WISCONSIN LIFE INSURANCE EXAM STUDY GUIDE

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WISCONSIN LIFE INSURANCE EXAM | STUDY GUIDE

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -56 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: A wavier of premium rider allows an insured to waive premium payments if the insured is

Answer:

Completely and permanently disabled Question 2: An intermediary must hold which of the following licenses to sell variable life insurance policies?

Answer:

Life,variable, and securities license

Question 3: Question 6. How does life insurance create an immediate estate?

Answer:

After the first premium is paid, the face amount may be available to the beneficiary Question 4: An attending physician's statement would be appropriate for which life insurance purpose?

Answer:

At the request of the insurer to assist in the underwriting decision

Question 5: Question 9. Which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined?

Answer:

Underwriting

Question 6: Level premium term life insurance policies

Answer:

have premiums that are averaged over the policy period Question 7: The type of policy which pays on the death of the last person is called

Answer:

survivorship life Question 8: In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST

Answer:

provide evidence of insurability to the insurer Question 9: Question 11. Joe has a life insurance policy that has a face amount of 300,000. After a number years, the policy's cash value accumulates to 50,000 and the face amount becomes 350,000. What kind of policy is this?

Answer:

Universal Life policy Question 10: Question 7. A policyowner can receive an immediate payment before the insurer dies by using a(n)

Answer:

Viatical settlement contract Question 11: Ron had a life insurance policy with a face value of 100,000 and cost of living rider.If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy?

Answer:

4,000

Question 12: Question

• The Double indemnity provision in a life insurance policy pertains to an insured's death

caused by a(n)

Answer:

Accident

Question 13: What is the best way to define life insurance replacement?

Answer:

a transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered Question 14: An insurance applicant with a below-average likelihood of loss is typically considered to be a

Answer:

preferred risk Question 15: Question 17. Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in?

Answer:

Accumulation Period

Question 16: All of the following are examples of pure risk EXCEPT?

Answer:

Losing money at a casino Question 17: If the commissioner requests to examine an insurer's books and records. The insurer

Answer:

Must not impede the examination Question 18: In Wisconsin, any intermediary who sells a life insurance policy using misrepresentation

Answer:

Has committed an illegal act

Question 19: An insurance applicant has made a false statement on the application that will affect the insurer's decision on whether or not to issue the policy. This false statement is considered to be a(n)

Answer:

Material misrepresentation Question 20: An intermediary's insurance records or pertinent information must be provided, upon request, to the insurance commissioner

Answer:

Promptly in writing or in any other designated form Question 21: Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called

Answer:

Estate conservation

Question 22: Question

• Which of these situations would NOT potentially involve a prison sentence under the Federal

Law?

Answer:

Selling insurance with a nonresident license Question 23: ABC Insurance Company transfers part of their risk to XYZ Insurance Company.This situation is called

Answer:

Reinsurance Question 24: In which of the following relationships would there NOT be an insurable interest?

Answer:

Business owner to business customer Question 25: Variable life insurance and universal life insurance are very similar. Which of these features are held exclusively by variable universal life insurance?

Answer:

Policyowner has the right to select the investment which will provide the greatest return