Massachusetts Life Insurance Exam
questions and (VERIFIED) answers rated
A+
The payment of the first premium, the promise to pay a covered loss, and the
agreement to abide by policy conditions are all examples of - Answer-Consideration
A life insurance policy that includes a return of premium rider will pay the beneficiary
how much upon the insured's death? - Answer-Total premiums paid + face amount
An insurance company may NOT use a policy form unless it has been approved by the
Superintendent for at least _____ days. - Answer-30
A life insurance producer's underwriting duties may include - Answer-seeking additional
information requested by the insurance company
A foreign insurer wishing to conduct business in MA must obtain - Answer-certificate of
authority
An agent's authority to bind an insurer to an insurance contract may be granted in the -
Answer-agent's contract and the insurance company's appointment
Which of these is an accurate statement regarding the fixed period settlement option on
a life insurance policy? - Answer-A portion of the payments paid to the beneficiary
comes from interest calculated on the proceeds of the policy
all of these statements correctly describe an aleatory contract EXCEPT - Answer-Only
one party makes any kind of legally enforceable offer
A life insurance policyowner sells her policy to a third party in a life settlement. Under
this transaction, the policy owner - Answer-receives an amount less than the policy's
death benefit.
