Tennessee Life Insurance exam 2024 with 100% correct answers

Tennessee Life Insurance exam 2024 with 100% correct answers An insured purchased a Life Insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is a/an - correct answer✔✔ interest-sensitive whole life Which of the following is NOT true of life settlements? - correct answer✔✔ the seller must be terminally ill The paid-up addition option uses the dividend - correct answer✔✔ To purchase a smaller amount of the same type of insurance as the original policy. Any person acting as an insurance producer without a valid license may be fined up to - correct answer✔✔ $1000 for each violation An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? - correct answer✔✔ The insured may renew the policy for another 10 years, but at a higher premium rate. Which of the following is another term for the accumulation period of an annuity? - correct answer✔✔ pay-in period Unless revoked or suspended, how long does a producer's license remain in effect in Tennessee? - correct answer✔✔ 24 months An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? - correct answer✔✔ consideration A temporary insurance License may be issued without examination in all of the following instances EXCEPT - correct answer✔✔ To an applicant who fails to pass an insurance producer's examination. Which of the following named beneficiaries would NOT be able to receive the death benefit directly from the insurer in the event of the insureds' death? - correct answer✔✔ A minor son of the insured Which of the following determines the cash value of a variable life policy? - correct answer✔✔ The performance of the policy portfolio Which of the following allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disabled? - correct answer✔✔ payor benefit If a life insurance policy develops cash value faster than a seven-pay whole life contract, it is - correct answer✔✔ a modified endowment contract All of the following are dividend options EXCEPT - correct answer✔✔ fixed period installments Which provision of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? - correct answer✔✔ insuring clause An insurance producer may not act as an agent for an insurer unless he/she has become which of the following? - correct answer✔✔ appointed What is the purpose of a fixed-period settlement option? - correct answer✔✔ To provide a guaranteed income for a certain amount of time Which of the following types of risk will result in the highest premium? - correct answer✔✔ substandard risk The Ownership provision entitles the policyowner to do all of the following EXCEPT - correct answer✔✔ set premium rates As a condition for renewal of their licenses, how many hours of continuing education are required for all resident and nonresident insurance producers? - correct answer✔✔ 24 All of the following are true regarding the guaranteed insurability rider EXCEPT - correct answer✔✔ This rider is available to all insureds with no additional premium. Which of the following will be included in a policy summary? - correct answer✔✔ premium amounts and surrender values What is a definition of a unilateral contract? - correct answer✔✔ One-sided; only one party makes an enforceable promise Assuming that a policy does not contain an unconditional refund provision of at least 10 days, when must a Buyer's Guide and policy summary be provided? - correct answer✔✔ before accepting the initial premium All of the following entities regulate variable life policies EXCEPT - correct answer✔✔ Guaranty Association Which of the following are NOT fundable by annuities? - correct answer✔✔ death benefits At the time the insured purchased her life insurance policy, she added a rider that will allow her to purchase additional insurance in the future without having to prove insurability. This rider is called - correct answer✔✔ guaranteed insurability Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? - correct answer✔✔ defamation All other factors being equal, the least expensive first-year premium payment is found in - correct answer✔✔ annually renewable term Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary? - correct answer✔✔ life income with period certain