AK_IIAP - MOCK EXAM 2
Quiz by Maricar Y. Ladines
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60 questions
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- Q1If the insured dies during the grace period of an unpaid life insurance policy, the amount payable to the beneficiary is usually theface amount of the policy minus the unpaid premium.full face amount.cash surrender value of the policy minus the unpaid premiumtotal premium paid plus interest30s
- Q2Which of the following statements is correct?an insurance agent’s license will be renewed when the corresponding application and fee are received by the Insurance Commissioner.an insurance agent’s license is valid only for one monthan insurance agent’s license is valid during the lifetime of the agentan insurance agent’s license will be renewed when the Commissioner is satisfied that the information in the application is accurate and all requirements are met.30s
- Q3The insurance industry is under government regulations becauseit affects public interest.it pays high taxesit is required to account for money spent in company operations.it is a charitable institution.30s
- Q4Which of the following statements is correct?sharing the commission with any other person is called twistingan agent is allowed to share commissions with another licensed agent or agents but with no one else.an agent is not allowed to share commissions with any personan agent is allowed to share commissions when selling a whole life policy but not when selling a term policy.30s
- Q5Which of the following statements is correct?life insurance agents are allowed to act for two insurers at the same time under the same licenserebating of premiums by an insurance agent is prohibiteda life insurance is not allowed to identify on his letterhead the name of the insurer he representsrebating of premiums can only be authorized by the head office of the insurer.30s
- Q6Persuading a policyowner, directly or indirectly, to surrender or lapse a policy in one company and replacing it with a policy from another company istwistingdiscountingknockingrebating30s
- Q7Interest is charged on policy loansto replace investment income the insurer cannot earn since a loan has been granted.for participating policies only.for registered policies onlyif the loan is outstanding for more than a year. A loan repaid within a year is interest free.30s
- Q8Rebating isgiving false informationtwistingpremium discrimination against policyholdersdating the policy a month in advance30s
- Q9An insurance agent’s license can be revoked formisrepresentation in the application for licenseany or all of the abovefraudulent practicesviolation of any provision of the Insurance code30s
- Q10One example covered under the ethical practices and procedures iskeep all policyholders information confidentialalways recommend a willnever drink in front of clientsalways pick up the first premium with the application for insurance30s
- Q11The term knocking meansNone of the abovepromising to pay to two annuitants a fixed annual income as long as both survivemaking derogatory remarks about competing underwriters or companies.the number of years that person at a given age will live on the average as shown by the mortality table30s
- Q12The following are unethical practices in the solicitation and procurement of insurance exceptobtaining or attempting to obtain a license by fraud or misrepresentationmisleading estimates of the dividends or shares of surplus to be received thereoninducing a policyholder to lapse, forfeit or surrender a policy he holds for another companymisrepresenting the terms of any policy issued by any insurance company or the benefits or advantages promised thereon30s
- Q13Twisting isan attempt made by an insurance to secure the services of an agent from another companythe replacement of a policy in one company with another policy in another companyan offense which does not apply to variable conceptspaying the premium on one policy by surrendering the dividends of another policy30s
- Q14The misstatement of facts by either of the parties of insurance, whether in writing or orally, preliminary and in reference to making the insurance contract isoverloadingtwistingknockingmisrepresentation30s
- Q15Selling a person more insurance than what is warranted by his sources is calledtwistingrebatingoverloadingknocking30s