TRAD REVIEWER
Quiz by Melisa Soriano
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- Q1
The extent of the medical evidence required is determined by
The age of the applicant and the proposed sum to be insured
Financial condition of the applicant
Data of the last medical examination
Occupation of the applicant
60s - Q2
If the interest on a policy loan is not paid at the policy anniversary, the insurance company may
Terminate the contract
Refuse to grant future additional loans
Demand full settlement of the loan
Increase the present loan by the interest
60s - Q3
Indicate which of the following is not a function of an application for life insurance policy
To furnish information on which contract of life insurance may be written
To convey to the company the desire of the applicant to obtain insurance
To furnish initial information as to insurability
To give details pertaining to non-forfeiture options
60s - Q4
The insurance companies make use of the laws of probability in order to
Predict when an individual insured will die
Develop statistics of past deaths among the general population
Estimate future death rates among members of a given group
Determine the experienced death rate among insured persons
60s - Q5
Which of the following statements regarding insurance premiums is false?
Cash is required for all premiums paid in grace period
Premiums which are paid quarterly or semi-annually are higher than those paid annually.
A premium is the legal consideration needed to effectuate a life insurance policy
The grace period is usually 31days
60s - Q6
Endowment life insurance and term life insurance are similar in that both plans
Contain provisions for automatic continuation of the insurance protection at the end of a specified period
Build up cash value rapidly in the early policy years
Provide for payment of the face amount if the insured is alive at the specified period
Provide life insurance protection for only the period of time specified in the policy contract
60s - Q7
A non-forfeiture option would ordinarily be selected at the time a policy owner
Converts a term policy to a whole life policy
Renews a term life policy
Chooses a mode of settlement for the life proceeds
Discontinues premium payments for a whole life or endowment policy
60s - Q8
The conservation of a life insurance policy is dependent on all the following except
The use of effective needs selling
Agent’s service oriented attitude
The level of first year commission
Pressure selling
60s - Q9
Purchasing a continuous-premium, whole life policy rather than that a limited-payment whole life policy, gives the policyowner the advantage of
Concentration of premium payments during the period of the highest earnings
More insurance protection for the same annual premiums outlay
More rapid accumulation of cash values
Liberal risk selection procedures
60s - Q10
Name the provision in a permanent life insurance policy under which premiums are discontinued, full insurance will be maintained for a specified period :
Paid-up insurance additions
Life income option person
Extended term insurance
Reduced paid-up insurance
60s - Q11
The basic coverage provided by life insurance policies may be supplemented by separate provisions that provide coverages for additional amounts or a of a different nature. Collectively these provisions are known as
Dividends
Assignment
Deposit privileges
Riders
60s - Q12
The insured named a primary and secondary revocable beneficiary for P20,000 policy, Which of the following is correct?
The insured can add a third beneficiary at any time
The designation of a contingent beneficiary is subject to the primary beneficiary’s approval
Any policy loan or assignment will require the primary beneficiary’s signature
Upon the insured’s death the primary and secondary beneficiaries shall each receive P10,000
60s - Q13
An agent who determines a prospect’s complete financial requirements preparatory to offering him a policy using the correct approach knows as
Planned selling
Counselor selling
Multiple products selling
Total needs selling
60s - Q14
In a policy where an irrevocable beneficiary has been designated the insured, without the beneficiary’s permission can
Borrow minimal cash loan
Avail of a non-forfeiture option
Discontinue premium payments
Alter the dividend option presently in effect
60s - Q15
Which of the following statements is false?
The cash value of an endowment builds up faster than that for a limited pay life policy of the same duration
The cash value in a permanent policy is guaranteed by the company
Because of its very short duration the cash value of a yearly renewable term policy grows very fast
The cash value of a whole life policy builds up at a slower rate than for a 20 year endowment
60s