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LIFE PRODUCER EXAM STUDY SET BASED OF PROMETRIC
OUTLINE EXAM QUESTIONS
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -90 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Risk Management Key Terms
Answer:
-risk -exposure -Hazard -Peril -Loss
Question 2: Fixed period instalments
Answer:
A life insurance settlement option in which the number of payments is fixed by the payee, with the amount of each payment determined by the amount of proceeds.
Question 3: Public Insurance Adjuster
Answer:
An individual employed by a policyholder to negotiate a claim with the insurance company in exchange for a percentage of the claim settlement. Public insurance adjusters must be licensed by TDI.a professional claims handler/ claims adjuster who advocates for the policyholder in appraising and negotiating a claimant's insurance claim. ... Although seen many times as adversarial by the Carriers, public adjusters do (almost always) substantially increase the settlement value of the loss.
Question 4: Annual Renewable term
Answer:
Annually renewable term (ART) A form of renewable term insurance that provides coverage for one year and allows the policy owner to renew coverage each year without evidence of insurability. Also called yearly renewable term (YRT).
Question 5: Reinstatement & Duration
Answer:
-Reienstatment -renewals -adress changes -reporting of actions -assumed names -continuing education requirements -exemptions
- penalties
Question 6: Definitions
Law 175
:212
Answer:
???????
Question 7: A settlement option providing for life insurance or annuity proceeds to be used to buy an annuity payable to the beneficiary for life-often with a specified number of payments certain or a refund if payments don't equal or exceed premiums paid.
Answer:
Nonforfeiture Values
Question 8: level term life insurance
Answer:
Term coverage on which the face value remains unchanged from the date the policy comes into force to the date the policy expires.
Question 9: Individuals
Answer:
Classes
Question 10: Reinsurance Intermediaries
Answer:
Intermediary brokers are defined as any firm, association, or corporation who "solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without having the authority or power to bind reinsurance on behalf of such insurer."
Question 11: intrest on insurance precedes
Answer:
Benificiaries
Question 12: Specialized Policies
Answer:
-Joint life (first to die) -Suvivorship life ( second to die) -Juvenile life
Question 13: intrest sensitive
Answer:
Whole life policy whose premiums vary depending upon the insurer's underlying death, investment and expense assumptions.
Question 14: Disclosure to customers
law 175:213
Answer:
No person shall act as a life settlement provider or, except as provided in clauses (c) and (d), a life settlement broker with an owner who is a resident of the commonwealth, without first obtaining a license from the commissioner.Question 15: A nonforfeiture option contained in most life insurance policies providing for the insured to elect to have the cash surrender value of the policy used to purchase a paid-up policy for a reduced amount of insurance.
Answer:
Policy loan
Question 16: Life Settlement Broker Authority and licensing
Law 175:213
Answer:
Life Settlement Broker Individual License. A Life Settlement Broker is a person who, on behalf of an owner and for a fee, commission, or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more providers, or one or more brokers.
Question 17: Continuous Premium
Answer:
Whole Life Insurance. Also known as straight life insurance, this is a species of whole life insurance in which premiums are payable right up until the death of the insured / throughout the whole life of the policy.
Question 18: Reinstatment
Answer:
If you fail to renew on time (within 30 days of the expiration date) you must reinstate your license--if not reinstated within one year from expiration then the licensee will lose his license. Reinstatement fees include: Salesperson (100), Business entity (135), Broker (120), Concurrent Broker (120), Firm (245), Branch (135)
Question 19: fixed amount installments
Answer:
A life insurance settlement option whereby the beneficiary instructs that proceeds be paid in regular installments of a fixed dollar amount. The number of payment periods is determined by the policy's face amount, the amount of each payment, and the interest earned.
Question 20: Special Brokers
Answer:
A special brokers and individual who places insurance business with the insurers that are not authorized to transact business in the states also knows as a surplus-lines broker.
Question 21: Life Settlement Act
Answer:
Is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit. ... For a viatical settlement, a person who is selling his policy (viator) is terminally or chronically ill.
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