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EXAMFX EXAM AND PRACTICE EXAM
NEWEST 2024-2025 ACTUAL EXAM COMPLETE
200 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
EXAMFX EXAM
In terms of Social Security, what is the interval spanning
between the day when the youngest child of a family turns 16
and before the surviving spouse turns age 60 called? -
CORRECT ANSWER-Blackout Period
What is the name of the insured who enters into a viatical
settlement? - CORRECT ANSWER-Viator
A Buyer's Guide must be presented - CORRECT ANSWERWhen the application is taken.
Employer contributions made to a qualified plan - CORRECT
ANSWER-Are subject to vesting requirements.

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Which of the following is correct concerning the taxation of
premiums in a key-person life insurance policy? - CORRECT
ANSWER-Premiums are not tax deductible as a business
expense.
An annuitant dies before the effective date of a purchased
annuity. Assuming that the annuitant's wife is the beneficiary,
what will occur? - CORRECT ANSWER-The interest will
continue to accumulate tax deferred.
All of the following would be different between qualified and
nonqualified retirement plans EXCEPT - CORRECT
ANSWER-Taxation on accumulation
An agent is selling a client a Variable Life Insurance policy and
as an inducement shows the client a projection based upon
shares or dividends paid on a similar policy. This is -
CORRECT ANSWER-Misrepresentation.
An insured purchased a life policy in 2010 and died in 2020.
The insurance company discovers at that time that the insured
had misstated information about her insurance history on the
application. What will the insurer do? - CORRECT ANSWERPay the death benefit

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The provision which states that both the policy and a copy of the
application form the contract between the policyowner and the
insurer is called the - CORRECT ANSWER-Entire contract.
A corporation is the owner and beneficiary of the key person life
policy. If the corporation collects the policy benefit, then -
CORRECT ANSWER-The benefit is received tax free.
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
The annuitant dies while the annuity is still in the accumulation
stage. Which of the following is TRUE? - CORRECT
ANSWER-The beneficiary will receive the greater of the money
paid into the annuity or the cash value.
Which of the following protects consumers against the
circulation of inaccurate or obsolete personal or financial
information? - CORRECT ANSWER-The Fair Credit Reporting
Act
Which of the following is NOT a goal of risk retention? -
CORRECT ANSWER-To minimize the insured's level of
liability in the event of loss

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The two types of assignments are - CORRECT ANSWERAbsolute and collateral.
The termination of marital property rights may be reversed for
all of the following reasons EXCEPT - CORRECT ANSWERThe spouse named as beneficiary has obtained or consented to a
final decree or judgment of an annulment, divorce or separation.
All of the following entities regulate variable life policies
EXCEPT - CORRECT ANSWER-The Guaranty Association.
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.
An intermediary's license remains in effect for how long? -
CORRECT ANSWER-Indefinitely
Level term insurance provides a level death benefit and a level
premium during the policy term. If the policy renews at the end
of a specified period of time, the policy premium will be -
CORRECT ANSWER-Adjusted to the insured's age at the time
of renewal.