guaranteed real exam

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% of the business

all of the following are advantages of a qualified retirement plan EXCEPT

the income at retirement is tax free

what is the maximum civil penalty that a producer can be charged if found guilty of violations in the court of law?

$100,000

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

which of the following would not trigger the payment of accelerated death benefits?

Being permanently disabled

An agreement that is enforceable by law is known as what kind of contract?

LEGAL

which the following best describes rebate?

a producer returning part of her commission to her client, as an inducement to buy

the requirements to hold a nonresident producer license include all of the following EXCEPT

be part- time resident of illinois

which of the following is a correct is a correct statement about annuties?

fixed annuities do not provide protection against inflation

insurance contracts are unilateral in nature what does that mean?

only one party makes a promise

a distribution from an employer sponsored retirement plan or from an IRA is eligible for a tax-free rollover if it is reinvested in an IRA within

60 DAYS

which of the following allows someone living with a life threating condition to sell their exsisting life insurance policy and use the proceeds before their death?

A viatical settlement

what does the annuity protect the contract owner against?

Living longer than expected

all of the following are true about survivorship life policy EXCEPT

The premium is based on the age of each insured

a loss resulting from which of the following would qualify for accidental death rider coverage?

an automobile accident

which of the following is true regarding taxiation of accelerated benefits paid under a life insurance policy?

they are received tax free

If a life insurance company uses HIV testing as a part of its underwriting when must an applicant be notified of the procedure?

Prior to performance of the test

which of the following riders pay the beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident as defined in the policy?

an Accidental death rider

an IRA contribution can be made from which of the following?

cash

which of the following is a requirement for preliceansing education for producers in this state?

certain number of hours be completed in a classroom

when an agent writes insurance for himself, his spouse, or his own business, this is called

controlled business

under what circumstances will the contingent beneficiary receive the death benefit?

if the primary beneficiary dies before the insured

Agents may be found guilty of defamation if they make a false statement that is intended to?

malacousley criticize another insurance company

what does the application of contract of adhesion mean?

since the insured does not participate in preparing the contract, any ambiguities would resolved in favor of the insured.

all of the following are prohibited under illinois law except

stating which section the payment or denial of a claim is based upon

according to state regulations for advertising of insurance products, insurers must maintain a file containing all of the following information EXCEPT

the names of all the agents who used the advertisements

all of the following would be violations of the advertising and sales regulations for life insurance products except

using testimonials

A whole life policy that will generate immediate cash value is a

single premium policy

which of the following individuals would be likely candidate to purchase a defferred annuity?

someone who wants to grow retirement funds tax deferred

how much is the free for nonresident producer to obtain and maintain his or her insurance liceanse

$250

the owner of a whole life policy which an accidental death rider intentionally kills himself after having the policy for 18 months. What is the insurance company course of action?

deny any payment of death benefit

an applicant for disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems on their application. Their answer is considered to be a

Representation

which of the following types of insurance products would be appropriate for an individual with low income and high insurance needs?

Term insurance, is pure protection

a trust officer of a bank wants to councel people on their life insurance policies for a small fee what liceansure must the officer receive in order to do this legally?

none

all of the following are consideration in an insurance policy EXCEPT

the cash value in the policy

all of the following statements about indexed whole life insurance are correct EXCEPT

the death benefit is not guranteed

an applicant for life insurance must receive buyers guide and policy summary prior to initial premium payment, unless the policy offers an unconditional refund offer lasting for minimum of

10 days

which of the following is true about how the insurance director gets into the office?

appointed by the governor

J is receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before all of the benefits are paid, the remaining amount will go to the contingent beneficiary. which settlement option did J choose?

Fixed amount

who would be allowed catch up contributions?

Individuals age 50 or older

to purchase insurance, the policyowner must face the possibility of losing money or something of value in the event loss. what is this concept called?

Insurable interest

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

March 1st

which of the following entities ultimately determines the extent of a temporary liceanses authority?

director

because of an injury, an insured has been unable to work for 7 months. when his life insurance premium came due, he was unable to pay, yet the policy remained in force. the policy includes

waiver of premium rider

if an applicants health is poorer than that of an average applicant, the policy may be issued

substandard

insurers that approve claims must offer payment within how many days?

30 days

which of the following indicates the person upon whose life the annuity income amount is determind?

Annuitant