AK_IC - MOCK EXAM SET B
Quiz by Maricar Y. Ladines
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50 questions
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- Q1Life insurance contributes directly to the welfare and progress of the country byall of the aboveencouraging provisions for the futurepartially relieving the community of the care of dependentsaccumulating capital for investment in commerce and industry30s
- Q2One supplementary benefit offered is a payor’s benefit which is intended toprovide for the return of premiums to an adult payor in the event that a minor insured diesassure that the adult payor will retain a vested interest in the policy when the insured reaches the age of majorityallow the insurance company to pay the policy’s proceeds to the person who seems equitably entitled to the proceedsprovide a waiver of premium benefit in the event of death or disability of the person paying the premium30s
- Q3A whole life policy with an initial premium rate that applies to the first 5 years of the policy and a higher premium rate that applies to the remainder of the premium-payment period is known asan extended life policya modified life policyan experience-premium policya guaranteed renewable policy30s
- Q4A risk is considered substandard based on any or all of the following criteriaoccupation, moral character and family health historydeath, occupation and moral characterincome, educational attainment and occupationdeath, income and educational background30s
- Q5The only instance when a life insurance contract is treated primarily as an indemnity agreement is when aperson insures the life of a friendcreditor insures the life of his debtor to protect himselfperson insures the life of his or her spouse to protect against the loss of income earned by the spouseperson in a partnership insures the life of his partner to protect the firm against loss due to the death of that partner30s
- Q6Which of the following describes the convertible feature of a term insurance policy?It may be changed to another term insurance policy without evidence of insurabilityIt may be changed for a guaranteed sumIt may be changed to another whole life policyIt may be changed to a permanent insurance without evidence of insurability30s
- Q7A policy which permits the policyholder to vary the level of premium or the sum insured, and has its cash values dependent upon investment performance and the level of premiums paid is known as a (an) __________ policy.term with advance premium deposit provisionuniversal lifeparticipating whole lifeannuity30s
- Q8A policy which affords coverage for two or more persons simultaneously with the face amount of the policy payable when any of the insured dies at which time the policy terminates automatically is known as aSplit Pesos Insurance PolicyJoint Life PolicyDouble Duty Pesos InsuranceJoint and Survivor Annuity30s
- Q9The savings element of permanent plans allows for the build up ofdividendsmaturity benefitscash valuesdeath benefits30s
- Q10Mr. Alvarez bought a P150,000 policy with a 20-year reducing term rider. He died 5 years after the policy issue date. After his death, his wife received P150,000 and a monthly income thereafter for 15 years. This definitely has aFamily Income RiderCombination of whole life and level term insuranceStraight Family PolicyFamily Maintenance Insurance30s
- Q11Disability benefits are not paidfor self-inflicted injuriesif disability resulted from sickness onlyif all the policy dividends have been withdrawnif there is a loan against the policy30s
- Q12A person wanting a greater coverage for the least amount of premium has an option of attaching what rider in his permanent life policy?a waiver of premiumterm insurance riderguaranteed insurability rideraccidental death rider30s
- Q13A hazardous occupation could be defined asan occupation which exposes the insured to social hazardsall of the abovean occupation the duties of which expose the insured to a degree of danger of sustaining injuryan occupation in an unhealthy working condition exposing the insured to elements which can cause sickness30s
- Q14An agent fills out the Agent’s Confidential Report. What information must he put in his report?all information he knows which are material to the application for insuranceinformation about insured’s financesa & b onlyinformation about insured’s standing in the community30s
- Q15Most life insurance agents are expressly authorized to perform the following functions:accept initial premium and waive the insurable interest requirementAppraise the applicants and decide on a standard or sub-standard ratingsolicit applications for insurance, accept the initial premium and issue a receipt on behalf of the insurance companysolicit and approve the applications of the proposed insured30s