Primerica Life Insurance Study guides, Class notes & Summaries

Primerica Practice Exam B Questions With Verified Answers 1. The annuity income amount is based on whose life? A. Owner B. Insured C. Annuitant D. Beneficiary - answerannuitant 2. An injured party to a contract is able to rescind the contract for A. Representations. B. Unintentional concealment C. Health problems D. Financial difficulties. - answerunintentional concealment 3. A whole life policy that will generate immediate cash value is A. Single premium. B. Continuous premium. C...

Primerica Practice Exam Questions With Verified Answers An applicant who is visually impaired has what type of hazard? - answerPhysical What information is NOT required prior to making a recommendation for the purchase of an annuity? - answerHealth status When assessing a consumer's need for life insurance by focusing on an individual's future stream of income, the producer is using the - answerHuman life value approach The administrative penalty for an insurer's first violation of the...

Primerica Life Insurance In Person Class Exam Questions With Verified Answers What is a provision? - answerDefine the standard characteristics of all policies. No need to add these items, it usually comes with the policy Entire Contract - answerThink R.A.P., this is what it includes R- Riders A- Application P- Policy This is a legal contract and can not be changed unless both parties agree to the change. Tip: Buyer's Guide - Illustrations - Policy Summary are required but not apart of ...

Primerica Chapter 3: Life insurance policies Exam Questions With Verified Answers Attained Age - answerInsured's age at the time the policy is issued or renewed. Deferred - answerWitheld or postponed until a specific time or event in the future. Endow - answerto have cash value of a whole life policy reach the contractural face amount. Face Amount - answerThe amount of benefit stated in the LIP. Fixed Life Insurance Products - answercontracts that offer guaranteed minimum or fixed benefi...

Primerica life insurance License chapter 2 Exam Questions With Verified Answers Attained age - answerthe insured's age at the time the policy is issued or renewed cash value - answerA policy's savings element or living benefit face amount - answerthe amount of benefit stated in the life insurance fixed life insurance - answercontracts that offer guaranteed minimum or fixed benefits deferred - answerwithheld or postponed until a specified time or event in the future Endow - answerthe cas...

Primerica Guarantee Test Questions And Answers Fully Verified Guaranteeing future dividends is considered to be an unfair or deceptive act known as - answerTwisting An applicant for a disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems on their application. Their answer is considered to be - answerRepresentation. If the Insurance Commissioner believes that an insurer has engaged in an unfair ...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds are pai...

Risk - uncertainty of a financial loss; 2 types Two typed of risks - Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? - You get to transfer financial risk left after passing to insurance company Law of large numbers - the larger the size of the group the more accurately the experience aka predicted losses of that group can be predicted Policyowner - person who owns policy, pays premiums, and chooses the beneficiary Insured - the life of the person the pol...

Accelerated Benefits - Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - An insurance policy that provides payment if the insured's death is the result of an accident. Accumulation Period - The time before an a...