76% PT

an individual purchased 100,000 joint life policy on himself and his wife, 8 years later he dies in a automobile accident. how much will his wife receive from the policy?

100,000

Annuities differ from life insurance in all of the following ways EXCEPT

They are purchased with premiums

what is the basic source of information used by the company in the risk selection process?

application

What are buy-sell agreements normally funded with?

life insurance policy

which entity is appointed to oversee the business of insurance and to insure that the insurance laws of wisconsin are enforced

the commissioner of insurance

Intermediares are required to maintain records related to insurance transactions for what period of time?

3 years

If during the underwriting process an insurer obtains personal information about an applicant from the applicant, when must the insurer provide notice of its information practices?

At the time of policy delivery

which part of an insurance application would contain information regarding the cause of death of the applicants deceased relatives ?

Medical information

a person other than an officer or employee of the ceding insurer who solicits negotiates or places reinsurance cessions on behalf of a ceding insurer?

Reinsurance broker

Protects consumers against the circulation of inaccurate or obsolete personal or financial information. What is this called?

The Fair Credit Reporting Act

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

How long will the beneficiary receive payments under the single life settlement option?

Until the beneficiary's death

The authority granted to an agent through the agent's contract is referred to as

express authority

in a single life settlement option does it provide income the beneficiary cannot outlive?

yes.

what is not fundable by annuities ?

Death benefits

Upon policy delivery, the producer may be required to obtain any of the following EXCEPT

Signed waiver of premium

If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary?

The full death benefit

an insurance policy is considered a "new policy" if it has been in effect for what maximum period?

60 Days

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

false advertising

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?

Limited pay whole life