Life Guarantee exam missed questions

In order for a business partner to be eligible for a Keogh plan, he/she must work full-time and own at least how much of the business?

10 %

An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial request?

3 days

How many days' notice must an insurer provide to an insured regarding the laps of a policy due to outstanding loans?

30 days

Which of the following would NOT trigger the payment of accelerated death benefits?

being permanently disabled

A trust officer of a bank wants to counsel people on their life insurance policies, for a small fee. What licensure must the officer receive in order to do this legally?

none

If an insurance policy is cancelled within 90 days following the inception date, in what manner will the fee be refunded?

on a prorated basis

What effect will the long-term care rider have on the death benefit of a life insurance policy if LTC benefits were paid to the insurer?

reduce the death benefit

All of the following are true regarding the federal Fair Credit Reporting Act except

reports may be sent to anyone who requests one

An adjustable life policy can assume the form of?

either term insurance or permanent insurance

A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will

continue to increase

A company refused to issue an insurance policy to an individual based on his status as a member of the U.S. Army. This would be considered

an unfair discrimination

An applicant for life insurance must receive a Buyer's Guide and policy summary prior to the initial premium payment, unless the policy offers an unconditional refund offer lasting for a minimum of

10 days

A producer is required to maintain a Premium Fund Trust Account anytime the producer holds client premiums for more than how many days?

15 days

When replacement is involved, the replacing insurer must send a notice tot he existing insurance company that identifies the insured and policies within how many days?

3 business days

The guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following

approximately every 3 years between the ages 25 and 40 birth of a child marriage purchase of a new home is not allowed

The provision that sets forth the basic agreement between the insurer and the insured and states the insurer's promise to pay the death benefit upon the insured's death is called the

insuring clause

What is the minimum penalty that may be imposed on an insurer found guilty of defamation?

$200

How much is the fee for a nonresident producer to obtain and maintain his or her insurance license?

$250

The replacement regulation does not aply to situations in which the total existing coverage to be replaced represents less than

$500

In the event a producer is found to have committed rebating, all of the following penalties would apply:

-producer is prohibited from receiving commissions on the policy - the producer must returnany earned commissions on the policy - the producer will be penalized for committing a class B misdemeanor The producer's license will not be immediately terminated

Within what time period must the insurer refund any premiums due to the insured?

15 days

Within how many days must a producer report his or her felony conviction to the director?

30 days

Policy loan requests for payment of due premiums, may be deferred for a period of up to

6 months

An annual statement must be filed with the director by a viatical settlement provider, each year, on or before

March 1

An insurance producer fails to meet the director's continuing education requirements. Which of the following will most likely occur?

The producer's license will be terminated

Replacement rules would apply when replacing all of the following policies except

nonconvertible, nonrenewable term that expires in 3 years