Team Af Legacy Secure Quiz

10 Questions | Total Attempts: 55

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Team Quizzes & Trivia

Test product knowledge on Legacy Secure and Legacy Secure SL. 


Questions and Answers
  • 1. 
    The key features listed on the Legacy Secure include all the following except ?
    • A. 

      Guaranteed protection for periods up to and including lifetime

    • B. 

      Preferred loans available

    • C. 

      Unlimited catch-up provision

    • D. 

      Liguidity Guarantee Rider

  • 2. 
    Under the Continuation of Payment Rider after approval of a claim for this benefit. The company may require proof of continuance of total disability. According to the policy, how often can they require proof?
    • A. 

      Every six months

    • B. 

      Never

    • C. 

      Not more than once a year after total disability has continued for two full years

    • D. 

      As often as medically deemed necessary after total disability has continued for one full year

  • 3. 
    Which rider could be available on a Legacy Secure SL that would allow the customers to terminate their policy to reclaim their original premium payments?
    • A. 

      Estate Liquidity Rider

    • B. 

      Coverage Protection Rider

    • C. 

      Full Surrender Charge Adjustment Rider

    • D. 

      Policy Split Option

  • 4. 
    Under the new term conversion rules you are no longer able to convert a TrueTerm policy to a Legacy Secure. True or False?
    • A. 

      True

    • B. 

      False

  • 5. 
    Sam is a 40 year old male, preferred non-smoker, $250,000 coverage, coverage protection guarantee (premium designation), lifetime guarantee, pay to age 65 (annual) and no riders included.What can Sam surrender his policy for when he is age 77 if pays the coverage protection premium to age 65?
    • A. 

      $9009.30

    • B. 

      0

    • C. 

      $81,144.75 based on the current rates

    • D. 

      $81,444.75 guaranteed

  • 6. 
    Which of the following are target markets for Legacy Secure?
    • A. 

      Individuals seeking long-term death benefit guarantees in a flexible premium, fixed intereest rate product

    • B. 

      Appropriate vehicle for a buy/sell agreement

    • C. 

      Appropriate vehicle for Key Person Insurance

    • D. 

      All of the above

  • 7. 
    On a Children's Term Rider when any child on the rider reaches Age 25 they can convert this coverage to 5X the face amount of the rider and have their own policy without proof of insurablility.  What is/are the options they have as to what kind of policy this will be going forward?
    • A. 

      Term

    • B. 

      Term and Permanent

    • C. 

      Permanent

    • D. 

      AWLA only

  • 8. 
    In question number 7 when the child converts to his or her own policy the underwriting class will be "standard smoker".
    • A. 

      True

    • B. 

      False

  • 9. 
    The Premium load for Legacy Secure and Legacy Secure SL is...
    • A. 

      There is no premium load

    • B. 

      2%

    • C. 

      5%

    • D. 

      6%

  • 10. 
    Legacy Secure SL is written primarily to allow families to pay estate taxes.  To write this policy only one of the two people that the policy is written on needs to be insurable.
    • A. 

      True

    • B. 

      False

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