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Question 1 of 48

1. Question
Which type of life insurance is considered temporary insurance protection for a specific period of time?
- Whole life insurance
- Universal life insurance
- Term life insurance
- Permanent life insurance
Correct

Incorrect
Question 2 of 48

2. Question
Which of the following statements is FALSE regarding term life insurance?
- Term life insurance normally does not have any cash value or benefits other than a death benefit.
- Term life insurance is considered to be pure life insurance.
- Universal life insurance is one type of term life insurance.
- With term life insurance policies, if the insured person does not die during the policy period, no death benefit is paid by the insurance company.
Correct

Incorrect
Question 3 of 48

3. Question
Which of the following is NOT one of the main variations of term life insurance?
- Index
- Annual Renewable
- Return of Premium
- Increasing
Correct

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Question 4 of 48

4. Question
For an annual renewable term (ART) policy, the premium increases each year is reflective of the insured’s
- how many miles the person drove his or her car that year.
- mortality (chance of dying) during that specific year.
- income from the past year.
- lifestyle (occupation and leisure activities) during that specific year.
Correct

Incorrect
Question 5 of 48

5. Question
Which of the following statements is NOT true regarding annual renewable term insurance?
- For an annual renewable term policy, the premium charged for a year of protection is reflective of the insured’s mortality (chance of dying) during that specific year.
- The insurer guarantees that the policy can be renewed year-after-year—without the insured having to prove that he or she is healthy or otherwise insurable.
- The insurer will most likely charge a lower premium each year.
- Most insurers do not allow the policy to be renewed beyond the insured reaching a certain age, such as 70, 75, or 80.
Correct

Incorrect
Question 6 of 48

6. Question
Most term life insurance policies are
- increasing term.
- decreasing term.
- annual renewable term.
- level term.
Correct

Incorrect
Question 7 of 48

7. Question
Which of the following is FALSE regarding the Return of Premium rider in a term life insurance policy?
- It allows the policyowner to receive back all the premiums paid into the policy if the insured outlives the policy term.
- This rider is purchased for an additional premium.
- It is not a very common variation of term life insurance.
- Typically, the policy premium increases throughout the policy term, while the death benefit remains constant.
Correct

Incorrect
Question 8 of 48

8. Question
With decreasing term life insurance, what decreases over the course of the policy period?
- The premium
- The death benefit
- The cash value
- The insurable interest
Correct

Incorrect
Question 9 of 48

9. Question
With increasing term life insurance, the death benefit increases over the course of the policy period, and the policy premium
- increases according to the mortality table.
- increases by 5% each year.
- decreases by 5% each year.
- remains the same.
Correct

Incorrect
Question 10 of 48

10. Question
Which of the following is FALSE regarding whole life insurance policies?
- The cash value remains level, and the face amount grows throughout the life of the policy.
- Whole life policies typically have an endowment age of 100 or 120, at which the policyowner will receive an amount equal to the death benefit if the insured is still alive.
- The policy pays a death benefit to the beneficiary no matter when the insured dies (as long as the premiums have been paid).
- It is considered to be permanent life insurance.
Correct

Incorrect
Question 11 of 48

11. Question
For which type of whole life policy does the policyowner make payments for the entire life of the insured?
- Limited premium
- Single premium
- Continuous premium
- Constant premium
Correct

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Question 12 of 48

12. Question
With an index(ed) whole life insurance policy, the policy’s cash value
- can increase or decrease in value depending on the stock market, and the death benefit always increases.
- can increase or decrease in value depending on the stock market, and the death benefit always stays the same.
- can increase in value if the stock market goes up.
- can decrease in value if the stock market goes down.
Correct

Incorrect
Question 13 of 48

13. Question
Which of the following is FALSE regarding a variable whole life policy?
- The policy's death benefit is guaranteed as long as the premiums are paid.
- The insurer deposits the premiums received into a separate account.
- It is a type of fixed whole life policy.
- The cash value increases or decreases based on the performance of the policyholder's investment choices.
Correct

Incorrect
Question 14 of 48

14. Question
Which type of permanent life insurance allows the policyowner to choose how much premium to pay each month?
- Limited premium whole life
- Increasing and decreasing term life
- Continuous premium whole life
- Universal life
Correct

