LISCENSE

Which of the following is a correct statement about annuities?

Fixed annuities do not provide protection against inflation

A distribution from an employer-sponsored retirement plan or from an IRA is eligible for a tax-free rollover if it is reinvested in an IRA within

60 days

The extra charge is based upon

A written memorandum

Which of the following would NOT trigger the payment of Accelerated Death Benefits?

Being permanently disabled

Which insurers are not required to provide a buyers guide?

Direct response insurers

When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?

Extended term

What can influence premium rates?

Occupation

Which dividend option will increase the death benefit?

Paid-up additions

Considering the principles of liquidity, how would the policyowner use today's cash values in a life insurance policy?

Use it for emergency expenses

The renewable provision allows the policyowner to renew the coverage at the expiration date

Without evidence of insurability

Where are premiums from fixed annuities invested?

general account

Cash Value guarantees in a whole life policy are called

nonforfeiture values

All of the following are true of annually renewable term insurance EXCEPT

proof of insurability must be provided at each renewal

The purpose of the Fair Credit Reporting Act is to

protect consumers against the circulation of inaccurate or obsolete personal or financial information

Which of the following will be eligible for a tax-sheltered annuity?

public school teachers

All of the following are true regarding the federal Fair Credit Reporting Act EXCEPT

reports may be sent to anyone who requests one

How many days' notice must an insurer provide to an insured regarding the lapse of a policy due to outstanding loans?

30 days

The owner of a deferred annuity pays $100 in premium one month, and $130 the next month. Which of the following terms best describes this premium payment arrangement?

Flexible premium

Which of the following is NOT true regarding a deferred annuity?

Income payments begin within 1 year from the date of purchase

Which statement best describes agreement as it relates to insurance contracts?

One party accepts the exact terms of the other party's offer

In order to reinstate a life insurance policy the insured must do all of the following EXCEPT

Pay next year's premium in advance

What does the application of contract of adhesion mean?

Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured

Who is required to pay the fee for an insurance agent's appointment?

The appointing insurer

What happens to the face amount of a whole life policy if the insured reaches the age of 100?

The face amount is paid to the insured

Owner of life insurance is permitted to make absolute assignment of ownership

Without restriction

Under which of the following conditions would life insurance proceeds be taxable by the federal government?

if there is a transfer for value

If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?

immediately

Information obtained under false pretenses may be fined up to

$20,000

How long is the grace period for an individual life insurance policy?

1 month

According to the life insurance replacement regulations, which of the following would be an example of policy replacement?

A policy is reissued with a reduction in cash value

Which of the following types of policies would not subject to ct regulation on life insurance solicitation

Annuities

An individual has a $200,000 convertible term life insurance policy. If he chooses, he can

Convert to a whole life policy for the same face amount without proof of insurability

Decreasing Term insurance is often used to

Cover a mortgage

All of the following statements about mutual insurances companies are correct except?

Policy dividends issued by mutual companies are generated and not taxable

What is the difference between a straight life policy and a 20-pay whole life policy?

Premium payment period

Connecticut has enacted law regulating the solicitation for insurance contracts. They laws are intended to

Protect the public

In contrasting stock insurers with mutual insurers which statement is true?

Stock insurers are owned by the shareholders and issue nonparticipating policies

The entity established by the insurance department that makes payments to insureds who are aggrieved by an action of a surplus lines broker is called

The Brokered Transactions Guaranty Fund.

All of the following are consideration in an insurance policy EXCEPT

The cash value of the policy

All basic policy illustrations formats must include all of the following except

The policy provisions should be listen on separate page and applicant must sign each page

Which of the following is TRUE regarding premium in a 10-year level premium policy?

The premium will remain level for 10 years

If an applicant submits the initial premium with an application, which action constitutes acceptance?

The underwriters approve the application

Which of the following types of insurance policies would perform the function of cash accumulation?

whole life

Who would be allowed catch-up contributions?

Individuals age 50 or older

Guaranteeing future dividends is considered to be an unfair or deceptive act known as

Misrepresentation

Life Insurance can provide which of the following?

survivor protection

All of the following are advantages of a qualified retirement plan EXCEPT

the income at retirement is tax free