Illinois Life Law

All of the following would be valid reason for denial,revocation or suspension of a Viatical Settlement Provider License EXCEPT?

Paying to the insured less than the policy face amount as a settlement

The effective date for accelerated benefits resulting from accidents shall be when?

Policy effective date

The requirements to hold a license as viatical settlement provider include all of the following EXCEPT?

Poor business reputation

All of the following are true about the illustration regulation EXCEPT?

Records related to illustration selling must be kept on file for 3 years from the date of issuance

To qualify for accelerated benefits which of the following is correct?

The insured must either suffer from a terminal medical condition or have qualified condition that required skilled nursing care

In order to sell annuities which of the following is true?

The producer must have a life insurance license and must complete one time four hour annuity training courses prior to engaging in the sale of annuity product

In making a recommendation to a client to purchase an annuity which of the following must be true?

The producer must have a reasonable belief that the annuity is suitable for the client

Which of the following is true regarding vitical settlement contracts?

These contracts must be filed with and approved by the Director prior to use

Record related to illustration selling must be kept for how long?

Until three years after the policy is no longer in force

All of the following are considered advertising EXCEPT?

A letter to one client

Which of the following statements is false?

When the term nonmedical is used in and advertisement there are no additional disclosure rules.

Covered claims under the Life and Health Guaranty Association include all of the following EXCEPT?

$500,000 in the present value of an annuity

All of the following are allowable EXCEPT?

Advertisements can imply that the insurance company is endorsed by the state

Which if the following is correct regarding advertisement ?

Advertisements must be fair and not misleading

The effective date for accelerated resulting from illness shall be when ?

After 30 days waiting period

Items required to be on the basic illustration included all of the following EXCEPT?

Age, name and gender of the producer

Violation of the suitability requirements in the state of variable life insurance shall be considered to be which of the following?

An unfair trade practice and evidence of incompetence or untrustworthiness in the conduct or insurance business

All of the following medical conditions are on the qualified medical conditions list,thereby resulting in a payment of up 75% of the policy's face amount prior to death EXCEPT?

Appendicitis

Which one of the following is not a medical condition that would qualify for accelerated benefits?

Asthma

All of the following policies are exempt from the illustration regulations EXCEPT?

Individual life insurance policies with more than a $10,000 guaranteed death benefit

Duties of the replacing insurer include all of the following EXCETPT?

Keep records related to replacement for five years

What is the purpose of the Buyers Guide?

To explain the basics of the three types of life insurance: Whole life,endowment and term

In which of the following situations would the replacement rules apple?

When the insured borrows more than 25% of the old policy's cash value to purchase the new policy

Suitability rules must be followed when?

Whenever a recommendation is made to a client to purchase variable life insurance or an annuity product

Solictations regulations do not apply to the following types of Life insurance EXCEPT?

Whole life

Which of the following would not be considered an item of suitability information necessary for the producer to know in making a recommendation to purchase an annuity product?

Level of education attained

All of the following are found on the basic Illustration EXCEPT?

Name and address of the Division of Insurance

When must the producer deliver the Important Notice Regarding Replacement of Life Insurance?

No later than the time of the application

Records related to recommendation made in the sale of the annuity products must be maintained for how many years after the insurance transaction is completed?

7 years

Which of the following correctly defines terminal illness?

A condition believed to result in death within 24 months

Replacement rules would apply when replacing all of the following policies EXCEPT?

Nonconvertible term that expires in five years or less and cannot b e renewed

Replacement transactions must be kept in file for period of how many years?

3 years

Records related to advertisements must be kept on file by the insurer for how long?

4 years

The buyer's Guide is required to be given out when?

Before accepting the clients initial premium

When must solicitors of insurance disclose themselves such to clients?

Before beginning any sales presentation

All of the following are allowable before payment of the accelerated benefits EXCEPT?

Obtaining approval from revocable beneficiaries

All of the following are considered prohibited discrimination EXCEPT?

Charging a women less than a man for life insurance

All of the following are correct regarding the Life and Health Guaranty Association EXCEPT?

Claims are unlimited

All of the following words are prohibited from used in advertisements EXCEPT?

Insurance

All of the following terms are prohibited EXCEPT?

Insurance Producer

All of the following are correct regarding the Policy Summary EXCEPT:?

It is allowed to be included in the Buyers Guide

Which of the following would be considered an unfair practice?

Denying issuance of a policy solely based upon an applicant's past lawful travel or future lawful travel palns

Viaticl Settlement Providers are required to do all of the following EXCEPT?

Only make books and records available for inspection under court order