Illinois L&H Review
An insured's premium for life insurance is based mainly upon their:
Risk Classification
Who must meet an insurable interest requirement for a policy to be issued?
The Beneficiary
Records related to replacement transactions must be kept on file for a period of how many years?
Three years
A life insurance policy that combines term insurance protection, a flexible premium, and cash value accumulation is:
Universal Life
A producer submits a completed and signed application to the underwriter along with the first premium check. After checking the results of the physical exam, the underwriter issues a rated policy. Which of the following will not be required: Additional premium to be collected at policy delivery, a statement that the applicant's health has not changed since the physical exam, a new completed and signed application, an explanation of the rating or premium surcharge to the client.
a new completed and signed application
Once completed and signed by the applicant, a producer may change an application:
if the applicant initials the change
Life insurance becomes effective when:
the conditions in the conditional receipt are satisfied
Solicitations regulations apply to:
whole life insurance
The maximum length of the pre-existing condition clause for Medicare is:
6 months
With proper notice and authorization, insurers may report underwriting information that an applicant lists on their application for life insurance to the:
Medical Information Bureau (MIB)
When is the Buyer's Guide required to be given out?
Before accepting the client's initial premium
On a health insurance claim form, the exact procedures that were performed for the insured are represented by standard codes that are referred to as __________.
CPT codes
All of the following are part of a life insurance policy EXCEPT the: Insuring Clause, Conditional Receipt, Copy of the Application, Incontestability Clause
Conditional Receipt
Which federal law governs consumer investigative reports:
Fair Credit Reporting Act