Pass The Massachusetts Life Insurance Test
Massachusetts Life Insurance Practice Exams
Pass the Massachusetts Life insurance test with confidence! Don't rely on the outdated material on other Massachusetts Life insurance practice test sites. Our program comes with 150 Massachusetts Life insurance exam questions with detailed answer explanations similar to the ones you will find on the actual Massachusetts Life insurance exam. All of our Life insurance tests are up to date with latest 2021 rules and regulations for Massachusetts.
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Answered Questions/ 15
What is the term that relates to the amount of money that an insured is entitled to withdraw from an annuity?
Vesting is associated with an insured’s withdrawal of the balance of an annuity before the contractual term of the annuity ends. The vesting period can vary. Typically, the percentage that vests increases on a graduated scale as the end of the annuity term approaches. Once the term ends, the vested amount is 100 percent. To illustrate, a 10 year annuity could vest 10% per year at the end of each year for the duration of the 10 year term. At the end of the 10 year term, the annuity is 100% vested.
For a single premium deferred annuity (SPDA), one lump-sum premium payment is made by the insured and the insured can access a specific amount of income when the insured retires. Deferred annuities provide the advantage of tax deferral, so the value of the annuity gains interest, which is not taxed until the money is withdrawn. The insured can choose the length of time that payouts are received from the annuity.
In the event that a whole life insurance policyholder commits suicide, the policy:
In the event that a whole life insurance policyholder commits suicide, the full death benefit is paid out, so long as the suicide occurs after the exclusionary period (a/k/a waiting or elimination period) is over. The typical exclusionary period is two years, but could vary depending upon the terms of the particular policy. If the suicide occurs within the exclusionary period, the death benefit paid is limited to the total amount of premiums paid through the time of death.
Ken wants to purchase a life insurance policy as soon as possible, but he also wants the option to continue to shop around and have the ability to change policies if he finds a better policy. What provision will benefit Ken?
Adjustable life policies are ________ compared to other types of policies.
What is the primary purpose of a STOLI?
Grant is terminally ill, but has a life insurance policy with a cash surrender value and he wants to sell his policy to a private individual. Yodel is interested in purchasing the policy, but is only willing to pay less than the face value of the policy. What is the name of the process of selling the policy for less than the amount of the death benefit?
What is another name for a mathematician, who calculates the likelihood that certain events will occur and prices the policy of insurance based on the likelihood that the events will happen?
Elish owns a personal airplane. He asks you to provide options for life insurance. What should you tell him about his potential coverage?
An insurance company is permitted to restrict or exclude a life insurance death benefit pay out if the death is caused by an inherently dangerous activity, such as flying a personal aircraft. Common policy exclusions include: 1) engaging in other dangerous activities, such as auto racing, mountain climbing, hang gliding or cliff diving; 2) Suicide, though the limitation may be limited to the first one or two years (depending on the state) of the policy period; 3) An act of war exclusion, such as if the death occurs while serving in the military or during wartime; 4) A drug or alcohol abuse exclusion; and 5) An exclusion for participating in illegal activities. For temporary participation in a dangerous activity, a short term Accidental Death and Dismemberment policy is an option.
Which policy document allows an insured to obtain term coverage for a spouse?
Your client Zhang contacts you for advice about his current life insurance policy, which has a dangerous policy exclusion. Zhang will be participating in the annual Spring Flower motorcycle race in his hometown. He wants to make sure that his existing coverage will provide benefits, since his dear wife Fei is very concerned, considering that Zhang has never ridden a motorcycle before. What should you tell Zhang?
Lechter lost both of his parents at age 12, when they perished in an airplane crash. If Lechter is at least _____ years old and he became disabled before the age of _____ , Lechter is eligible for Social Security benefits.
Fran purchases an annuity with a 5 year term, which has a graduated vesting schedule. Which of the following is the percentage vested after the end of year 3?
Norma and Norman, wife and husband, want to purchase an annuity that provides a standard payment every month until both of them die. Which annuity will work for them?
A last survivor annuity allows a married couple to receive a standard payment every month until both of them die. The survivorship provision means that payments are made until the second (surviving) spouse dies, so the payments will not end once the first spouse dies. In addition, they could also choose the annuity option that allows the payments to be split between the surviving spouse and a beneficiary of the dead spouse. The beneficiary receives payments until the second spouse dies.
Reina purchases a whole life policy with a provision that allows her to continue to shop around and get a refund if she finds a better policy. Which of the following is true about the policy that she purchased?
Which provision in a child’s life insurance policy requires that premium payments will be suspended if the person responsible for paying the insurance premiums passes away or becomes disabled?
A payer benefit provision in a child’s life insurance policy allows for the suspension of premium payments if the person responsible for paying the insurance premiums passes away or becomes disabled before the child reaches the age of majority (adulthood). That person is usually a parent or guardian of the child. If the payer dies or becomes disabled, the premiums are waived for the amount of time defined in the insurance contract.
A conversion privilege is a provision in a group life insurance policy that provides a person with the option to transition to an individual life insurance policy when leaving an employer that covered the individual under a group policy. The conversion privilege provides an easy way to avoid a lapse of coverage when leaving an employer, since no medical exam or additional underwriting is required. This also provides the insurer with the opportunity to sell a new policy to a current client.
Non-contributory insurance plans provide the benefit of automatic approval, since they are automatic-issue policies with no need for a medical examination to obtain coverage. The employer pays the entire premium for non-contributory plans. The employee pays nothing.
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