SC LIFE INSURANCE EXAM STUDY SET EXAM QUESTIONS

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SC LIFE INSURANCE EXAM STUDY SET EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification?Standard Substandard Acceptable Preferred

Answer:

Preferred Question 2: All of these are standard exclusions found in a life insurance policy EXCEPT hazardous occupations aviation Disability War

Answer:

disability Question 3: A partial surrender is allowed in which of the following life policies?Adjustable whole life Universal life Decreasing term life Limited whole life

Answer:

Universal Life

Question 4: Term insurance is appropriate for someone who

seeks living benefits for themselves seeks a policy that builds cash value seeks temporary protection and lower premiums seeks permanent protection and higher premiums

Answer:

seeks temporary protection and lower premiums Question 5: What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured?Policy dividend Specified amount of money Policy's cash value Funeral expense fund

Answer:

Specified amount of money

Question 6: How soon can the benefit payments begin with a deferred annuity?

Anytime after date of purchase Anytime within 12 months after date of purchase

• A minimum of 6 months after date of purchase

A minimum of 12 months after date of purchase

Answer:

A minimum of 12 months after date of purchase Question 7: An insurer has a right to screen applicants for HIV in which of the following ways?Blood test for HIV Inquiring about risky sexual behavior Inquiring about sexual orientation Automatically declining an application due to sexual orientation

Answer:

Blood test for HIV Question 8: The two major actions required for a policyholder to comply with the Reinstatement Clause are provide evidence of insurability, agree to a new incontestable period provide evidence of insurability, pay past due premiums pay past due premiums, agree to a new incontestable period pay past due premiums, agree to a reduction in coverage

Answer:

provide evidence of insurability, pay past due premiums Question 9: Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident?Primary beneficiary's estate Contingent beneficiary Insureds estate Children of the insured

Answer:

Contingent beneficiary

Question 10: What does the word "level" in Level Term describe?

The period of coverage The face amount The premium payments The cash value

Answer:

Face amount

Question 11: An annuity is primarily used to provide

retirement income disability income long-term care benefits death benefits

Answer:

retirement income Question 12: A waiver of premium rider allows an insured to waive premium payments if the insured is Temporarily disabled Unemployed Completely and permanently disabled Experiencing financial hardship

Answer:

completely and permanently disabled

Question 13: Which of these premium payment frequencies is not typically available to a policyowner?Bi weekly Monthly Quarterly Semi annual

Answer:

Bi-weekly Question 14: Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwvinners death?Financial loss value Human life value Assessment value Replacement value

Answer:

Human life value Question 15: Which of the following actions is REQUIRED by a producer who is replacing an existing lite insurance Keep replacement records on file for at least 10 years Notify the existing insurer of the proposed replacement Submit to the replacing insurer a list of the policies to be replaced Offer the insured a 60-day free-look period

Answer:

Submit to the replacing insurer a list of the policies to be replaced Question 16: An individual most likely will have an insurable interest in insuring a person's life if

• an economic interest exists for the continuance of the insured's life

A financial interest exists at the time of insured death there is any blood relationship with the insured A business relationship exists

Answer:

An economic interest exists for the continuance of the insureds life