Primerica Life Insurance State Exam With 100% Correct Answers 2023, Exams of Insurance law

Download Primerica Life Insurance State Exam With 100% Correct Answers 2023 and more Exams Insurance law in PDF only on Docsity! Primerica Life Insurance State Exam With 100% Correct Answers 2023  Deferred Annuity - ✓✓✓An annuity in which the income payments begin sometime after one year from the date of purchase.deferred annuities can be funded with a single lump sum payment so it is referred to as a single premium differed annuities.  Human life values approach - ✓✓✓Calculates an individual's life value by looking at the insureds future wages,inflation,the number of years to retirement,and the time value of money.  What time must the producer present the applicant with a notice regarding replacement of life insurance - ✓✓✓Producers must present to the applicant a notice regarding replacement that is signed by both the applicant and the producer. A copy must be left with the applicant.  Risk - ✓✓✓Is the uncertainty or chance of a loss occurring.  MIB (medical information bureau - ✓✓✓MIB is a non profit trade organization which receives adverse medical information from insurance companies and maintains confidential medical impairment information on individuals  Perjury - ✓✓✓If a person signs a fraudulent claim form,that person may be found guilty  Universal life - ✓✓✓policy has two components: an insurance component and a cash account. The insurance component of a universal life policy is always annually renewable term insurance .  The right to a full refund of premiums for insureds age 60 or older - ✓✓✓The right of recission for a full refund must last for at least 30 days  The premium modes - ✓✓✓Is the frequency of premium payment.  Concealment - ✓✓✓Is the withholding of information by the applicant that will result in an imprecise underwriting decision. may void the policy  Tax sheltered annuity (tsa) - ✓✓✓Is a qualified plan available to employees of certain nonprofit organizations of the internal revenue code for example employees of public school systems.