Life License Quiz
What time length do you have to report a change of residency to the commissioner?
90 days
If you commit an unfair trade practice, how many days do you have to prepare for a hearing?
10 days
How long is your free look period? When does this period start?
10 days - Upon policy delivery
In whole life insurance, which of the following terms describes features such as cash values and loan provisions?
Living benefits
Adjusters have to renew yearly before May___?
May 31st
What is the purpose of establishing the target premium for a universal life policy?
To keep the policy in force.
What policy can be described as a flexible premium adjustable life policy?
Universal Life
An insured has a policy in which the cash values increased to a point where the corridor was utilized. What type of policy does the insured have?
Universal Life Option A
When would a 20-pay whole life policy endow?
When the insured reaches age 100
How many days does an insurer have to notify the commissioner about a newly appointed agent?
15 days
What is the minimum age to purchase life insurance?
15 years old
What is the minimum age to get a life license?
18 years old
How long can be granted a temporary license?
180
Which policy is paid up early and endows at age 100?
20-pay life
How many hours of Continuing Education do you have to do for your life license?
24 hours (3 in ethics)
How often do you have to renew your license? (in months)
24 months
What time length do you have report any administrative or criminal action to the commissioner?
30 days
What time length do you have to report a change of address to the commissioner?
30 days
How long is your conversion privilege?
31 days
How long is your grace period?
31 days
How often do you have to consult the Do Not Call list?
31 years
Controlled business cannot exceed ___% in a ___ month period of time.
35% in a 24 months
How often is a Commissioner elected?
4 years
How do you have to rollover a retirement plan to another?
60 days
If you want to do a life license online renewal, how many days must you do this prior to expiration?
60 days
An accidental death rider will pay IF you pass away within ___ days of the accident.
90 days
The main difference between traditional whole life and variable life insurance?
Cash Values
Who bears the investment risk in variable life insurance products?
The policyowner
The renewable provision allows the policyowner to renew the coverage at the expiration date___
Without evidence of insurability
The insurance component of a Universal Life policy is what type of insurance?
Annual Renewable Term
A policyowner wants to transfer partial ownership of the policy to another family member. What policy provision is that?
Assignment
Which type of life insurance policy generates immediate cash value?
Single premium
What type of policy has NO cash value?
Term