Primerica Practice Test 50 Questions and Answers 2023 The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - Correct Answer conditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - Correct Answer representations An annuity is considered fixed when it does all of the following EXCEPT - Correct Answer provides the annuitant with an interest rate that is the lesser of the guaranteed or current rate The most common type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called - Correct Answer continuous premium (straight) life The policy and a copy of the application, along with any riders and amendments, is called the - Correct Answer entire contract Money borrowed from the policy's cash value is - Correct Answer not taxable Which of the following annuity products requires an agent to hold a securities license? - Correct Answer variable annuities Which type of annuity settlement stops when the annuitant dies? - Correct Answer life income annuity At what age can a participant receive distributions from a qualified plan without incurring a 10% penalty? - Correct Answer 59.5 Which settlement option guarantees an income for 2 or more recipients for as long as they live - Correct Answer joint and survivor Two business partners own life insurance on each other. If one partner dies, which of the following contracts will allow the surviving partner to use the death benefit to purchase the deceased's business interests? - Correct Answer buy-sell agreement Which of the following would be considered a flexible premium policy? - Correct Answer universal life If an annuitant dies during the accumulation period, what will the beneficiary receive? - Correct Answer either the cash value or the premiums paid, whichever is greater
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