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TRADITIONAL EXAMINATION

Quiz by CELESTE ESCARDA

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50 questions
Show answers
  • Q1
    A life insurance agent is permitted to
    Guarantee dividends on participating policies
    Waive any of the requirement of the company
    Prepare routine proposals for life insurance coverage
    Approve an application for insurance
    60s
  • Q2
    Claire is considering purchasing either an endowment or term life policy. What do these policies have in common?
    Renewal and conversion privileges are available
    No cash value is available to the policy owner during the term of the policy
    Insurance protection will be limited to a specified period
    A benefit will be paid at the end of the period of coverage if the person is then alive
    60s
  • Q3
    A client tells you that his bank wants him to use his insurance policy so that his bank loan will be paid off if he dies. Which of the following will you recommend?
    He makes a collateral assignment
    He appoints an irrevocable beneficiary
    He makes an absolute assignment
    None of the above
    60s
  • Q4
    If premiums are being waived under a waiver of premiums benefit and the insured dies, what would the proceeds be?
    Cash surrender values
    Face amount
    Reduced paid-up face amount
    Face amount less unpaid premiums
    60s
  • Q5
    Which of the following is a living benefit in an insurance policy?
    Cash surrender value
    Waiver of premium for disability
    Guaranteed insurability benefit
    Right to change beneficiaries
    60s
  • Q6
    Insurable interest is necessary when a person insures another ____.
    To establish that there is a genuine risk
    So that the person being insured may be properly appraised
    To make sure that he will pay the premiums
    Because interest on premiums must be entered
    60s
  • Q7
    Your client George wants to apply for a life insurance policy. As his advisor, you would advise him to do all of the following, EXCEPT which one?
    Furnish initial information as to insurability
    To furnish information on which the contract of life insurance may be written
    To convey to the company the desire of the applicant to obtain insurance
    Give details pertaining to non-forfeiture options
    60s
  • Q8
    Which of the following does a limited pay life policy provides?
    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
    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
    60s
  • Q9
    When you bought an insurance policy on your wife’s life, you were 27 and she was 26, but you stated that you were 26 and she was 27. Five years later, your wife died. Which of the following will the insurer pay?
    The face amount adjusted for misstatement of age
    Slightly less than the face amount
    The face amount
    The sum of the premium paid
    60s
  • Q10
    Group life insurance covers ____.
    Death of the employee regardless of cause except suicide during the first year (sometimes two years)
    Accidental death only
    Only death by heart attack, pneumonia or cancer
    Death provided it is during working hours and in the place of employment
    60s
  • Q11
    Your client tells you that when his father died, he received P500,000 free of Estate Tax, and that he had not even known that his policy existed. Which of the following classifications did your client fall under?
    Irrevocable primary beneficiary
    Collateral assignee
    Absolute assignee
    Revocable primary beneficiary
    60s
  • Q12
    Mr. Sy walked out of his house one night, and was never heard from since . His wife wanted to make a claim on his insurance policy, as she believes that he is dead. In this case, which of the following statements is correct?
    It will require 6 months before the court could declare him dead
    The company will pay immediately.
    It will take four years before the court could declare him legally dead.
    It will take seven years before the court could declare him legally dead
    60s
  • Q13
    In life insurance, which of the following does the term “substandard rates” generally refer to?
    Premiums charged to persons who are considered to be higher-than-average risk categories
    Mortality rates that are lower than those expected by the company according to its mortality table
    Mortality rates that are lower than the rates suggested by the regulatory authorities
    Premiums charged for policies with low amounts
    60s
  • Q14
    Life insurance policy loans are limited to an amount which with interest will not exceed the ___.
    Total premiums paid
    Net amount of risk
    Present value of future premiums
    Cash value of the policy
    60s
  • Q15
    What happens to a policy when an irrevocable beneficiary has been designated and the policy owner needs to loan against his policy for a specific reason?
    Any transactions or changes in the policy would need the endorsement of the irrevocable beneficiary
    Borrow minimal cash loan
    Avail of a non-forfeiture option
    Alter the dividend option now in effect
    60s

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