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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions:
1. Which of the following statements about the contestability of a life insurance policy is true?
A) The policy can be contested by the insurer only during the first two years of the contract
B) The policy can be contested only if the insured is convicted of a felony
C) The policy cannot be contested by the insurer once it is paid for and issued
D) The policy can be contested by the insurer at all times
2. The employer who receives and holds the insurance policy is known as the:
A) Master policyholder
B) Group director
C) Policy beneficiary
D) Benefit coordinator
3. All of the following are true about accident and health insurance policies that provide limited benefits EXCEPT:
A) Coverage for accidental injury may be limited to accidents occurring during travel
B) Coverage is limited to persons under age 65
C) The dollar amount of coverage may be limited to a specified daily amount
D) The perils covered may be limited to specified dread diseases
4. If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer ' s ethical responsibility requires that the producer:
A) Report the fact to the insurance company
B) Acknowledge the fact only if asked by the insurance company
C) Advise the applicant to amend the application
D) Deny knowledge of the fact
5. A company's universal life insurance policy must disclose the:
A) Surrender charges of the policy
B) Maximum face amount an individual can purchase
C) Meaning of a corridor
D) Availability of riders
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: A |
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