Life Guarantee exam missed questions
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 %
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
How many days' notice must an insurer provide to an insured regarding the laps of a policy due to outstanding loans?
30 days
Which of the following would NOT trigger the payment of accelerated death benefits?
being permanently disabled
A trust officer of a bank wants to counsel people on their life insurance policies, for a small fee. What licensure must the officer receive in order to do this legally?
none
If an insurance policy is cancelled within 90 days following the inception date, in what manner will the fee be refunded?
on a prorated basis
What effect will the long-term care rider have on the death benefit of a life insurance policy if LTC benefits were paid to the insurer?
reduce the death benefit
All of the following are true regarding the federal Fair Credit Reporting Act except
reports may be sent to anyone who requests one
An adjustable life policy can assume the form of?
either term insurance or permanent insurance
A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy will
continue to increase
A company refused to issue an insurance policy to an individual based on his status as a member of the U.S. Army. This would be considered
an unfair discrimination
An applicant for life insurance must receive a Buyer's Guide and policy summary prior to the initial premium payment, unless the policy offers an unconditional refund offer lasting for a minimum of
10 days
A producer is required to maintain a Premium Fund Trust Account anytime the producer holds client premiums for more than how many days?
15 days
When replacement is involved, the replacing insurer must send a notice tot he existing insurance company that identifies the insured and policies within how many days?
3 business days
The guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following
approximately every 3 years between the ages 25 and 40 birth of a child marriage purchase of a new home is not allowed
The provision that sets forth the basic agreement between the insurer and the insured and states the insurer's promise to pay the death benefit upon the insured's death is called the
insuring clause
What is the minimum penalty that may be imposed on an insurer found guilty of defamation?
$200
How much is the fee for a nonresident producer to obtain and maintain his or her insurance license?
$250
The replacement regulation does not aply to situations in which the total existing coverage to be replaced represents less than
$500
In the event a producer is found to have committed rebating, all of the following penalties would apply:
-producer is prohibited from receiving commissions on the policy - the producer must returnany earned commissions on the policy - the producer will be penalized for committing a class B misdemeanor The producer's license will not be immediately terminated
Within what time period must the insurer refund any premiums due to the insured?
15 days
Within how many days must a producer report his or her felony conviction to the director?
30 days
Policy loan requests for payment of due premiums, may be deferred for a period of up to
6 months
An annual statement must be filed with the director by a viatical settlement provider, each year, on or before
March 1
An insurance producer fails to meet the director's continuing education requirements. Which of the following will most likely occur?
The producer's license will be terminated
Replacement rules would apply when replacing all of the following policies except
nonconvertible, nonrenewable term that expires in 3 years