1135 Life & Health Insurance Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Which of these must be disclosed in a company's universal life policy?i - Correct Answers ✅The policy's surrender charges Which type of life insurance typically offers mortgage protection? - Correct Answers ✅Decreasing term Dividends from a mutual insurance company are paid to whom? - Correct Answers ✅Policyowners These are all accurate statements regarding universal life insurance EXCEPT - Correct Answers ✅Policy loans are not permitted Which of these is NOT a reason for a business to buy key person life insurance? - Correct Answers ✅A pension deficiency if the key employee dies Which of these do NOT indicate the presence of insurable interest in a life insurance contract? - Correct Answers ✅Lifelong friendship Which of these statements is true regarding an adjustable life insurance policy? - Correct Answers ✅Policyowners are 1 / 4
1135 Life & Health Insurance Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) given the option of alternating between forms of term and whole life insurance Which of these is NOT relevant when determining the amount of personal life insurance needed? - Correct Answers ✅Local unemployment rate XYZ Insurance Company gives direct authority to its producers to sell insurance through an agency contract, but nothing is stated regarding the collection of premiums. Which authority grants the producer the right to collect premiums? - Correct Answers ✅Implied What kind of life insurance policy allows the policyowner the choice of investments along with adjustable premiums? - Correct Answers ✅Variable universal life In life insurance, the needs approach is used mostly to establish - Correct Answers ✅how much life insurance a client should apply for Which statement concerning adjustable life insurance is accurate? - Correct Answers ✅The face amount and premiums can be changed simultaneously by the policyowner 2 / 4
1135 Life & Health Insurance Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) In what way are insurance policies said to be aleatory? - Correct Answers ✅Involves the potential for the unequal exchange of value Which statement concerning an adjustable life insurance policy is FALSE? - Correct Answers ✅Evidence of insurability is always necessary when there is a change in premium When funds are shifted straight from one IRA to another IRA, what percentage of the tax is withheld? - Correct Answers ✅None How does the cost for a survivorship life policy compare to the cost of combining two separate life insurance policies? - Correct Answers ✅Survivorship life policy is lower In a qualified retirement plan, the yearly contributions to an employee's account - Correct Answers ✅are restricted to maximum levels set by the IRS An insurance company can be liable for a producer's unauthorized acts - Correct Answers ✅when the agency contract is vague concerning the authority given 3 / 4
1135 Life & Health Insurance Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) An individual participant personally received eligible rollover funds from a profit-sharing plan. What is the income tax withholding requirements for this transaction? - Correct Answers ✅20% is withheld for income taxes What minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer? - Correct Answers
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All of these are considered features of whole life insurance EXCEPT - Correct Answers ✅Initial cost is lower than for an equivalent amount of term insurance In an individual retirement account (IRA), rollover contributions are - Correct Answers ✅not limited by dollar amount Peter, age 50, surrenders his modified endowment contract (MEC). How is the gain treated for federal income tax purposes? - Correct Answers ✅The gain is added to his gross income and a penalty tax is assessed on the gain Which tax would an IRA participant be subjected to on distributions received prior to age 59 1/2? - Correct
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