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IIAP-Mock-Exams-2-w-answer-key

Quiz by Mary Anne Marte

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60 questions
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  • Q1
    If the insured dies during the grace period of an unpaid life insurance policy, the amount payable to the beneficiary is usually the
    full face amount.
    total premium paid plus interest.
    cash surrender value of the policy minus the unpaid premium.
    face amount of the policy minus the unpaid premium.
    30s
  • Q2
    Which of the following statements is correct?
    an 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.
    an insurance agent’s license is valid during the lifetime of the agent.
    an insurance agent’s license is valid only for one month.
    an insurance agent’s license will be renewed when the corresponding application and fee are received by the Insurance Commissioner.
    30s
  • Q3
    The insurance industry is under government regulations because
    it is required to account for money spent in company operations.
    it is a charitable institution.
    it pays high taxes.
    it affects public interest.
    30s
  • Q4
    Which of the following statements is correct?
    sharing the commission with any other person is called twisting.
    an 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 person.
    an agent is allowed to share commissions when selling a whole life policy but not when selling a term policy.
    31s
  • Q5
    Which of the following statements is correct?
    rebating of premiums by an insurance agent is prohibited.
    life insurance agents are allowed to act for two insurers at the same time under the same license.
    a life insurance is not allowed to identify on his letterhead the name of the insurer he represents.
    rebating of premiums can only be authorized by the head office of the insurer.
    32s
  • Q6
    Persuading a policyowner, directly or indirectly, to surrender or lapse a policy in one company and replacing it with a policy from another company is
    rebating
    knocking
    discounting
    twisting
    33s
  • Q7
    Interest is charged on policy loans
    for registered policies only.
    if the loan is outstanding for more than a year. A loan repaid within a year is interest free.
    for participating policies only.
    to replace investment income the insurer cannot earn since a loan has been granted.
    34s
  • Q8
    Rebating is
    giving false information.
    premium discrimination against policyholders.
    dating the policy a month in advance.
    twisting.
    35s
  • Q9
    An insurance agent’s license can be revoked for
    violation of any provision of the Insurance code.
    fraudulent practices.
    any or all of the above.
    misrepresentation in the application for license.
    36s
  • Q10
    One example covered under the ethical practices and procedures is
    keep all policyholders information confidential.
    always pick up the first premium with the application for insurance.
    always recommend a will.
    never drink in front of clients.
    37s
  • Q11
    The term knocking means
    making derogatory remarks about competing underwriters or companies.
    None of the above
    the number of years that person at a given age will live on the average as shown by the mortality table.
    promising to pay to two annuitants a fixed annual income as long as both survive.
    38s
  • Q12
    The following are unethical practices in the solicitation and procurement of insurance except
    obtaining or attempting to obtain a license by fraud or misrepresentation.
    misrepresenting the terms of any policy issued by any insurance company or the benefits or advantages promised thereon.
    misleading estimates of the dividends or shares of surplus to be received thereon.
    inducing a policyholder to lapse, forfeit or surrender a policy he holds for another company.
    39s
  • Q13
    Twisting is
    the replacement of a policy in one company with another policy in another company.
    paying the premium on one policy by surrendering the dividends of another policy
    an offense which does not apply to variable concepts.
    an attempt made by an insurance to secure the services of an agent from another company.
    40s
  • Q14
    The misstatement of facts by either of the parties of insurance, whether in writing or orally, preliminary and in reference to making the insurance contract is
    knocking
    twisting
    misrepresentation
    overloading
    41s
  • Q15
    Selling a person more insurance than what is warranted by his sources is called
    rebating
    twisting
    overloading
    knocking
    42s

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