PA Life Insurance Exam Questions and Answers Already Passed
Question :Single premium cash value policy can be described
as..
CORRECT ANSWER :a policy that is paid up only after one
payment
Question :All of the following are considered appropriate uses
of life insurance..
CORRECT ANSWER :- 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
Question :The do not call list offers exemption from all
except
CORRECT ANSWER :life insurance
Question :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 :$5000 & 1 year in jail
Question :Which type of annuity guarantees a stated number
of income payments whether or not the annuitant is still alive to receive it
CORRECT ANSWER :life annuity certain
Question :In what part of the policy are the policy benefits
found
CORRECT ANSWER :conditions
Question :Commissioner is responsible for all of the
following..
CORRECT ANSWER :- issue cease & desist orders -
conduct hearings - regulate premium rates
Question :Maria would like an annuity that provides a
guaranteed accumulation or payout. The type of annuity she is seeking is called..
CORRECT ANSWER :annuity certain
Question :Which type of rider will waive the premium on a
child's life insurance policy if the parent paying the premium dies?
CORRECT ANSWER :guaranteed insurability
Question :Pat owns a 20 pay life policy with a paid dividend
option. Which of the following statements is true?
CORRECT ANSWER :the policy may be paid up early by
using policy dividends
Question :A renewable term life insurance policy can be
renewed
CORRECT ANSWER :anytime the policy owners request
Question :What would a be an expense factor in an insurance
program
CORRECT ANSWER :mortality costs
Question :Which of the following is an annuity that is linked
to a market related index..
CORRECT ANSWER :equity index annuity
Question :Agreements made by terminally ill persons to sell
their life insurance policies at a discount in order to pay medical expenses is called..
CORRECT ANSWE R:viatical settlements
Question :Variable life insurance & universal life insurance
are similar. Which of these are held exclusively by variable universal life insurance..
CORRECT ANSWER :Policyowner has the right to select
the investments which will provide the the greatest return
Question :An accelerated death benefit in PA must be at least
what percentage of the total death benefit..
