Chapter 11

When does a free look period begin on a Life Insurance policy

When the policy is delivered to the insured

An annuity contract is issued to a senior consumer over age 65 what is the maximum surrender charge for a withdrawal of money allowed on this annuity

10%

Who does the secondary notice provision protect

Elderly insureds

How long most insurers maintain records of information collected from senior consumers and other information used in making recommendations that were the basis for insurance transactions

For five years after the insurance transaction is completed by the insurer

What kind of policy issues certificates of insurance to insurers

Group insurance

Which of the following documents must be provided to the policy owner or applicant during policy replacement

Notice regarding the replacement

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance

Replacement rule

An employer offers group Life Insurance to its employees for the amount of $10,000 which the following is true

The cost of coverage is a deductible expense by the employer

can a group that is for the sole purpose of obtaining group insurance qualify for group coverage

no a group must be formed for purposes other than obtaining group insurance

If an employee is accepted into a group insurance plan which status will be employees have

Certificate holder

Certificates of coverage of are issued to

Participants in a group plan

Which of the following dates must be contained in a policy summary

The date the summary was prepared

A person Insured under a group Life Insurance policy can make an assignment of all or any part of the incidence of ownership conferred on the insured by the policy or by law to do any of the following except

The policyholder