[6/6] TN laws Life only

A policy summary must include all of the following EXCEPT? a) the guaranteed dividend rate b) the generic name of the policy c) the name and address of the insurance producer d) the effective loan percentage rate

a) a guaranteed dividend rate

All documents used in the solicitation of insurance must be maintained by an insurer for at lest?

3 years

What is the training requirement for producer who wants to sell annuities in this state?

one-time 4-hour training course

All of the following information about customer must be used in determining annuity suitability EXCEPT? a) Beneficiary's age b) tax status c) financial experience d) annual income

a) beneficiary's age

Which one of the following documents must be provided to the policy owner or applicant during policy replacement? a) policy illustrations b) Notice regarding replacement c) Disclosure authorization form d) Buyer's guid and policy summary

b) notice regarding replacement

Assuming that a policy does not contain an unconditional refund provision of a least 10 days, when must a buyer's guide and policy summary be provided? a) within 30 days of policy delivery b) at the time of application c) before accepting the initial premium d) at the time of policy delivery

c) before accepting the initial premium

How must a replacing producer respond to an applicant wishing to replace existing life insurance? a) the producer must request the permission of the existing insurer b) the producer has no specific duties c) the producer must provide the applicant with a Notice Regarding Replacement d) the producer must collect the existing polices and turn them over to the replacing insurer

c) the producer must provide the applicant with a notice regarding replacement

During replacemnt of life insurance, a replacing insurer must do which of the following? a) guarantee a replacement of each existing policy b) designate a new producer for a replaced policy c) send a copy of notice regarding replacement of to department of insurance d) obtain a list of all life insurance policies that will be replaced

d) obtain a list of all life insurance policies that will be replaced

Which rule would apply if an agent knew the applicant is going to cash in an old policy and use the funds to purchase new insurance? a) reinstatement rule b) conversion rule c) disclosure rule d) replacement rule

d) replacement rule

The rules regarding life policy replacement apply to which of the following situations? a) the policy is replacing a binder from the same insurer b) the existing and replacing insurer are the same c) the transaction involves credit life insurance d) the original policy is allowed to lapse

d) the original policy is allowed to lapse

Which of the following provisions would NOT be found in Term life insurance a) policy loan b) Entire contract c) misstatement of age d) grace period

a) policy loan

If a producer discusses policy dividends in a sales presentation, what statement must the producer also make? a) these figures are based on previous dividends b) dividends are not guaranteed c) dividends are exclusive to this insurer d) this amount is the minimum guaranteed dividend

b) dividends are not guaranteed

Which of the following policies would NOT have a policy loan provision? a) universal life b) joint life c) term life d) whole life

c) term life

All materials used in the solicitation of life insurance must provide the following EXCEPT? a) a single sum of all guaranteed and nonguaranteed benefits b) a statement that dividends are not guaranteed c) an explanation regarding the cost indexes d) the full name of the insurance company

a) a single sum of all guaranteed and nongaranteed benefits