Ch.6: Illinois Statutes and Requirements Pertinent To Life Only

the Illinois life and health insurance guaranty association is obligated to pay covered claims only if under the amount of

$300,000

at what annual rate does interest on life insurance proceeds accrue from the date of death of the insured

10%

which of the following outlines the features of various policies and outlines the advantages and disadvantages to both

Buyer's Guide

an insurer creates an advertisement in January of 2015 and keeps a record of its contents on file, its next regular examination will occur in December of 2018, how long must the insurer keep its advertisements on file

January 2019

the replacement regulation minimizes

Misrepresentation

The term "illustration" in a life insurance policy refers to

a presentation of non guaranteed elements of a policy

a legally acceptable attempt by an existing insurer to dissuade a current policy owner from the replacement of existing life insurance is called

conservation

which of the following is NOT an exclusion to the requirement stating that no insurer may recommend the purchase of an annuity if the recommendation results in an insurance transaction unless the recommendation is suitable for the consumer

contracts designed for senior citizens

a proposed policy form includes accelerated benefits. before the policy can be legally used, it must be approved by which of the following

department of insurance

which of the following entities ultimately decides if an advertisement is complete and truthful

director

the purpose of the Illinois guaranty association is to

help protect policy owners and beneficiaries against financial loss caused by the insolvency of an insurance company

to which of the following policies would the state regulation on illustrations NOT apply

individual variable life policy

Variable life, group life, and annuities are EXEMPT under which rule?

life solicitation

under standard circumstances, at what point should a buyer's guide be distributed to a prospective buyer

prior to the initial premium

An agent wants to include an illustration written by his insurance company. Which of the following best describes the conditions under which she may use the illustration?

the illustration must stay exactly as it is