Unknown 1
What is the maximum monetary per willful violation of unfair trade practices regulations?
25,000
How long must insurers keep records of all printed, published, or prepared advertisements?
4 years.
All of the following would be excluded from the regulation on life insurance solicitation EXCEPT?
A term life policy
Which of the following would be a lawful reason for the Commissioner to suspend a producer's license?
Producer failed to pay child support.
Level term insurance provides a level death benefit and a level premium during the policy term. If the policy renews at the end of a specified period of time, the policy premium will be
Adjusted to the insured's age at the time of renewal
Who can make a fully deductible contribution to a traditional IRA?
An individual not covered by an employer-sponsored plan who has earned income
A person who wants to apply for a nonresident license in Connecticut must first?
Have a resident license in his or her state of residence
A return of premium term life policy is written as what type of term coverage?
Increasing
What is the name of the act that requires insurers to inform applicants when they will be asking for personal information outside of public sources?
The Insurance Information and Privacy Protection Act.
Which of the following is TRUE regarding variable annuities?
The annuitant assumes the risk on investment
Which is not true about beneficiary designations?
The beneficiary must have insurable interest in the insured.
In the transaction of insurance which of the following is considered to be representing the client?
The broker
The policy owner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?
The death benefit can be increased by providing proof of insurability
Persons insured under a group life insurance policy have the right to make any of the following assignments under the policy except?
The right to change the insured
What is the main purpose of the regulation on life insurance policy illustrations?
To help customers make educated decisions in buying life insurance.
What is the purpose of a suicide provision within a life insurance policy?
To protect the insurer from persons who purchase life insurance with the intention of committing suicide.
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?
Universal Life
Which of the following is a key distinction between variable whole life and variable universal life products?
Variable whole life has a guaranteed death benefit
In forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
What type of insurance would be used for a Return of Premium rider?
Increasing Term
As a field underwriter, a producer is responsible for all of the following tasks..
Issue the policy that is requested
Which of the following best describes a misrepresentation
Issuing sales material with exaggerated statements about policy benefits.
Which of the following is not a true statement of a life insurance Buyer's Guide?
It gives buyers specific information about the policy they are considering.
Which of the following is true regarding the renewals of producer license?
Licenses expire every 2 years on the last day of the producer's birth month.
All of the following would be eligible to establish a Keogh retirement plan except?
The president and employee of a family corporation
A producer will be receiving compensation directly from a customer for an issued policy. The producer discloses to the applicant the fact that he will receive commission, however, he does not have the exact amount at this time. What else should the producer disclose?
The method for compensation calculation and a reasonable estimate.
An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive.
Which of the following is Not found in the Buyer's Guide that is provided to prospective buyers?
Financial Strength of the insurer
The Federal Fair Credit Reporting Act
Regulates consumer reports
Which of the following statements concerning a Simplified Employee Pension Plan is INCORRECT?
SEPs are suitable for large companies
Which of the following would be considered a nonqualified retirement plan?
Split-dollar plan
Which of the following is called a "second-to-die" policy?
Survivorship Life
The death benefit under the universal life b option
Gradually increases each year by the amount the cash value increases
Which of the following would not be considered a purpose of life insurance solicitation regulations in Connecticut?
Help buyers choose most qualified insurance producers.
Under what circumstance may a creditor of an insured, not named a beneficiary, seek entitlement to the proceeds of a life insurance death benefit?
If the policy was purchased with the intent to defraud the creditor.
Which is true about the cash surrender nonforfeiture option
Funds exceeding the premium paid are taxable as ordinary income.
