Online Access Free Life-and-Accident-and-Health-or-Sickness-Producer-Combo Practice Test

Who usually selects the beneficiary of a life insurance policy?

• A.The policyowner
• B.The producer
• C.The insurer
• D.The beneficiary

An individual purchased an annuity with a series of premium payments continuing over a period of twenty years. The purchase payments were made during the:

• A.Annuity period
• B.Accumulation period
• C.Period certain
• D.Liquidation period

At the request of a small group medical plan policyholder, the insurer must disclose all of the following EXCEPT:

• A.The insurer's expenses
• B.The renewability provisions
• C.All available benefits
• D.The insurer's right to increase premium rates

When payment of the initial premium does NOT accompany the application, coverage under a life insurance policy normally begins:

• A.At 12:01 a.m. on the first day of the month
• B.When the producer delivers the policy to the insured and collects the required premium
• C.When the application is completed and signed
• D.One week following submission of the inspection report

Taking out a loan under a life insurance policy:

• A.Results in loss of the tax-exempt status of the death proceeds
• B.Changes the policy into a modified endowment contract (MEC)
• C.Results in a distribution of taxable income to the policyowner
• D.Reduces the amount receivable upon surrender of the contract