Missed Questions

what is the purpose of a conditional receipt

it is intended to provide coverage on a date earlier than the date of the issuance of the policy

which of the following would provide an underwriter with info concerning an applicant's health history

medical info bureau (MIB)

which of the following methods of calculating the amount of life insurance needed takes into account the insureds wages years until retirement and inflation

needs approach

are insurance company underwriters allowed to discriminate?

yes, but not unfairly

An insurer receives a report regarding a potential insured that includes the insured's financial status, hobbies, and habits. What type of report is that?

Inspection Report

The term illustration in a life insurance policy refers to

a presentation of a non-guaranteed elements of a policy

To which of the following policies would the state regulation on illustrations not apply?

an individual variable life policy

Which of the following would least likely be considered a legitimate need that would be paid by insurance proceeds?

Vacation Travel Expenses

If a policy includes a free look period of at least 10 days the buyers guy may be delivered to the applicant

with the policy

if an insurance company makes a statemenet that its policies are guaranteed by the INSURANCE GUARANTY ASSOCIATION that would considered

an unfair trade practice

hwich of the following entities protect policyowners insured and beneficiaries under insurance contract when insurers fail to perform contractual obligations due to financial impairment

insurance guarantee association

all advertisement are the responsibility of the

insurer

which of the following is not true regardin gthe needs approach method of determining the value of a individuals life

need is predicted using the number of years until the insured retirement

which of the following is not true regarding the needs approach method of determining the value of an individuals life?

need is predicted using the number of years until the insureds retirement

during replacement of a life insurance a replacing insurer must do which of the following

obtain a list of all life insurance polcies that will be replaced

Another name for a substandard risk classification is

rated

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

Which of th efollowing may Not be included in an insurance companys adverstiement

that its policies are covered by a state Guaranty Association

who is the owner and who is the beneficiary of a key person life insurance policy?

the employer is the owner and beneficiary

basic policy illsutration formats must include all of the following except

the illustration may only be on white colored paper