Set 3

Within how many days after receiving a written communication of replacement must an existing insurer provide a policyowner with a policy summary?

10 days

An insured is issued a life insurance policy in Florida and wishes to return it for a refund. How many days does the insured have for such an action?

14

An applicant for an agent's Life only license must complete a minimum of how many hours of prelicensing education?

40

Which of the following is NOT considered eligible for group life insurance?

A credit union that needs coverage only for its top 10 employees

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

Insurers CANNOT transact insurance in this state without a

Certificate of Authority

A producer advises a policyholder that he should replace his life insurance policy with another, similar policy. The agent is advising this, however, for the sole purpose of earning a commission. What violation has the agent committed?

Churning

Agent McButch uses his big size and implication of his "connections" to intimidate applicants into purchasing life insurance from him. Which unfair trade is this an example of?

Coercion

An insured intentionally did not disclose a material fact on an application for insurance. This would be considered

Concealment

Which of the following terms refers to solicitation, negotiation, effectuation or advising related to an insurance contract?

Insurance transaction

All of the following statements regarding the Life insurance Policy Summary are correct EXCEPT

It must illustrate guaranteed policy dividend values

An example of an alien insurer doing business in this state is one formed under the laws of

Mexico

Among the application in the same class and life expectancy, which of the following factors can be used to determine premium rates?

Occupation

In a group life policy with a death benefit of more than $50,000

Premium cost above $50,000 is taxable as income to the employee

Which of the following rules would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new life insurance?

Replacement rule

Which of the following groups is NOT eligible for group life insurance?

Social groups

If a policy insured is 64 years of age or older, the insurer must advise him or her of which of the following?

The insured's right to designate a secondary addressee to receive a copy of any policy lapse notices

Failing to acknowledge and act reasonably promptly upon communication with respect to an insurance claim is in violation of what insurance regulation?

Unfair claims settlement

During what period is anew life insurance policyholder entitled to review a policy and return it for a full refund?

Within 14 days after delivery of the policy