Idaho Life Producer Exam Questions And Answers (Graded A)

What is another name for decreasing term insurance? {Ans: Mortgage insurance}Which life policy endows only when the insured reaches age 100? {Ans: Whole Life}The owner of a term policy neglected to pay the annual premium due 3/1. One 3/5 the insured died. How will the Insurer handle the claim? {Ans: pay the claim less the premium plus interest.}Payor Benefit Rider {Ans: Will continue to pay the premium if the payor dies.}When Agnes quit her job, her group life coverage terminated on that date. Her company didn't inform her of her right to convert her policy. She applied 10 days later for conversion, what will happen? {Ans: She will be issued a standard Whole Life policy for the original face amount because she made the request within 60 days.}What is the standard grace period for Life Insurance policies? {Ans: 31 days}What does life insurance protect against? {Ans: Dying too soon.}When will a life policy NOT be reinstated? {Ans: Fraud}What benefit does social security provide? {Ans: unemployment benefit}Describe an Adjustable Life Policy? {Ans: A policy that may have Whole Life, Term Life, or a combination of the two and has a changeable