Download 214 License / Q-Bank / Complete Accurate Quizzes with Verified Answers, 2025 / 2026 _____ and more Exams Nursing in PDF only on Docsity!
214 License / Q-Bank / Complete
Accurate Quizzes with Verified
Answers, 2025 / 2026
_____________Quiz____________? Which of the following describes a participating insurance policy? -
Answer ✓✓
Policyowners are entitled to receive dividends _____________Quiz____________? At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? -
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Upon completion of the application _____________Quiz____________? Dividends payable to a policyowner are: -
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Declared by the insurance company. _____________Quiz____________? At what point does an informal agreement become a binding contract? -
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When consideration is provided by one of the parties to the contract
_____________Quiz____________? When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have -
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Insurable interest in the proposed insured _____________Quiz____________? Which of the following arrangements allows one to bypass insurable interest laws? -
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(STOLI) or Investor Originated Life Insurance _____________Quiz____________? Taking receipt of premiums and holding them for the insurance company is an example of -
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Fiduciary Responsibility _____________Quiz____________? A policy of adhesion can only be modified by whom? -
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The Insurance Company _____________Quiz____________? The exchange of unequal values reflects: -
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Aleatory _____________Quiz____________? Life and health insurance policies are -
_____________Quiz____________? Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? -
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the Policyowner(investor) _____________Quiz____________? K purchased a Life insurance policy in 1986 which paid 10% interest in the early years of the policy. Twenty years after the purchase, she received a notice from the insurer stating that the policy will soon terminate unless a much-higher premium is paid because of falling interest rates. This type of policy is known as: -
Answer ✓✓
Universal Life Policy _____________Quiz____________? Which of these would be considered a Limited-Pay-Life policy? -
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Life Paid Up at Age 70 _____________Quiz____________? K is looking to purchase Renewable Term insurance. Which of these types of Term insurance may be renewable? -
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Level Term Policy (pays same death benefit if insured dies any time during policy) _____________Quiz____________? A universal life policy is sometimes referred to as an unbundled Life Policy because the owner can see the interest earned, cost of insurance, and -
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Expense Charges _____________Quiz____________? What type of insurance offers permanent life coverage with premiums that are payable for life? -
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Whole Life Policy _____________Quiz____________? Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health? -
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Conversion _____________Quiz____________? When is the face amount of a Whole Life policy paid? -
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When the insured dies, or the policy's maturity, whichever comes first! _____________Quiz____________? Additional coverage can be added to a Whole Life policy by adding a(n) -
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Decreasing Term Rider _____________Quiz____________? When a life policy exceeds certain IRS table values, the result would create which of the following? -
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The premium increases each year during the early years of the contract and remains the same after that time _____________Quiz____________? P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. What type of policy should P purchase? -
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Family Maintenance Policy _____________Quiz____________? Term life policies that have the ability to be converted to permanent coverage may do so during a specific time period. This conversion period -
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Varies according to the contract _____________Quiz____________? The most important factor to consider when determining whether to convert term insurance at the insured's attained age or the insured's original age is -
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the cost _____________Quiz____________? STOLI is when a person purchases life insurance only to then sell it to -
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a third party with no insurable interest _____________Quiz____________? The Accidental Death and Dismembering (AD&D) provision in a life insurance policy would pay additional benefits if the insured: -
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Is blinded in an accident. _____________Quiz____________? K owns a whole life policy. If K wants an increasing death benefit to protect against inflation, which dividend option should she choose. -
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Paid Up Option _____________Quiz____________? In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy -
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Owner's Rights _____________Quiz____________? Which of these provisions require proof of insurability after a policy has lapsed? -
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Reinstatement _____________Quiz____________? The ____ has the right to change the beneficiary on a life insurance policy. -
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Policyowner _____________Quiz____________? Suicide committed in contestable period -
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_____________Quiz____________? The ____ is authorized to assign a life insurance policy as collateral for a loan. -
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Policyowner _____________Quiz____________? What action can a policyowner take if an application for a bank loan requires collateral? -
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Assign policy ownership to the bank _____________Quiz____________? In a life insurance contract, an insurance company's promise to pay stated benefits is called the : -
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Insuring Clause _____________Quiz____________? Which of the following nonforfeiture options offers the highest death benefit? -
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Extended Term Option _____________Quiz____________? The accelerated death benefit provision in a life insurance policy is also known as a -
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Living Benefit _____________Quiz____________? A term life rider offers the insured -
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Additional Life Coverage _____________Quiz____________? The automatic premium loan provision is designed to -
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Avoid a policy lapse _____________Quiz____________? D is the policyowner and insured for a $50,000 life insurance policy. The beneficiary is D's wife. D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. If D dies without making any further changes, to whom will the policy proceeds be paid to? -
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Ex Wife _____________Quiz____________? Which statement regarding the Misstatement of Age provision is considered to be true? -
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Coverage will be adjusted to reflect the insured's true age if a misstatement of age is discovered _____________Quiz____________? A policyowners rights are limited under which beneficiary designation? -
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Irrevocable _____________Quiz____________?
