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