Primerica Flashcards
immediate
A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it?
Must be informed of the source of the report
Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report
Proof of insurability is not required
A couple owns a life insurance policy with a Children's Term Rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability?
Pay a reduced death benefit
An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old, and not 43, as stated on the application. What will the company do?
24 credit hours of CE.
Prior to license renewal, all insurance producers must successfully complete a minimum of
30
A producer licensed in Pennsylvania must notify the Insurance Department of any change of address in his or her residence or business address within how many days?
permanent
An applicant wants to buy a policy that has a cash value element. Which type should she buy?
5 days
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
insurer to the insured
In the event of loss, after a notice of claim is submitted to the insurer, who is responsible for providing claims forms and to which party?
Promptly forwarding premiums to the insurance company
Pertaining to insurance, what is the definition of a fiduciary responsibility?
Failing to report to the department a criminal prosecution taken against the agent in another jurisdiction.
All of the following violations may result in an agent's imprisonment EXCEPT
The insured's estate
The sole beneficiary of a life insurance policy dies before the insured. If the policy owner fails to change the beneficiary before the insured's death, the proceeds of the policy will go to
Have attained fully insured status
Which of the following is an eligibility requirement for all Social Security Disability Income benefits?
File the form with the Commissioner for approval
If an insurer changes a form that it uses to transact insurance, it must do which of the following?
Only written statements can be considered fraud.
Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?
Depends on the performance of a separate account.
The death benefit in a variable universal life policy
annual check-up
Which of the following would be considered a routine procedure?
2,500
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
That's a mandatory benefit.
Which of the following is true regarding the childhood immunization benefit in medical plans issued in this state?
comprhensive
Combination plans are comprised of two types of plan features: basic and
Advising the insured that if the claim goes to arbitration, the insured would probably receive less than what is currently being offered
Which of the following would be considered an unfair claims settlement practice?
straight life
Which of the following policies would be classified as a traditional level premium contract?
transfer
When an individual purchases insurance, what risk management technique is he or she practicing?
500
An insured is covered under 2 group health plans - under his own and his spouse's. He had suffered a loss of $2,000. After the insured paid a total of $500 in deductibles and coinsurance, the primary insurer covered $1,500 of medical expenses. What amount, if any, would be paid by the secondary insurer?
immediate
A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it?