Life Insurance CHPT VI

An insured in a life policy has misstated his age on the insurance app. As a result the insurer will most likely A. adjust the benefit B. cancel the policy C. attach a misstatement of age rider D. impose fine on insured

A. adjust the benefit

All advertising are the responsibilities of which of the following? A. Insurers B. advertising agencies C. division of insurance D. anyone who creates them

A. insurer

What is the process in which a policy or annuity is reissued with a reduction in cash value or converted to reduced-paid-up insurance? A. conversion B. replacement C. rollover D. settlement

B. replacement

Practice of making sure that the purchase or replacement of an annuity product is correct for the purchaser investment objectives, financial status, tax status, and needs is called? A. solicitation B. suitability C. negotiation D. underwritting

B. suitability

An insured makes a decision not to accept a life insurance policy. The insurer must return the policy for a full refund of premium within how many days? A. 7 days B. 10 days C. 15 days D. 31 days

C. 15 days

Any attempt by existing insurer to dissuade a current policy owner from replacement of existing life insurance is called A. negotiation B. solicitation C. conservation D. unfair trade practice

C. conservation

Group life insurance policies delivered in this state must contain all of the following provisions EXCEPT? A. a grace period of 31 days B. an incontestability period of 2 years C. a copy of the app is considered part of the policy D. statements of the applicant must be warrantied

D. statements of the applicant must be waarantied

All of the following could qualify as a group for the purpose of purchasing group health insurance EXCEPT? A. a labor union B. a single employer C. a trustee group established by 2 employees D. a family group that needs affordable insurance

D. a family group that needs affordable insurance

group life insurance policies are considered incontestable when A. have been issued with evidence of insurability B. all questions are answered truthfully on app C. insured statements are warranties D. have been in force for 2 years

D. have been in force for 2 years

when replacing life insurance or annuity a producer has all the following duties EXCEPT? A. give applicant copies of all replacement-related communications B. provide a Notice Regarding Replacement to applicant, have it signed by producer and applicant C. send written communication to existing insurer advising of the purposed replacement D. obtain a list of existing life insurance pol

C. send written communication to existing insurer advising of purposed replacement