Life Insurance - Wisconsin
Which of the following is not fundable by annuities
Death benefits
All the following are true regarding insurance policy loans except
Policy loans can be made on policies that do not accumulate cash value
What method do insurers use to protect themselves against catastrophic losses
Reinsurance
What is the other term for the cash payment settlement option
lump sum
When the appointment of an individual agent is terminated the insured must notify the office of the commissioner with appropriate forms within how many days after the termination date
30
What is the minimum duration of the grace period and a group life insurance policy in the state
31 days
Under which of the following circumstances would an insurer pay accelerated benefits
And insured is diagnosed with cancer and needs a pain for her medical treatment
What describes a ledger proposal used to show both guaranteed in non-guaranteed elements of the policy
Basic illustration
And insured receives an annual life insurance dividend check what term best describes this arrangement
Cash option
Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner?
Cash surrender
A tax sheltered annuity is a special tax favored retirement plan available to
Certain groups of employees only
A banker is ready to close any customers loan the bank is prepared to offer the loan but only if the customer purchased as a life insurance policy from the bank in the amount of the loan this is an example of
Coercion
An insurance contract requires that both the insured and the insured meet certain conditions in order for the contract to be enforceable what contract characteristic does this describe
Conditional
The type of policy that can be changed from one that does not accumulate cash value to one that does is a
Convertible term policy
Which writer when attached to a permanent life insurance policy provides an amount of insurance on every family member
Family term rider
Under a 20 pay whole life policy in order for the policy to pay the death benefit to a beneficiary the premiums must be paid
For 20 years or until death whichever occurs first
Life insurance death proceeds are
Generally not taxed as income
Universal life insurance policy has two types of interest rates that are called
Guaranteed and current
State law specifically prohibits using illegal inducements in the marketing of insurance all of the following would be considered a legal inducements except
Inviting prospective clients to the grand opening of a company's new office
Which of the following is not true regarding the life with guaranteed minimum annuity settlement option
It does not guarantee that the entire principal amount will be paid out
Which correctly describes the facility of payment clause that is found in group life insurance policies
It must be a benefit of up to $1000 payable to any person to cover funeral expenses or medical expenses
Which of the following statements is true concerning the accidental death rider
It will pay double or triple the face amount
And insured stated on her application for life insurance that she had never had a heart attack when in fact she had a series of minor heart attacks last year for which she sought medical attention which of the following will explain the reason a death benefit claim is denied
Material misrepresentation
And insured purchase an individual life insurance policy with the face amount of $15,000 he pays a premium each month what type of policy is that
Ordinary life
Policies issued in the state must be presented any meaningful sequence be appropriately captioned must provide definitions where appropriate and must be printed in specified type all of these requirements referred to the rule of
Readability
Which of the following is false regarding the life insurance replacement rules
Replacement forms must be kept on file for seven years
An insurance policy that only requires a payment of premium at its inception provides insurance protection for the life of the insured amateurs at the insured's age 100 is called
Single premium whole life
Which of the following types of annuities will generally provide the highest monthly income
Straight life
Which of the following is not true regarding the annuitant
The annuitant cannot be the same person as the annuity owner.
If the annuitant dies during the accumulation. Who receive the annuity benefits
The beneficiary
Which of the following best describes what the annuity period is
The period of time during which accumulated money is converted into income payments
Which of the following statements is correct regarding a whole life policy
The policy owner is entitled to policy loans
How must a replacing producer respond to an applicant wishing to replace existing life insurance
The producer must provide the applicant with a notice regarding replacement
Which of the following is not true of life settlements
The seller must be terminally ill
Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated
Those who have been insured under the plan for at least 5 years
What is the purpose of key person insurance
To lessen the risk of financial loss because of the death of a keep employee
It's an applicant for a life insurance policy in person to be insured by the policy are two different people the underwriter would be concerned about
Weather in insurable interest exist between the two individuals
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce
Without receiving a written consent from an insurance regulatory authority
The automatic premium loan provision is activated at the end of the
grace period
An applicant wants to buy a policy that has a cash value element which type should she buy
permanent
If reasonably possible a notice of proof of loss claim must be provided to the insured with any period of time after the time required by the policy
12 months
The commissioner may issue a temporary license for an intermediary for a period of up to
12 months
How many hours of pre-licensing education approved by the commissioner must Each application complete
20
Which of the following is not true of section 1035 policy exchanges
Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.
A 35-year-old spouse of an insured collects early distributions from her husband's retirement plan as a result of a divorce settlement what penalties if any will she have to pay
No penalties
Which type of life insurance policy it generates immediate cash value
Single premium
Which of the following are generally not considered an underwriting group insurance
The insured's medical history
All of the following are true about variable products except
the premiums are invested in the insurer's general account
Which of the following is not true regarding the cumulation period of an annuity
It would not occur in a deferred annuity
When an insured is given an order of liquidation which of the following will protect the insured's unpaid claims
The Wisconsin insurance security fund
The commissioner issues and order without holding a hearing the person a grieved by this order demands of hearing shortly after receiving the order the hearing must be held within a maximum of how many days
60
In the event the key employee quits or is terminated what provision provides the owner of the policy to transfer coverage to the replacement employee provided the new employee provides evidence of insurability
Change of insured
Which of the following is true about nonforfeiture values
They are required by state law to be included in the policy.