Life Wrong answers 3
All of the following are regulated areas of the insurance industry EXCEPT: a. trade practices. b. investments. c. commissions d. producers
C
A nonresidential producer in Illinois just relocated to Indiana and became a resident producer in that State. What must the producer do to satisfy one of Illinois' requirements for nonresident producers? a. resubmit a nonresident license application. b. file a change of address within 30 days. c. pay a fee to the illinois department of insurance. d. nothing.
B
The purpose of the illinois Guaranty Association is to: a. protect the reputation of the insurance department if they issue a certificate of Authority to a company that becomes insolvent. b. Help protect policyowners and beneficiaries against financial loss caused by the insolvency of an insurance company. c. encourage life insurers to write substandard business. d. allow producers to continue to solicit insurance, even if the company they represent is financially impaired.
B
a nonresident licensed producer moves to Illinois and wants to obtain a license in this state. Which of the following is true regarding the licensing examination? a. if the producer has been licensed for over 10 years in his home state, the examination requirement will be waived. b. no examination will be required. c. the producer will be required to take the Illinois licensing examination. d. the producer will need to take a uniform secondary licensing examination to satisfy the illinois examination requirement.
B
with which entity must a corporation register before it will be allowed to operate as an insurance agency? a. MIB b. Director c. National federation of insurers d. federal board of insurance.
B
All of the following are true about the bond requirements in the state of Illinois EXCEPT: a. the maximum the bond would have to be is $50,000 b. the amount of the bond must be $2500 or 5% of the premiums collected in the previous year. c. insurance producers with insurance companies that take responsibility for their actions are still required to post a bond. d Maintaining a bond or appointing insurance company is a requirement to holding a producer's license.
C
In the event a licensed producer dies, a temporary license will be issued to the deceased producer's representative. This temporary license will allow the license to perform all of the following acts EXCEPT: a. collect premiums due b. service existing polices c. solicit insurance. d. renew policies
C
The Life solicitation rule applies to which of the following? a. annuities b. credit life c. individual life d. variable life
C
A group insurance policy was solicited by a limited insurance representative. Which of the following is true according to the disclosure regulation? a. disclosure regulation does not apply to limited insurance representatives. b. disclosure regulation does not apply to group insurance. c. the name of the representative must be displayed on each certificate of insurance. d. the representative's name and signature must appear on the master policy.
D
Which of the following type of discrimination by the company underwriters would be considered legal? a. a whole life policy with a guaranteed death benefit of $20,000 b. a group life policy c. a term policy. d. an individual variable life policy.
D
the director suspends a producer's license. Which of the following occupations could the producer serve during the suspension? a. insurance counselor b. insurance producer c. insurance underwriter d. none of the above.
D
