MASSACHUSETTS LIFE INSURANCE EXAM

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MASSACHUSETTS LIFE INSURANCE EXAM

Qs and Ans - Expert- Explanation - ing score -9 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: An insurance company may NOT use a policy form unless it has been

approved by the Superintendent for at least _____ days.

Answer:

30 Question 2: A life insurance policy that includes a return of premium rider will pay the beneficiary how much upon the insured's death?

Answer:

Total premiums paid + face amount Question 3: Which of these is an accurate statement regarding the fixed period settlement option on a life insurance policy?

Answer:

A portion of the payments paid to the beneficiary comes from interest calculated on the proceeds of the policy Question 4: An agent's authority to bind an insurer to an insurance contract may be granted in the

Answer:

agent's contract and the insurance company's appointment

Question 5: A foreign insurer wishing to conduct business in MA must obtain

Answer:

certificate of authority Question 6: A life insurance policyowner sells her policy to a third party in a life settlement.Under this transaction, the policy owner

Answer:

receives an amount less than the policy's death benefit.Question 7: The payment of the first premium, the promise to pay a covered loss, and the agreement to abide by policy conditions are all examples of

Answer:

Consideration

Question 8: A life insurance producer's underwriting duties may include

Answer:

seeking additional information requested by the insurance company Question 9: all of these statements correctly describe an aleatory contract EXCEPT

Answer:

Only one party makes any kind of legally enforceable offer