Life Insurance Exam/actual Exam Questions With Correct Detailed Answers |latest Update 2024/2025 Graded A+

Estoppel {Ans: A legal impediment to denying a fact or restoring a right that has been previously waived.}Deferred Annuity {Ans: An annuity in which the rents begin after a specified number of periods. May be purchased on either a single premium or flexible premium basis. Typically do not begin making payments for at least 1 year after the date of purchase.}Endowment Policies {Ans: Endows at the end of the premium paying period, always before age 100. Normally for college funding but is taxed every year and is not popular.}Franchise Insurance {Ans: Life or health insurance plan for covering groups of persons with individual policies uniform in provisions, although perhaps different in benefits. Solicitation usually takes place in an employer's business with the employer's consent. Generally written for groups too small to qualify for regular group coverage. May be called wholesale insurance when the policy is life insurance.}Exclusion Ratio {Ans: Fraction used to determine amount of annual annuity income exempt from federal income tax. Exclusion ratio is the total contribution or investment in the annuity divided by the expected ratio.}Life Settlement {Ans: An arrangement that allows the policyowner sell their existing life insurance policy to