8/9/2020 Evaluator

Date: Sunday, August 09, 2020

Time: 17:06:32 (GMT +08:00)
Attempt: 1
Learner Name: KEVIN LOVERTE ECHIVERRI
Correct answers: 36
Incorrect answers: 14
Questions pending score: 0
Total number questions: 50

Section 1
Task 1: Task 1
Answer
Question Question Text
Result
An applicant wants to get a participating policy which will have the maximum cash available for emergencies.
1 Incorrect
Which of the following should he select?

2 Participating life insurance policies are policies which Correct

3 Which of the following is a settlement option? Incorrect

The basic coverage provided by life insurance policies may be supplemented by separate provisions that provide
4 Correct
coverage for additional amounts or of a different nature. Collectively, these provisions are known a

5 A Retirement Annuity is Correct

6 In most life insurance application, the largest amount of information requested is data which Correct

A prospect tells you that he has a loan with a financial institution and he would like an Insurance Company to pay
7 it off if he dies but, he is hard up and he wants this coverage at the lowest possible cost. What would you offer Correct
him?

The insurance Commissioner has the power to revoke or refuse to renew an agent’s license in all of the following
8 Incorrect
instances except:

9 All of the following are correct statements EXCEPT: Incorrect

10 Antiselection refers to a general tendency on the part of Correct

11 All of the following policies can be used to afford retirement income except Incorrect

12 The conservation of a life insurance policy is dependent on all of the following except Correct

13 For waiver of premium to be effective, Correct

The widow of your policyholder tells that she does not want a lump sum payment, but she would like to receive
14 Correct
monthly allowance for the rest of her natural life. Which option do you recommend?

15 For life insurance coverage to be valid, insurable interest must exist Correct

16 A person’s human economic value is defined as the Correct

17 An agent is prohibited from doing all of the following practices except to Correct

18 Which of the following describes the convertible feature of a term insurance policy? Correct

The basic purposes of a conditional premium receipt are to acknowledge payment of initial premium for life
19 Correct
insurance and to

20 Which of the following is the least important reason for requiring that insurance agents be licensed? Correct

Mr. Sy walked out of his house one night and was never heard of again. His wife wanted to make a claim on his
21 Correct
life insurance policy as she believes that he is dead. Which of he following statements is correct in this case?

22 If the interest on a policy loan is not paid at the policy anniversary, the insurance company may Correct

23 Limited payment life policies are called such because those policies Incorrect

24 The level premium system means the Correct

25 A policy that is in force for less than the original sum assured with no indebtedness has availed of Correct

26 The following statements concerning insurable interest are correct, except: Incorrect

A company can restrict its liability if death occurs as a result of an aviation accident. The aviation exclusion clause
27 Incorrect
usually applies to which of the following?

28 A parent taking a life insurance policy on his minor child wishing to provide that the policy will continue in force in Incorrect
the event of his own death, would apply for
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8/9/2020 Evaluator

29 The life insurance industry is under government supervision because Correct

In the Philippines, an insurance company’s right to rescind a life insurance contract is generally limited to the first
30 Incorrect
years following policy issue date or date of approval of last reinstatement. The provision is embodied in

31 A Pure Endowment Policy Correct

Mr. Kho’s participating whole life insurance policy includes a waiver of premium for disability benefit. During the
32 Correct
period when premium payments are being waived under this provision, the cash value of this policy will

33 The only instance when a life insurance contract is treated primarily as an indemnity agreement is when a Correct

34 In practice, most claims for the death benefits of life insurance policies are Incorrect

35 The requirement that the beneficiary should have an insurable interest in the insured is satisfied if the insured Correct

36 Insurable interest is necessary when a person insures another Correct

Your client tells you that when his father died, received P500, 000 free of Estate Tax and that he had not even
37 Incorrect
known that this policy existed. Which of the following classifications did your client fall under?

38 Life insurance companies make use of the laws of probability in order to Correct

39 Applicants for life insurance with moderate physical impairments are called sub-standard risks and Correct

An insurance company which is owned and controlled by the policyowners who also share in the earnings of the
40 Incorrect
insurance company in the form of dividends is known as a

41 “Critical years” in the programming of life insurance means: Correct

For anyone to have the benefit of compensation on the value of the life of someone else, there must be an
42 Correct
established

43 Which of the following is false? Correct

If the person whose life is insured dies during the grace period and the premium was not paid, the amount that
44 Correct
the insurance company will pay to the beneficiary is usually the

45 The grace period provision in life insurance policies is designed to Correct

46 Insurable interest must exist Correct

A man is about to retire. He has P100,000 which he wishes to use to provide income for himself as long as he
47 Correct
lives and which would continue to his wife as long as she lives after his death. You would sell him a

48 Life insurance is Correct

49 The Insurance Code specifies that a contract does not take effect unless Correct

50 One requirement a policyowner must meet in order to reinstate a life insurance policy is to Incorrect

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