COMPLETING THE APPLICATION, UNDERWRITING, AND. DELIVERING. THE POLICY
WHAT IS THE PURPOSE OF A CONDITIONAL RECEIPT?
INTENDED TO PROVIDE COVERAGE PRIOR TO POLICY ISSUE DATE
WHEN WOULD A 20-PAY WHOLE LIFE POLICY ENDOW?
WHEN THE INSURED REACHES AGE 100
WHAT NONFORFEITURE OPTION IS AUTOMATICALLY SELECTED BY THE COMPANY IF NOT CHOSEN BY THE POLICYOWNER?
EXTENDED TERM
WHAT IS THE PURPOSE OF THE 7-PAY TEST
TO DETERMINE IF A POLICY IS A MODIFIED ENDOWMENT CONTRACT
IF AN INSURER HOLDS A CERTIFICATE OF AUTHORITY, IT IS KNOWN AS WHAT TYPE OF INSURER?
AUTHORIZED OR ADMITTED
WHAT ARE REPRESENTATIONS?
STATEMENTS BELIEVED TO BE TRUE TO THE BEST’S OF ONE’S KNOWLEDGE
WHAT SETTLEMENT OPTION PROVIDES INCOME PAYMENTS FOR THE DURATION OF THEIR LIFE, AND GUARANTEES PAYMENT FORA SPECIFIED NUMBER OF YEARS?
LIFE INCOME WITH PERIOD CERTAIN
WHAT IS THE PURPOSE OF THE FREE-LOOK PERIOD?
TO ALLOW THE INSURED TO RETURN THE POLICY WITH A FULL REFUND
WHAT DOES LIQUIDITY MEAN IN A LIFE INSURANCE POLICY
AVAILABILITY OF CASH VALUE
WHAT TYPE OF MISREPRESENTATION PERSUADES AN INSURED TO THEIR DETRIMENT TO CANCEL, LAPSE, OR SWITCH, POLICIES FROM ONE TO ANOTHER?
TWISTING
WHAT TYPE OF UNDERWRITING RISK CLASSIFICATION RESULTS IN THE HIGHEST PREMIUMS?
SUBSTANDARD
IN FLEXIBLE PREMIUM PAYMENT ANNUITIES, THE TERM FLEXIBLE REFERS TO WHAT?
PREMIUM
WHAT ARE THE DIVIDEND OPTIONS?
C-CASH, R-REDUCTION OF PREMIUM, A-ACCUMULATION OF INTEREST, P-PAID UP ADDITIONS, P-PAID UP INSURANCE, O-ONE YEAR TERM
WHAT ARE SOME EXAMPLES OF QUALIFIED PLANS?
IRA, 401K, KEOGH(HR-10), SEP, SIMPLE
WHAT ARE THE MOST COMMON PENALTIES FOR VIOLATIONS OF INSURANCE STATUTES?
CEASE AND DESIST, A FINE, AND LICENSE SUSPENDED/REVOCATION
THE CONCEPT THAT THE INSURED PAYS A SMALL AMOUNT OF PREMIUM FOR A LARGE AMOUNT OF COVERAGE IS CALLED?
ALEATORY
WHO BEARS THE INVESTMENT RISK IN A FIXED ANNUITY?
THE INSURER
WHAT REQUIRED PROVISION PROTECTS AGAINST UNINTENTIONAL POLICY LAPSE?
GRACE PERIOD
HOW ARE CASH VALUE INCREASES TAXED?
ITS TAX DEFERRED
WHAT ARE PRODUCERS REQUIRED TO DO IN ORDER TO RENEW THEIR LICENSES?
COMPLETE CONTINUING EDUCATION HOURS AND PAY A RENEWAL FEE
WHEN WOULD A MISREPRESENTATION ON AN INSURANCE APPLICATION BE CONSIDERED FRAUD?
WHEN ITS INTENTIONAL AND MATERIAL
UUNDER OPTION B IN UNIVERSAL POLICY, WHAT HAPPENS TO THE DEATH BENEFIT?
INCREASES EACH YEAR
WHAT PROVISION PREVENTS AN INSURER FROM DISPUTING OR DENYING A CLAIM DUE TO MISSTATEMENTS ON AN APPLICATION?
INCONTESTABILITY
WHAT IS THE CONSEQUENCE OF WITHDRAWING FUNDS FROM A TRADITIONAL IRA PRIOR TO AGE 59 1/2?
10% PENALTY
WHAT ARE THE TYPES OF LOCATIONS OF INCORPORATIONS?
DOMESTIC, FOREIGN, ALIEN