Incorrect
Question 15 of 48

15. Question
What is the main difference between Universal Life Options A and B?
- With Option A the premiums are flexible, and with Option B there is a set amount of premium due each month.
- With Option A the death benefit remains constant, and with Option B the death benefit increases over time.
- With Option A the policyowner cannot lose money from the cash value, and with Option B the policyowner can lose money from the cash value.
- With Option A money can be borrowed from the cash value, and with Option B money cannot be borrowed from the cash value.
Correct

Incorrect
Question 16 of 48

16. Question
Which of the following types of life insurance would require a producer to have a Registered Representative license to sell it?
- Indexed Whole Life
- Single Premium Whole Life
- Universal Life Option A
- Variable Universal Life
Correct

Incorrect
Question 17 of 48

17. Question
What is the difference between a joint life insurance policy and other individual life insurance policies?
- A joint life insurance policy has more than one policyowner.
- A joint life insurance policy has more than one insurer.
- A joint life insurance policy has more than one insured.
- A joint life insurance policy has more than one beneficiary.
Correct

Incorrect
Question 18 of 48

18. Question
Millie and Matthew are married. They would like to purchase a life insurance policy so that if either one of them dies, the other will receive a death benefit and then the policy will end. What type of policy should they purchase?
- First-to-die
- Survivorship life
- Adjustable life
- Primary life
Correct

Incorrect
Question 19 of 48

19. Question
Which of the following is FALSE regarding a second-to-die joint life insurance policy?
- It is also called a survivorship life policy.
- It requires three or more insureds.
- The death benefit is paid out when the second insured dies.
- The policy ends when the second insured dies.
Correct

Incorrect
Question 20 of 48

20. Question
Besides paying for funeral expenses in the unlikely event that a child were to die, what is another reason to purchase a juvenile life insurance policy?
- The premiums paid are automatically refunded to the policyowner if the child does not die before turning 18 years old.
- The premiums paid are automatically refunded to the policyowner if the child does not die before turning 21 years old.
- The premiums paid are automatically put toward the purchase of a whole life policy if the child does not die before turning 18 years old.
- Once a life insurance policy is purchased on a child, it locks in that person’s insurability, and the life insurance policy cannot be cancelled by the insurer.
Correct

Incorrect
Question 21 of 48

21. Question
When she was 5 years-old, Julie’s parents purchased a $10,000 life insurance policy in which Julie was the insured. When Julie turned 21 years-old, the face amount of the policy automatically changed to $50,000. What type of policy did her parents purchase?
- Increasing youth life policy
- Jumping juvenile life policy
- Automatic increase of death benefit life policy
- Increasing indemnity life policy
Correct

Incorrect
Question 22 of 48

22. Question
Which of the following is NOT true regarding an adjustable life insurance policy?
- The policyowner can switch the policy between whole life and term life policies.
- The policyowner can adjust the policy's premium amount.
- The policyowner can change the face amount of the policy.
- It is an example of variable life insurance, and a registered representative licensed is required to sell it.
Correct

Incorrect
Question 23 of 48

23. Question
Some group life insurance plans require a person to be a member of the group for a certain number of months to be eligible for the life insurance. What is this time period called?
- Elimination period
- Probationary period
- Qualification period
- Requirement period
Correct

Incorrect
Question 24 of 48

24. Question
Which of the following statements is FALSE regarding group life insurance?
- Each group member is considered an insured and is able to name the beneficiary of the death benefit.
- If a group member leaves the group, he or she will no longer be eligible for the group insurance; but he or she can convert the insurance to an individual policy without proving insurability.
- A group that was formed for the primary purpose of getting group life insurance is not eligible.
- If the members of the group are required to pay a portion of the premium, it is known as a non-contributory plan; the premium will vary based on the individual's age.
Correct

Incorrect
Question 25 of 48

25. Question
With credit life insurance, who is the beneficiary of the death benefit?
- The lender
- The debtor
- Whomever the insured names as the beneficiary
- The insurer
Correct

Incorrect
Question 26 of 48

26. Question
Which of the following is NOT true regarding life insurance policies?
- The policyowner can be a person, corporation, charity, trust, or any legal entity.
- The beneficiary can be a person, corporation, charity, trust, or any legal entity.
- The policyowner can be the insured or the beneficiary, but not both.
- The beneficiary and the policyowner must be individuals.
Correct

