WI LIFE INSURANCE ACTUAL LATEST

WI LIFE INSURANCE ACTUAL LATEST

EXAM WITH REAL QUESTIONS AND

CORRECT ANSWERS | ALREADY GRADED

A+ | WI LIFE INSURANCE LATEST FINAL

VERSION

A person who knowingly obtains information on a consumer from a consumer reporting agency under false pretenses may be imprisoned for up to how many years? - ANSWER- 2 years

An insured would like to reactivate a life insurance policy that lapsed 2 years ago by paying all missed premiums and providing evidence of insurability. Which provision allows the insured to do this? - ANSWER- reinstatement

In a decreasing term policy, the term "decreasing" refers to - ANSWER- the premium

Unused premiums are returned to policy owners tax free in the form of - ANSWER- dividends

In whole life insurance, which of the following terms describes features such as cash values and loan provisions? - ANSWER- living benefits

How long is the grace period for an individual life insurance policy? - ANSWER-

• month 1 / 3

During which of the following annuity periods does an insured make monthly contributions to the annuity for retirement purpose? - ANSWER- accumulation

Avoiding tax consequences when transferring assets from one IRA to another can be accomplished by which of the following? - ANSWER- a direct rollover from one plan to the other

If a life insurance policy is not solicited through an intermediary, and if the policy offers a 30-day free-look period, which of the following is true regarding the buyer's guide delivery to the policy owner? - ANSWER- it must be provided at the time of application

A life insurance policy was classified as a Modified Endowment Contract(MEC) in its third year. Wen will it lose this classification? - ANSWER- when the beneficiary changes

Under which of the following risers will the insurer both waive policy premiums and pay monthly income to the insured if the insured is disabled? - ANSWER- disability income benefit rider

to secure a lower premium, an applicant for insurance may choose to backdate the application up to - ANSWER- 6 months

Term life insurance provides - ANSWER- temporary coverage

In which of the following types of temporary insurance protection does the death benefit NOT change throughout the life of the policy? - ANSWER- level term

• / 3

unlike the dividend itself, the interest earned on dividends is - ANSWER- taxable

The face amount of a life insurance policy will be included in the insured's taxable estate if the insured transfers ownership of the policy - ANSWER- in the 3 years before his or her death

The General Information section of the life insurance application includes all of the following information about the applicant EXCEPT - ANSWER- income

Who bears the investment risk in variable life insurance products? - ANSWER- the policy owner

Which of the following riders usually expires when the covered insured reaches a specific age? - ANSWER- children's term

An annuity pays a monthly amount for the remainder of the annuitant's life. If death occurs before the principal is exhausted, the remaining amount will be paid to a designated beneficiary. Which payment option ha the annuitant selected? - ANSWER- refund life

Another name for a Keogh Plan is - ANSWER- HR-10

Term insurance pays the death benefit to the beneficiary if the insured dies while the policy is in effect, but pays nothing if the insured dies after the policy's cancellation or expiration. This is known as - ANSWER- pure death protection

Which of the following terms means the frequency of premium payment? - ANSWER- mode

• / 3