125-150
Life Insurance Knowledge Quiz
Test your understanding of life insurance with this comprehensive quiz designed for learners and professionals alike. Whether you're a beginner or looking to refresh your knowledge, this quiz covers essential concepts and terminologies in the field of life insurance.
Key features:
- 25 multiple choice questions
- Diverse topics including policy riders, taxation, group insurance, and more
- Ideal for insurance agents, students, and enthusiasts
If a term life insurance policy is renewable, the renewal provision usually states that:
lower premim is payable at each renewal
A higher premim is payable at each renewal
premium of equivalent price is payable at each renewal
Life insurance must include all of the following in their financial statements EXCEPT
Policy summary description
Person's name
Common life insurance policy riders include all of the following EXCEPT
Short term
Periodic term
Extended term
In a group life insurance policy, who are the parties to the master contract?
Employer and the insurance Company
The insurer and the employer
The insurer and the insurance company
Which statement is TRUE regarding employer contributions to qualified plans?
They are tax deductible by the employer
The are tax deductible by employee
The are not tax deductible
Which of the following statements about policy dividends is TRUE?
Insureds elect a dividend option at the time of policy purchase
Dividend must be sent everyday
Which policy allows the insured to choose where the assets backing the cash value are invested?
Fixed life
Modified life
Variable life
Creditors have rights to life insurance policy proceeds when the beneficiary is the
Insured's children
Insured's estate
Insured's spouse
Which distribution from an annuity would be subject to a penalty tax?
A single payment made to a taxpayer who is age 55
Half payment made to a taxpayer who is age 55
Single payment made in a month to a taxpayer around the age of 50-65
The adjustment that insurers make to the cash value account in a universal life period each time a payment is made includes all of the following EXCEPT
Review whether policy is still appropriate for insured
Subtract the policy surrender charges
The conversion privilege allows a terminating employee to convert
Term insurance into permanent insurance
Permanent insurance to term
Convert Permanent into whole life
Which government regulation prevents retirement plans from favoring highly compensated employees?
Investigation
Nondiscrimination
Renouncing
What is the difference between a conditional premium receipt and a binding premium receipt?
Only a binding receipt always provide insurance that is effective from the date the receipt is given
Only a conditional premium starts on the day the insured ends the policy
A life insurance policy's waiver of premium takes effect if an insured
Becomes partially disabled
Becomes totally disabled
Becomes financially disabled
A 10-year certain annuity with an installment refund is purchased. The annuitant dies after receiving monthly payment for 5 years. How many remaining payments MUST the insurer make?
50 payments
10 payments
30 payments
60 payments
Under a group life insurance policy, acts of war and aviation are examples of.
Policy exclusions
Policy inclusions
Policy additions
What does the statement "Life insurance create an immediate estate" mean?
The house of the insured is given up
The total death benefit is paid whenever the insured's dies
Beneficiary receives insured's home
Which policy provision protects an insurer against a lawsuit before the insurer has had a reasonable opportunity to investigate a claim?
Legal actions
Illegal actions in lawsuit
The government blocks
What factor determines the difference between deferred and immediate annuities?
When annuity benefits payments begins
When annuity benefits stop
How long annuity payments pay
How does the cost recovery rule apply when a life insurance policy is surrendered for its cash value?
Immediate estate is created
The cost basis of the policy is exempt from taxation
Annuity is payed out monthly
The components of determining policy premiums include all of the following EXCEPT
Divedends
Age
Income
From lowest to highest, which is the CORRECT order of initial premium for life insurance policies?
Modified premium, ordinary life, single premium
Single premium, ordinary life, Modified premium
Ordinary life, Modified premium, single life
Underwriters classify insurance risks as any of the following EXCEPT
Personal risk
Dividends risks
Under which group term life provision does an insurer make payments to the guardian of a beneficiary who is a minor?
Minor payment
Guardian risk payment
Facility of payment
A beneficiary wants to let the death benefit accumulate and receive only monthly investment proceeds. Which settlement options should be chosen?
Interest option
Dividends option
Compound option
Imediate option
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