Life Insurance Exam With 100% Correct Answers

Because of an injury, an insured has been unable to work for 7 months. He wasn't able to pay his life insurance policy premium, yet the policy remained in force. The policy includes {Ans: Waiver of premium rider}Who is considered a field underwriter? {Ans: An agent}Equity-Indexed Life {Ans: (indexed whole life) main future is that the cash value is dependent upon the performance of the equity index, such as S&P 500, although there is a guaranteed minimum interest rate}How often must producers renew their licenses? {Ans: Every 2 Years}What includes information regarding a person's credit, character, reputation, and habits? {Ans: Consumer report}Variable Universal Life Insurance {Ans: Combines many features of the whole life with the flexible premium of universal life and the investment component of variable life.}Stock Companies {Ans: Owned by the stockholders who provide the capital necessary to establish and operate the insurance company who share in any profits or losses}If a life insurance policy has irrevocable beneficiary designation, {Ans: The beneficiary can only be changed with written permission of the beneficiary}A temporary license is normally valid for.. {Ans: 90 Days}The Commissioner of Insurance is NOT responsible for? {Ans: