2024 PA Life Insurance Exam: Understanding Policies & Regulations, Exams of Nursing

Download 2024 PA Life Insurance Exam: Understanding Policies & Regulations and more Exams Nursing in PDF only on Docsity! PA Life Insurance Exam Questions and Answers 2024 Single premium cash value policy can be described as.. Correct Answer is a policy that is paid up only after one payment All of the following are considered appropriate uses of life insurance.. Correct Answer is - attracting quality employees by offering a group life plan - protecting the business by covering key employees with life insurance - funding an entity buy sell agreement The do not call list offers exemption from all except Correct Answer is life insurance Ken is a producer who has consumer info reports under false pretenses under the fair credit reporting act, what is the max penalty.. Correct Answer is $5000 & 1 year in jail Which type of annuity guarantees a stated number of income payments whether or not the annuitant is still alive to receive it Correct Answer is life annuity certain In what part of the policy are the policy benefits found Correct Answer is conditions Commissioner is responsible for all of the following.. Correct Answer is - issue cease & desist orders - conduct hearings - regulate premium rates Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called.. Correct Answer is annuity certain Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? Correct Answer is guaranteed insurability Pat owns a 20 pay life policy with a paid dividend option. Which of the following statements is true? Correct Answer is the policy may be paid up early by using policy dividends A renewable term life insurance policy can be renewed Correct Answer is anytime the policy owners request What would a be an expense factor in an insurance program Correct Answer is mortality costs Which of the following is an annuity that is linked to a market related index.. Correct Answer is equity index annuity Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses is called.. Correct Answer is viatical settlements Variable life insurance & universal life insurance are similar. Which of these are held exclusively by variable universal life insurance.. Correct Answer is Policyowner has the right to select the investments which will provide the the greatest return An accelerated death benefit in PA must be at least what percentage of the total death benefit.. Correct Answer is 25% A producer's license CANNOT be revoked without Correct Answer is a hearing given to the producer Mike has inherited his father's traditional IRA. As a beneficiary, he will pay taxes on any money withdrawn Correct Answer is income Signatures for an insurance application MUST be obtained by the producer from all of the following sources except.. Correct Answer is Beneficiary What is the purpose for having an accelerated death benefit on a life insurance policy.. Correct Answer is It allows for cash advances to be paid against the death if the insured becomes terminally ill Which premium payment frequencies is not typically available to policyholders.. Correct Answer is bi-weekly An example of risk sharing would be.. Correct Answer is Doctors pooling their money to cover malpractice exposures is an example of risk sharing A licensee may only sell, solicit, & negotiate insurance contracts on behalf of the... Correct Answer is appointing insurer Who is responsible for assembling the policy form for insureds.. A partial surrender is allowed in which policies.. Correct Answer is universal life Who were Keogh plans designed to provide pension benefits for... Correct Answer is self- employed Which settlement option pays a stated amount to an annuitant, but no residual value to the beneficiary.. Correct Answer is life income All of these are considered a form of advertising Correct Answer is - insurer's billboard - formal sales presentation - insurer's direct mailing to a target audience Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires.. Correct Answer is the protection ends Under a group life insurance policy, the insurer will issue an induvidual ...... to the policyowner for delivery to each person insured.. Correct Answer is certificate Which dividend option would an insurer invest the policy owners money & add any interest earnings as the dividends accrue.. Correct Answer is accumulation at interest option Factors taken into consideration when applying for life insurance.. Correct Answer is - social security - savings - pension Which protects a PA policy owner from a mistake made on an application 2 years ago? Correct Answer is incontestability provision In an insurance contract, the insurer is the only party legally obligated to perform. Because of this an insurance contract is considered.. Correct Answer is unilateral The PA insurance department is responsible for Correct Answer is - regulations - producers - reinsurers Viatical settlement brokers are permitted to do.. Correct Answer is - charge fees - advertise the availability for vatical settlements - introduce viators to settlement providers What policy feature makes a universal life policy different than a whole life policy.. Correct Answer is a flexible premium special Legal purpose is a term used in contract law meaning.. Correct Answer is there must be legal reasons to enter the contract Factors considered in underwriting of life insurance.. Correct Answer is - age - tobacco use - health We have issued the policy in consideration of the representations in your apps & payment of the first term premium.. Correct Answer is consideration clause A life insurance company has transferred some of its risk to another insurer, the insurer assuming the risk is called.. Correct Answer is reinsurer A life insurance policy becomes incontestable after it has been in force for.. Correct Answer is 2 years