WLAH Wyoming Life & Accident and Health - Set 2 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: An insured who is a private pilot dies while flying a small personal aircraft, and the policy contains an aviation exclusion limiting coverage for deaths during non-commercial flying activity of this kind. Under which circumstance would that same exclusion typically not apply to a death aboard an aircraft?
Question 42: A juvenile life policy is purchased on a child, with the child's parent paying premiums. A rider attached to the contract keeps it in force with no further premiums due if the parent dies or becomes disabled before the child reaches a stated age. Which rider is this?
Question 43: A deferred annuity contract imposes a fee that is deducted from the accumulation value whenever the owner withdraws more than a permitted amount, or the entire balance, during an early stated number of years after the contract was purchased. Which annuity feature does this fee represent?
Question 44: A policyowner insures a spouse under a term rider attached to their own permanent life policy, rather than buying a separate standalone contract for the spouse, so both lives stay protected under one policy. Which rider lets a family member other than the primary insured be covered this way?
Question 45: A policyowner sets up a deferred annuity that allows periodic payments of varying amounts to be made into the accumulation account over an extended period of years, rather than requiring the entire funding to be paid in through one single transaction at purchase. Which premium structure describes this annuity?
Question 46: Compared with an otherwise identical level term policy covering the same insured for the same face amount and the same length of term, how does the periodic premium for a return-of-premium term policy typically compare, given that it must fund a refund promise if the insured survives?
Question 47: A policyowner leaves each dividend on deposit with the insurer rather than taking it in cash or using it to buy more coverage, and the insurer credits interest on the growing balance, which the owner may withdraw anytime. Which dividend option is used, and how is the interest generally taxed?
Question 48: Because a variable annuity's accumulated value and income payments depend directly on the performance of separate account subaccounts holding securities, and the contract owner bears that investment risk rather than the insurer, how is a variable annuity generally classified and regulated for producer licensing purposes, beyond simple insurance regulation?
Question 49: An annuity contract covers two annuitants, and the insurer continues making periodic income payments to whichever of the two annuitants is still living after the other one dies, so the income stream does not stop until both annuitants have died. Which payout option does this description match?
Question 50: An applicant purchases an annuity contract, and rather than income payments beginning right away, the contract enters an accumulation period during which funds grow on a tax-deferred basis, with annuitization and the resulting income payments not scheduled to start until sometime later. Which type of annuity is this?
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