Question 1

When a life insurance or annuity replacement policy is sold, the policyowner has a right to return the policy for a full refund of premium within

Options :

A : 3 days.

B : 7 days.

C : 14 days.

D : 20 days.

Answer: D

Question 2

Which life insurance rider is designed to permit young individuals to be able to purchase additional insurance as they grow older, regardless of insurability?

Options :

A : Cost of living rider.

B : Guaranteed insurability rider.

C : Impairment rider.

D : Multiple indemnity rider.

Answer: B

Question 3

An individual who is NOT acceptable by an insurer at standard rates because of health, habits, or occupation is called a

Options :

A : rating risk.

B : standard risk.

C : preferred risk.

D : substandard risk.

Answer: D

Question 4

The insured is dissatisfied with the handling of a claim. How long does the insured have to bring a lawsuit against the insurer?

Options :

A : 1 year

B : 3 years

C : 5 years

D : 7 years

Answer: C

Question 5

Which of the following BEST describes a waiver of premium clause in a typical disability policy?

Options :

A : The waiver of premium benefit pays the policy premium during a disability claim.

B : This clause eliminates any premium being paid for the lifetime of the insured individual.

C : The monthly benefit under the policy is reduced to offset the premium that is no longer being paid.

D : This clause generally begins immediately with the doctor stating that the insured person is completely disabled.

Answer: A

Free Life-and-Accident-Health-Sickness-Producer Mock Exam – Practice Online Confidently

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