Incorrect
Question 27 of 48

27. Question
What term is used to describe when the rights and duties of a policy are transferred from the policyowner to someone else?
- Reinstatement
- Nonforfeiture
- Assignment
- Key person agreement
Correct

Incorrect
Question 28 of 48

28. Question
Which of the following is FALSE regarding the Right to Examine provision?
- In Utah, the right to examine period for most policies is 10 days after the day on which the policy, contract, or certificate is delivered.
- It is also called the free look provision.
- In Utah the right to examine period, in case of a replacement policy, is 30 days after the day on which the replacement policy is delivered.
- It gives the policyowner the right to look over and examine the policy for a specific number of days and receive a refund of 75% of the premium paid if he or she decides not to keep the policy for any reason.
Correct

Incorrect
Question 29 of 48

29. Question
In Utah, the grace period required by law, for nearly all policies, may not be less than
- 15 days
- 31 days
- 45 days
- 61 days
Correct

Incorrect
Question 30 of 48

30. Question
If a life insurance policyowner did not pay the premium by the due date, and the insured dies before the grace period expires, the insurer will
- not be required to pay any amount to the beneficiary.
- pay the full death benefit.
- pay 50% of the death benefit.
- pay the death benefit minus the amount of any premium due with interest.
Correct

Incorrect
Question 31 of 48

31. Question
If the age or gender of the insured is misstated on an application, the policy is issued, and the error is caught while the insured is still alive,
- the policy premium and the death benefit will not be changed.
- the policy premium will remain the same, but the death benefit will decrease to what the premium would purchase if the information had been stated correctly.
- the policy premium will be corrected to reflect the correct age or gender.
- the policy will be cancelled, and a new corrected policy will be issued–assuming that the insured is still insurable.
Correct

Incorrect
Question 32 of 48

32. Question
Which of the following is NOT true regarding incontestability?
- If the policy application contains incorrect health information, and the insured dies within the incontestability period, the insurer can deny a death benefit claim.
- If the policy application contains incorrect health information, and the insured lives past the incontestability period, the insurer cannot deny a death benefit claim (unless fraud was committed by the policyowner).
- A life insurance policy is incontestable after the policy has been in force for a period of two years from the policy's date of issue.
- If the policy application contains incorrect health information, and the insured dies after the two year incontestability period is over—the insurer can deny a death benefit claim.
Correct

Incorrect
Question 33 of 48

33. Question
If a life insurance policy has lapsed due to nonpayment of premium, one of the requirements for reinstatement is that the policyowner must apply in writing within
- one year of the policy lapse.
- two years of the policy lapse.
- three years of the policy lapse.
- five years of the policy lapse.
Correct

Incorrect
Question 34 of 48

34. Question
Which two documents make up the entire contract for a life insurance contract?
- The insurance policy and the paramedical report
- The insurance policy and a copy of the application
- The insurance policy and the producer's report
- The insurance policy and the written statement of acceptance
Correct

Incorrect
Question 35 of 48

35. Question
What does a life insurance suicide clause say?
- The insurer will not pay a death benefit if the insured commits suicide within two years; but, the insurer will pay the beneficiary an amount that is at least the amount of premiums paid.
- The insurer will not pay any amount to the beneficiary if the insured commits suicide within two years.
- The insurer will pay the full death benefit if the insured commits suicide after it has been at least one year since the policy's activation.
- The insurer is required to pay half of the death benefit to the beneficiary if the insured commits suicide at any time while the policy is active.
Correct

Incorrect
Question 36 of 48

36. Question
If a beneficiary designation is set up as irrevocable, it means that the policyowner cannot change the beneficiary later unless
- the new proposed beneficiary agrees to the change.
- the irrevocable beneficiary provides consent of the change.
- the insurer agrees to the change.
- the policyowner explains the reason for the change in writing.
Correct

Incorrect
Question 37 of 48

37. Question
The simultaneous death law says that if both the insured and the primary beneficiary die in a common disaster within 120 hours (five days) of each other, it will automatically be assumed that
- the death benefit will go to probate.
- the death benefit will be paid to the primary beneficiary's estate.
- the primary beneficiary died first.
- the insured died first.
Correct

