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TN LIFE PRODUCER FINAL EXAM NEWEST
2024 ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRE CT DETAILED
ANSWERS (VERIFIED ANSWERS )
|ALREADY GRADED A+||BRAND NEW
VERSION!!
What is the maximum fine that can be imposed by the Commissioner to a producer who violates an insurance law?$250 $500
$1,000
No limit to the fine - ANSWER- $1,000 per violation
The premiums paid by an employer for his employee's group life
insurance are usually considered to be:
tax-deductible to the employer partially deductible to the employee tax-deductible to the employee 1 / 4
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taxable income to the employee - ANSWER- tax-deductible to the employer
An insured may normally delay the payment of a cash value loan or surrender value for up to
- months
- months
- months
- months - ANSWER- 6 months
T purchased a $100,000 single premium, Straight Life annuity 5 years ago. He has received monthly payments since the inception of the annuity. If T dies, the insurance company, -does NOT have to make any further payments -MUST make full payments to the beneficiary -MUST make half-payments to the beneficiary -has the option to continue making payments based on what has already been paid out - ANSWER- does NOT have to make any further payments
Information obtained from a phone conversation to the proposed insured can be found in which of these reports?Agents report 2 / 4
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MIB Report Inspection report Attending physicians report - ANSWER- Inspection Report
P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. What type of policy should P purchase?Family Benefit policy Family Maintenance policy Family income policy Family Survivor policy - ANSWER- Family Maintenance policy
The Commissioner notifies the association of an insolvent insurer no later than ____ after receiving notice of the insurer's insolvency
- days
- days
10 days 30 days - ANSWER- 3 days
What type of policy would offer a 40-year old the quickest accumulation of cash value? 3 / 4
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Paid-up at 65 20-pay life 30-pay life Straight whole life - ANSWER- 20-pay life
Which of these is NOT a fair marketing practice when an existing insurance policy is being replaced?Offer the same coverage for a lower price Reduce the cost by lowering the commission Reduce the cost by raising the deductible as long as the insured is notified Offer better coverage for the same price - ANSWER- Reduce the cost by lowering the commission
Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE?Coverage can be added at specific events such as marriage or having a child Evidence of insurability is not required when the option is exercised Evidence of insurability is required when the option is exercised Coverage can be added at specific ages - ANSWER- Evidence of insurability is required when the option is exercised
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