Chap 4-6

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how many continuing education hours must a producer complete on the subject of ethics every licensing period

3 hours

if a licensee changes his or her residence address, within how many days must the director be notified?

30 days

how long must an insurer keep all advertisements on file?

4 years

the number of credit required to obtain a full insured status to receive social security benefits is

40

The 10% early withdrawal penalty from an IRA can be waived for

Catastrophic medical expenses

what does the Guaranty Association guard against?

Insurer insolvency

if a producer's license was revoked for a violation of the insurance code, when can the producer apply for a new license?

after 3 years

If a life policy does not pass the 7-day test, that policy

becomes a MEC (Modified Endowment Contract)

basic information about life insurance policy can be found in

buyer's guide

an agent who deliberately make a malicious statement about another insurance company is guilty of

defamation

in group life policies, individual certificates are given to

each insured person

what is the requirement for a number of employees in a SIMPLE plan

no more than 100

ensuring that a life insurance product matches the client's investments objectives, financial status, tax status, and needs

suitability

misappropriating funds belonging to the insurer, the producer's license will be

suspended or revoked

participating in the practice of rebating, a producer's license will be

suspended or revoked

the advantage of qualified plans to employers is

tax-deductible contributions

an insurance policy may pay an accelerated benefit if the insured needs the money for which of the following

terminal illness treatment

what is the term for an insured who enters into a viatical settlement

viator

comparison of policy costs can be found in

buyer's guide

explanation on how to choose the amount and type of insurance is provided in

buyer's guide

when an agent obtains an insurance license for the primary purpose of writing insurance for himself, his spouse, or his own business, this is called

controlled business

a key person insurance policy benefit will pay for what?

cost of training a replacement

sharing commissions with another agent, a producer's license will be revoked or suspended, true or false

false

what is an example of a producer's fiduciary responsibility

forwarding the premiums to the insurer

with personal life insurance, the lump-sum death benefit is received by the beneficiary

income tax free

an employee quits his job and converts his group insurance to an individual policy. what will the premium for the individual policy be based on?

insured's attained age

a producer who resides in another state, but is licensed to write insurance in this state

nonresident producer

Generally, the premium paid for personal life insurance is

not tax deductible

specific information about the policy applied for will be found in

policy summary

an agent who offers a cash reward to a prospect for buying a policy is guilty of

rebating

what is the process by which a life insurance policy or annuity is reissued with a reduction in cash value or converted to reduced paid-up insurance?

replacement

the director of insurance is not responsible for

setting premium rates

retirements, disability, and survivors benefits are

social security benefits

what will not be in the buyer's guide

specific information about the policy applied for

if the director issues a cease and desist order, that mean the insurer must

stop committing a paritcular violation

what insurance arrangement will be appropriate for a business purchasing life insurance on its general manager

third-party ownership

a salaried employee who advertises and solicits insurance must hold a what type of license

producers license in this state

what is the purpose of requiring licenses for persons who transact insurance

protect the general public

a viatical settlement is an arrangement between a viatical company and a/an

terminally ill insured


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