Life License Quiz Questions

What action should a producer take if the initial premium is NOT submitted with the application?

• Keep the application until premium is paid

• Forward the application to the insurer after giving the applicant a binding receipt

• Forward the application to the insurer without the initial premium

• Forward the application to the insurer after giving the applicant a conditional receipt

What is being delivered during a policy delivery?

• A binding receipt to the proposed insured

• Insurance contract to the proposed insured.

• Application and initial premium to the insurer

• Policy summary sheet and disclosure material to the proposed insured.

4/ Information obtained from a phone conversation to the proposed insured can be found in which of these reports?

• Agent's report

• MIB report

• Inspection Report

• Attending Physician Report

5/ Upon policy delivery, a signed good health statement is requested from the applicant, why would this be necessary?

• the applicant chose an annual premium mode

• the applicant is suspected of making a material misrepresentation

• the initial premium was submitted with the applicatic

• the initial premium was not submitted with the application

1.6/ Company XYZ offers a group Term Life insurance plan to its employees. What does each employee covered under this plan receive?

• Master policy

• Receipt of coverage

• Individual policy

• Certificate of insurance

2.6/ When an employee is terminated, which statement about a group term life conversion is true?

• Employee must convert group term life coverage into an individual term life policy

• Employee must provide evidence of insurability for conversion

• Policy proceeds will be paid if the employee dies during the conversion period

• Policy proceeds will NOT be paid if the employee dies during the conversion period

3.6/ Which requirement must be met for an association to be eligible for a group life plan?

• Group was formed for a purpose other than acquiring insurance

• Group must establish a President

• Group must have at least 10 members

• Group was formed for the purpose of acquiring insurance

4.6/ Group life insurance policies are generally written as:

• a term rider

• annually renewable term

• increasing term

• group whole life

6.6/ Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory

• Portion of the premiums paid for by the employer may be a tax deduction

• Portion of the premiums paid for by the employee may be a tax deduction

• Portion of the death proceeds are taxable to the beneficiary
  

• 
  Portion of the death proceeds are taxable to the

9.6/ If S, while in the process of converting her group life insurance to an individual policy, dies, what happens to the claim her beneficiary submits?

• No benefits are payable under the Master contract.

• Full benefits are payable under the Master contract.

• Full benefits are payable under the converted policy.

• Benefits less the required premium are payable under the converted policy.