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What is the approach to assessing the consumer's need for life insurance that focuses on an individual's future stream of income?

A.

Needs approach

B.

Affordability approach

C.

Human Life Value approach

D.

Return of Investment approach

What type of insurance is the cheapest option to pay off a 30-year mortgage balance?

A.

Increasing term insurance.

B.

Decreasing term insurance.

C.

Level term insurance.

D.

Variable life insurance.

In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?

A.

10

B.

15

C.

20

D.

30

The period after an annuity Is purchased but before distributions begin Is referred to as the

A.

annuity phase.

B.

build-up phase.

C.

endowment phase.

D.

accumulation phase.

Which activity does NOT require an Insurance agent's license?

A.

negotiating

B.

selling

C.

soliciting

D.

underwriting

Which of the following statements is TRUE regarding a waiver of premium rider?

A.

There will be no change in the policy other than the insured no longer has to pay the premiums on the policy.

B.

The policy's cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.

C.

The death benefit will be reduced by the amount of the unpaid premiums.

D.

The insured will automatically become eligible for accelerated death benefits.

An accelerated death benefit

A.

pays an additional benefit if the policyholder dies as a result of an accident.

B.

allows the policyowner to sell their policy to a third party.

C.

pays a portion of the face amount when a policyowner Is determined to be terminally ill.

D.

pays only in the event of an accident resulting in death.

An agent qualified to sell variable products in Ohio must report each of the following to the superintendent of Insurance EXCEPT

A.

a suspension from the National Association of Securities Dealers.

B.

the revocation of an insurance license held in another state.

C.

the sharing of commissions with another qualified agent.

D.

a felony criminal conviction.

An annuitant dies during the accumulation period. What happens to the cash value in the annuity?

A.

The cash value is paid to the beneficiary.

B.

The cash value is paid into the estate.

C.

The cash value is paid to the IRS.

D.

The company keeps the cash value.

Generally, If a life application Is NOT prepaid, the effective date of coverage begins on the date the

A.

application is signed.

B.

policy is delivered and accepted.

C.

company underwriter approves the risk.

D.

application is postmarked and mailed to the insurer.