psych week 7

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

By how many days does the discontinuance of a group insurance policy reduce time limit for providing notice of claim or proof of loss

0 Days

What % of a company's employees must take part in a noncontributory group life plan?

100%

Within how many days of requesting an investigative consumer report must an insurer notify the consumer that the report will be obtained?

3 days

An insurer is closing a branch office in this state. Within how many days of the office closing must the insurer notify the Department?

30 days

Licenses must notify the department within how many days of any change of address

30 days

What is material misrepresentation?

A statement by the applicant that upon discovery, would effect the underwriting decision of the insurance company

The 2 types of assignments are

Absolute and collateral

What is another term for authorized insurer?

Admitted

What is reinsurance

Agreement between a ceding insurer and assuming insurer

Settling a lawsuit involving a life insurance policy the insurer belives that the application would help to establish material facts in the case

Applicants can only be used in court cases if they are attached to or endored upon the policy

All of the following is true of the federal tax advantages of a qualified plan except

At distribution all amounts received by employers are tax free

An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an

Authorized insurer

Long stretch of hardship causes 7% rate of inflation

Cost of living rider

All of the following statements concerning dividends are true except

Dividend amounts are guaranteed in policy

Which of the following regulating authorities participated in the do not call registry

FTC

Which is true about the cash surrender in a nonforfeiture option

Funds exceeding the premium paid are taxable as ordinary income

Eligibility requirements for all social security disability income benefits

Have attained fully insured status

Life income joint and survivor settlement option guarantees

Income for 2 or more recipients until they die

All of the following are nonforfeiture options except

Interest only

The type of settlment option which pays throughouy the lifetimes of 2 or more benefictiarys is called

Joint and survior

What is the other term for the cash payment settlement option

Lump sum

If an insured continually uses the automatic loan option to pay the premium

The policy will terminate when the cash value is reduced to nothing

an insured has chosen joint and 2/3 survivor as the settlement option

The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

Which of the following of a life insurance policy would be allowed in an insurance advertisement

This is a term life insurance policy

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of

Twisting

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

An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. The agent is guilty of

rebating

If a policy includes a free look period at least 10 days, the buyers guide may be delivered to the applicant no later than

with the policy

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary?

Life income and period certain

An organization licensed in NY wants to do business in NJ. What is true

Organization will need to obtain a nonresident business entity license and the producers need nonresident license's

A participating insurance policy may do which of the following

Pay dividends to the policy owner

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

Payor Benefit

Which of the following licenses is required for a surplus lines producer

Property and casualty

All of the followings are unfair claims settlement practice's except

Suggesting negotiations in a settling claim

Which of the following is an example of a producer being involved in a unfair trade practice of rebating

Telling a client that his 1st premium will be waived if he purchases the insurance policy today

Which of the following is true regarding variable annuities

The annuitant assumes the risks on investment


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