Study guides, Class notes & Summaries

Primerica Life Insurance Exam: 2023/ 2024 New Update (Questions and 100% Verified Answers) 1. A married couple owns a permanent policy which covers both of their lives and pays the benefit only upon the death of the first insured. Which policy is that? A. Survivorship Life Policy B. Second-to-Die C. Family income policy D. Joint life policy Answer: D. Joint life policy 2. An annuity owner is funding an annuity that will supplement her retirement. Because she does not...

1. The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Answer conditional receipt 2. Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called Answer representations 3. An annuity is considered fixed when it does all of the following EXCEPT Answer - provides the annuitant with an interest rate that is the lesser of the guaranteed or current rate...

Primerica Exam Questions And Answers Fully Verified The type of policy that can be changed from one that does not accumulate cash value to the one that does is a - answerconvertible term policy The policy owner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. What settlement option should the policy owner choose? - answerInterest only optio...

Primerica - Life Insurance Basics (AZ) Exam Questions With Verified Answers All of the following are duties and responsibilities of producers at the time of application EXCEPT A - Change any incorrect statement on the application by personally initialing next to the corrected statement. B - Explain the nature and type of any receipt the producer is giving to the applicant. C - Probe beyond the stated questions if the producer feels the applicant is misrepresenting or concealing informati...

Primerica. Life insurance Exam Questions With Verified Answers 401(k) plan - answerA qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - answerAbsolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - answerPolicy provision that allows full or...

Primerica( life insurance policies ) Exam Questions With Verified Answers What happen to the cash value when a whole life insurance policy matures? - answerCash value is paid to the policy owner, what is the major difference between the most common types of whole life policies: straight life, limited payment and single premium? - answerpremium payment mode. what is the purpose of establishing the target premium for a universal life policy. - answerto prevent the policy from lapsing a who...

Primerica Life Insurance Focused Exam Questions With Verified Answers The paid-up addition option uses the dividend - answerTo purchase a smaller amount of the same type of insurance as the original policy. An applicant for insurance is requesting more information from her agent about a claim that is currently being settled. Within what time period must the agent respond? - answer15 days Which of the following is NOT a legitimate use of annuities by businesses? - answerCreating a tax shel...

Primerica Practice Exam B Questions With Verified Answers 1. The annuity income amount is based on whose life? A. Owner B. Insured C. Annuitant D. Beneficiary - answerannuitant 2. An injured party to a contract is able to rescind the contract for A. Representations. B. Unintentional concealment C. Health problems D. Financial difficulties. - answerunintentional concealment 3. A whole life policy that will generate immediate cash value is A. Single premium. B. Continuous premium. C...

Primerica Practice Exam Questions With Verified Answers An applicant who is visually impaired has what type of hazard? - answerPhysical What information is NOT required prior to making a recommendation for the purchase of an annuity? - answerHealth status When assessing a consumer's need for life insurance by focusing on an individual's future stream of income, the producer is using the - answerHuman life value approach The administrative penalty for an insurer's first violation of the...

Primerica Life Insurance In Person Class Exam Questions With Verified Answers What is a provision? - answerDefine the standard characteristics of all policies. No need to add these items, it usually comes with the policy Entire Contract - answerThink R.A.P., this is what it includes R- Riders A- Application P- Policy This is a legal contract and can not be changed unless both parties agree to the change. Tip: Buyer's Guide - Illustrations - Policy Summary are required but not apart of ...

Primerica Chapter 3: Life insurance policies Exam Questions With Verified Answers Attained Age - answerInsured's age at the time the policy is issued or renewed. Deferred - answerWitheld or postponed until a specific time or event in the future. Endow - answerto have cash value of a whole life policy reach the contractural face amount. Face Amount - answerThe amount of benefit stated in the LIP. Fixed Life Insurance Products - answercontracts that offer guaranteed minimum or fixed benefi...