Incorrect
Question 38 of 48

38. Question
The false statement is, “With the cash payment (lump sum) settlement option, the insurer pays the entire death benefit to the beneficiary at once; the beneficiary must pay income tax on the money received.” Actually, the beneficiary does not need to pay any income tax on a lump sum payment.
- With the interest only settlement option, the insurer keeps the death benefit for as long as the beneficiary chooses. The beneficiary receives regular payments of the interest earned on the death benefit principal, and the beneficiary pays income tax on the interest received.
- With the cash payment (lump sum) settlement option, the insurer pays the entire death benefit to the beneficiary at once; the beneficiary must pay income tax on the money received.
- With the life income settlement option, the beneficiary receives a monthly income for the rest of his or her life, and he or she pays income tax on the portion of the monthly income that is considered interest.
- For both the fixed-period and fixed-amount options, the portion of each monthly payment that is considered death benefit principal is not taxable income, and the portion that is considered interest is taxable income.
Correct

Incorrect
Question 39 of 48

39. Question
If a life insurance policyowner receives a dividend from an insurer,
- the dividend is considered taxable income.
- the customer has a non-participating policy.
- the customer has a participating policy.
- the insurer is stock company.
Correct

Incorrect
Question 40 of 48

40. Question
What term is used to describe a provision that is attached to a life insurance policy that changes the policy in some way?
- Designation
- Dividend
- Rider
- Endowment
Correct

Incorrect
Question 41 of 48

41. Question
Which of the following is FALSE regarding the Guaranteed Insurability Rider?
- It allows the policyowner to increase a policy’s death benefit protection at specified future points in time, without any additional cost.
- Some examples of life changing events associated with this rider are marriage or birth of a child.
- It allows the insurance protection to be increased without evidence of insurability of the insured.
- The policyowner has a certain number of days (30, 60, or 90) after the life changing event to exercise the opportunity.
Correct

Incorrect
Question 42 of 48

42. Question
Which of the following is NOT true about annuities?
- The beneficiary is the only person who can receive the annuity benefits from an annuity.
- The owner is the person or legal entity that has control of the annuity.
- The annuity owner is normally also the annuitant.
- The annuitant is the person whose age and life expectancy determines the amount or duration of annuity payments.
Correct

Incorrect
Question 43 of 48

43. Question
When the accumulated assets are exchanged for a promise by the carrier to provide a regular stream of income payments, it is said that the deferred annuity is
- exchanged.
- annuitized.
- withdrawn.
- invested.
Correct

Incorrect
Question 44 of 48

44. Question
Sabrina has purchased an annuity with the “five year period certain” benefit payment option. What will happen if Sabrina dies after receiving monthly payments for three years?
- No additional money will be paid out to a beneficiary.
- Sabrina's beneficiary will receive the same monthly payment amount until a total of 60 monthly payments (five years) have been paid out to both Sabrina and her beneficiary combined.
- Sabrina's beneficiary is given a choice to annuitize or not to annuitize the annuity and must make the decision within 30 days of Sabrina's death.
- The insurer will follow the instructions specified in Sabrina's will.
Correct

Incorrect
Question 45 of 48

45. Question
Which of the following is NOT true regarding the “pure life” benefit payment option for annuities?
- It is a life contingent option.
- This payment option provides the annuitant with the lowest amount of monthly payment.
- The number of payments the annuitant receives depends on how long the annuitant lives.
- After the annuitant dies, no more payments will be made by the carrier.
Correct

Incorrect
Question 46 of 48

46. Question
At any given point in time, an annuity is in one of two phases? What are they?
- Accelerated period; exchangeable period
- Pure life period; life contingent period
- Forfeiture period; non-forfeiture period
- Accumulation period; annuity period
Correct

Incorrect
Question 47 of 48

47. Question
For which type of annuity can the annuitant lose money?
- Variable annuity
- Fixed annuity
- Equity indexed annuity
- All deferred annuities
Correct

Incorrect
Question 48 of 48

48. Question
To sell which type of annuity product, does the producer need a life insurance license and also a registered representative (securities) license?
- Fixed annuity
- Variable annuity
- Variable annuity and equity indexed annuity
- Equity indexed annuity
Correct

Incorrect

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