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| Section | Weight | Objectives |
|---|---|---|
| Life Insurance Product Knowledge | - Policy provisions and types - Modified Endowment Contracts and taxation - Settlement options and beneficiary provisions - Section 1035 exchanges and rollover rules - Cash value, dividends, policy loans and surrenders | |
| Insurance Regulation | 12% | - Temporary licenses - Licensing requirements - Assumed business names - Continuing education requirements - Reporting convictions and disciplinary actions - Renewal and nonrenewal - Resident and nonresident rules - Change of address and contact information |
An insured has chosen to receive the payout from her husband's life insurance policy so that she will receive
an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been
paid out. The insured has selected which option?
Correct Answer: B 🗳️
Statements by an applicant concerning personal health history, family health history, occupation, and hobbies
are referred to as
Correct Answer: A 🗳️
What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was
misstated?
Correct Answer: D 🗳️
Who can surrender an annuity during the accumulation period?
Correct Answer: B 🗳️
A policyowner may choose to have his/her life insurance policy dividends do all of the following EXCEPT
Correct Answer: C 🗳️
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