C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. Which factor would affect her decision the most? -
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the cost _____________Quiz____________? K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? -
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proceeds will be paid to K's estate if P dies within a specified time. _____________Quiz____________? T is the policyowner for a life insurance policy with an irrevocable beneficiary designation. If T wishes to change the beneficiary, T must obtain permission from the -
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Beneficiary _____________Quiz____________? ___ % of personal life insurance premiums is usually deductible for federal income tax purporses. -
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_____________Quiz____________? An underwriter determines that an applicant's risk should be recategorized due to a health issue. This policy may be issued with a(n) -
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extra premium
_____________Quiz____________? Before a life insurance policy is issued, which of these components of the contract is required? -
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Applicants signature on application _____________Quiz____________? M completes an application for health insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect, EXCEPT: -
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Free look period has expired _____________Quiz____________? Upon delivery of a rated insurance policy, the Producer must obtain each of the following EXCEPT: -
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Signed HIPAA disclosure _____________Quiz____________? From what authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an applicant? -
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Fair Credit Reporting Act _____________Quiz____________? Upon Policy Delivery, a signed statement of good health is requested from the applicant. Why would this be necessary? -
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A $20,000 life insurance policy application is completed, however the producer does not collect the initial premium. At what point does the coverage go into effect? -
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When the applicant receives the policy and pays the initial premium. _____________Quiz____________? The underwriting process includes the following EXCEPT: -
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Policy Loan _____________Quiz____________? All of these are considered sources of underwriting information about an applicant EXCEPT -
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Rating Services. _____________Quiz____________? An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a -
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$25,000 individual whole life policy _____________Quiz____________? Which of the following is an important underwriting principle of group life insurance? -
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Everyone must be covered in the group _____________Quiz____________?
What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? -
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Conversion _____________Quiz____________? Company XYZ offers a term life insurance plan to its employees. What does each employee covered under this plan receive? -
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Certificate of Insurance _____________Quiz____________? An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can be -
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Converted to an individual permanent policy at an individual rate _____________Quiz____________? Which of the following statements about noncontributory group life insurance is FALSE? -
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A minimum # of employees is required to participate (no min number required). _____________Quiz____________? What type of group insurance plan involves employees sharing the cost? -
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Contributory Plan _____________Quiz____________?
K is an annuitant currently receiving payments. If she were to die before receiving payments equal to the correct value, a beneficiary will continue receiving payments until an amount equal to the contract value has been paid. This is called a(n): -
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Installment Refund Annuity _____________Quiz____________? T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide? -
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Income that cannot be outlived by the owner. _____________Quiz____________? T has an annuity that guarantees and income payments for the rest of his life. The contract also guarantees that if T dies before receiving payments for 20 years, the remaining payments will be paid to his son for the balance of the 20 years. What type of annuity is this? -
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Life Annuity with Period Certain _____________Quiz____________? W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) -
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Immediate Annuity _____________Quiz____________? The payments on Q's annuity are no less than $250 quarterly. Which of the following annuities does Q own? -
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Flexible Installment Deferred _____________Quiz____________? N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase? -
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Fixed Deferred _____________Quiz____________? S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? -
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Single Premium _____________Quiz____________? P, age 50, purchased an annuity that P will fund with $500/ month for 15 years. The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P purchase? -
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Deferred Annuity _____________Quiz____________? All of these are considered benefits under SSN except for: -
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Unemployment _____________Quiz____________? What determines the full amount of Social Security retirement benefits a qualified individual is entitled to receive? -
