumulate a sum of money for retirement.
Answer: B
NEW QUESTION # 79
Upon annuitization, which of the following will have the HIGHEST monthly payout?
- A. Joint and survivor life.
- B. Straight life.
- C. Joint life.
- D. Straight life with guaranteed payments.
Answer: B
NEW QUESTION # 80
Generally, If a life application Is NOT prepaid, the effective date of coverage begins on the date the
- A. application is postmarked and mailed to the insurer.
- B. policy is delivered and accepted.
- C. company underwriter approves the risk.
- D. application is signed.
Answer: B
NEW QUESTION # 81
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