Illinois Statutes and Requirements Pertinent to Life Only

What is the name of the insured that enters the vatical settlement?

Viator Viator is the owner of a life insurance policy who enters into or seeks to enter into a vatical settlement contract

The Life Solicitation Rule applies to which of the following: a. Annuities b. Credit Life c. Individual Life d. Variable Life

c. Individual Life The life solicitation rule applies to all life insurance sales but not credit life, group life, franchise life, variable life, annuities, and life insurance in pension and employee benefit plans subject to ERISA

Which is a generally acceptable title for a producer to use in describing himself at the beginning of a sales presentation? a. Investment Advisor b. Financial Planner c. Producer d. All of the Above

c. Producer

To which of the following situations does the replacement regulation apply: a. Group annuities b. Life coverage in a tax qualified retirement plan c. Variable life d. Nonrenewable coverage expiring in 8 years

d. Nonrenewable coverage expiring in 8 years The replacement regulation does not apply to nonconvertible or nonrenewable term insurance that expires in 5 years or less

A new life insurance policy is derived from a policy that was recently terminated. Which of the following terms best describe this policy? a. Transfer b. Reduced c. Reinstatement d. Replacement

d. Replacement

A transaction where new life insurance is purchased, and as part of the transaction, existing life insurance is lapsed or surrendered is known as? a. Conversion b. Conservation c. Renewal d. Replacement

d. Replacement Replacement means any transaction where new life insurance is to be purchased to replace an existing policy