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MOCK EXAM - Set A

Quiz by Maricar Y. Ladines

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20 questions
Show answers
  • Q1
    Mr. Kho’s participating whole life insurance policy includes a waiver of premium for disability benefit. During the period when premium payments are being waived under this provision, the cash value of this policy will
    remain the same and Mr. Kho will continue to receive policy dividends
    stop increasing for the term of the rider
    increase and Mr. Kho will continue to receive policy dividends
    decrease but Mr. Kho will continue to receive policy dividends
    30s
  • Q2
    An applicant wants to get a participating policy which will have the maximum cash available for emergencies. Which of the following should he select?
    accumulated dividend
    paid-up addition
    loan value c
    extended term insurance
    30s
  • Q3
    A whole life policy provides
    protection with premiums payable for life and a low level of savings as an alternative to continued protection in old age
    protection for life of the policyholder with premiums payable for a limited term of years
    the highest level of savings for the insured within a specified term of years
    low cost protection only for a limited term of years with no savings
    30s
  • Q4
    A prospect tells you that he wants the highest coverage possible for the least annual cash outlay. Would you offer him
    a whole life policy?
    a term policy?
    an endowment policy?
    a 20-pay life policy?
    30s
  • Q5
    A company can restrict its liability if death occurs as a result of an aviation accident. The aviation exclusion clause usually applies to which of the following?
    anybody in an aircraft flight
    anybody in the aviation industry who works around or in the aircraft
    anybody aboard an aircraft in flight who has duties aboard the aircraft
    only for pilots
    30s
  • Q6
    A Family Income Rider is specifically designed to
    provide an income for the adjustment period immediately following death
    provide a monthly income from the date of death of the insured to some future date specified in the contract
    pay twice the face amount of the policy in the event of death
    provide a retirement income for the insured and his spouse
    30s
  • Q7
    A prospect tells you that he wants to be insured for life but he does not want to pay premiums after he retires at age 65. Would you offer him
    a 20-pay life policy?
    an endowment policy?
    a life paid-up at age 65 policy?
    a whole life policy? c
    30s
  • Q8
    A prospect tells you that he wants to be insured at age 65 but he does not want to pay more than the minimum possible level of premiums. Would you offer him
    a life paid-up at age 65 policy?
    a term policy?
    an endowment policy?
    a whole life policy?
    30s
  • Q9
    A prospect tells you that he wants to be insured for life at the least annual cost until he dies. What would you offer him?
    a term policy
    a whole life policy
    an endowment policy
    a 20-pay life policy
    30s
  • Q10
    Limited payment life policies are called such because these policies
    shorten the period when benefits may be paid
    limit the conditions under which the policies are payable
    limit the period during which premiums are payable
    limit the number of beneficiaries thereby minimizing problems of paying too many people
    30s
  • Q11
    All of the following are correct statements except:
    the cash value of a 20-year endowment policy are greater than those of a whole life policy
    there is a higher risk element for the insurance company involved in connection with endowment policies than with whole life policies
    whole life insurance and endowment insurance serve different purpose
    premiums for whole life insurance are less than for endowment policies
    30s
  • Q12
    At the end of 25 years, which statement is true for a 25-Pay Life and is not true for a 25-Year endowment?
    The contract is terminated d
    The insurance remains in force
    The sum insured is paid
    No further premiums are paid c
    30s
  • Q13
    All of the following policies can be used to afford retirement income except:
    endowment age 60
    limited payment life
    term to age 65
    whole life
    30s
  • Q14
    A term policy provides
    protection with premiums payable for life and a low level of savings as an alternative to continued protection in old age
    protection for the life of the policyholder with premiums payable for a limited term of years
    the highest level of savings for the insured within a specified term of years
    low cost protection only for a limited term of years with no savings
    30s
  • Q15
    Applicants for life insurance with moderate physical impairments are called sub-standard risks and
    are issued policies without any non-forfeiture option
    are required to pay premiums on an annual basis
    therefore cannot obtain life insurance in any company
    may be insured at increased rates to compensate for the extra hazard
    30s

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