INDIANA LIFE INSURANCE EXAM PART 1 AND PART

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INDIANA LIFE INSURANCE EXAM PART 1 AND PART

2 NEWEST 2024-2025 ACTUAL EXAM COMPLETE 280

QUESTIONS AND CORRECT DETAILED ANSWERS

(VERIFIED ANSWERS) |ALREADY GRADED A+

INDIANA LIFE INSURANCE EXAM PART 1

Which of the following types of life insurance would use a Payor Benefit rider?

• Survivorship Life
• Family Policy
• Family Income Policy
• Juvenile Life - ANSWER- D. Juvenile Life

Which of the following premium payments for a business related life insurance policy would be tax deductible as an ordinary business expense?

• Split Dollar
• Key Employee
• Buy and Sell 1 / 4

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• Group Life - ANSWER- D. Group Life

Which of the following does NOT provide a taxable income?

• The interest earned on a death benefit under the Interest Only

settlement option.

• The interest earned on the Accumulate At Interest dividend option.
• The receipt of dividends paid by a mutual company to the

policyowner.

• The receipt of an annuity payment under a Joint and Survivorship Life

Annuity contract. - ANSWER- C. The receipt of dividends paid by a mutual company to the policyowner.

A contract sold by an insurance company that promises to pay an

income to the policyowner until his/her death is called a:

• Survivorship Life
• Family Income Policy
• Straight Life Annuity
• Modified Endowment - ANSWER- C. Straight Life Annuity

An Immediate Life Annuity provides for:

• A level death benefit. 2 / 4

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• The systematic liquidation of the principal and interest over the

lifetime of the annuitant.

• The accumulation of retirement funds.
• Cost of living increases in benefit payments. - ANSWER- B. The

systematic liquidation of the principal and interest over the lifetime of the annuitant

Which of the following life insurance policy provisions allow the policyowner the right to name and change beneficiaries, to assign the policy to another person, to obtain a policy loan or to surrender the policy for its cash value?

• Entire Contract
• Settlement
• Assignment
• Ownership - ANSWER- D. Ownership

Luis and his spouse, Mary, are both age 30. Luis owns a life insurance policy that will pay Mary an income through age 50, followed by a death benefit if Luis were to die before age 50. Luis owns which of the following types of life insurance policies?

• Survivorship Life
• Modified Life
• Family Income
• Family - ANSWER- C. Family Income 3 / 4

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Which of the following retirement plans could provide tax-free retirement income benefits?

• Roth IRA
• Joint and Survivorship Variable Life Annuity
• 401K
• 403B - ANSWER- C. 401K

If the insured dies, the proceeds of a Credit Life policy will be paid to

the:

• Insured's estate
• Debtor
• Creditor
• Insured's named beneficiary - ANSWER- C. Creditor

Ralph applies for a Universal Life policy on his own life. Debra, the Agent, fails to complete page 4 of the application. Debra submits the application to her company for underwriting. The company issues and delivers a policy to Ralph. Six months later Ralph dies. Assuming there was no material misrepresentation on the application, which of the following actions can the insurance company take?

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