Question 1

Stranger originated life insurance violates which of the following statutory requirements?

Options :

A : Trust ownership.

B : Right of rescission.

C : Insurable interest.

D : Commission sharing.

Answer: C

Question 2

A common disaster clause states that if the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if the

Options :

A : insured individual outlived the beneficiary.

B : beneficiary outlived the insured individual.

C : beneficiary was never named on the policy.

D : beneficiary and the insured individual died simultaneously.

Answer: A

Question 3

An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as

Options :

A : a life annuity certain.

B : an assured life annuity.

C : a guaranteed survivor annuity.

D : an Irrevocable endowed annuity.

Answer: A

Question 4

If an insured under a life insurance policy dies with an outstanding loan balance then the death benefit will

Options :

A : be reduced by the amount of the loan and interest owed.

B : not be paid until the loan is repaid.

C : be paid less the amount of the loan but not the interest.

D : be paid less the amount of the loan interest but not the principal.

Answer: A

Question 5

Under Workers ' Compensation, injured employees are covered for all of the following losses EXCEPT

Options :

A : loss of wages.

B : pain and suffering.

C : medical expenses.

D : occupational illness.

Answer: B

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