Part 2

To appoint a producer as its agent, the appointing insurer must file a notice of appointment with the Commissioner within how many days from the date the agency contract is executed?

15 days

How soon from the submission of a notice of claim must an insurer acknowledge the receipt of the notice?

30 days

Decreasing Term

A type of life insurance that features a level premium and a death benefit that decreases each year over the duration of the policy.

FINRA (Financial Industry Regulatory Authority)

An agent selling variable annuities must be registered with

Decreasing Term is best suited for this situation

An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of insurance policy would be best suited to this situation?

Reinstatement Provision allows this.

An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?

Which of the following is NOT fundable by annuities?

Death benefits

True or False regarding the accumulation at interest option. The interest is not taxable since it remains inside the insurance policy.

False

True or False regarding a decreasing term policy. The payable premium amount steadily declines throughout the duration of the contract.

False. Premiums remain level with a decreasing term policy; only the face amount decreases.

The premium of a survivorship life compared with that of a joint life policy would be

Lower

Which of the following allows the insurer to relieve a minor insured from the premium payments if the minor's parents have died or become disabled?

Payor Benefit

The Ownership provision entitles the policy-owner to do all the following EXCEPT

Set premium rates

The premiums paid by the employer in a business life insurance policy are

Tax deductible by the employer

Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?

The Fair Credit Reporting Act

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 evidence of insurability.

Who is personally liable for all contracts of insurance unlawfully made within Tennessee on behalf of an unauthorized insurer?

The individual making the contract on behalf of the unauthorized insurer is liable.

SEC Registration

To sell variable life insurance policies, an agent must receive all of the following EXCEPT

Reinstatement Provision

permits the owner to reinstate a lapsed policy