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an insurance been found guilty of a code violation regarding replacement. the insurer then repeats the violation. what will be the minimum penalty

30,000

minimum of credits required for parcticaly insured statues for social security disability benefits is

6 credits= 13 quarter period

the legal definition of "person" would Not include

a family

the least expensive first year premium payment is found in

annual renewable term

the act of revoking or termination an insurance policy is called

cancelation

a key person insurance policy can pay for which of the following

cost of traininf or replacement

which of the following is true regarding the insurance amount in a credit life policy?

creditor can only insure the debtor for the amount owed

in an insured changes his payment plan from monthly to annually, what happens to the total premiums

decreases

factual statemnets about the insured or the risk in an insurance policy are considered

expressed warranties

an individual purchasing permanent life insurance policy with the face value of 25,000. while this is all the insurance he can afford at this time, he wants to be sure that additional coverage will be available in the future. which of the following options should be included in the policy

guaranteed insurable option

which of the following persons represents several insurance companies but owns the records of the policies sold

independent agent

what is the benefit of choosing extended term as a nonforfiture option?

it has the highest amount of insurance protection

which of the following is true regarding the annuity period

it may last for the lifetime of the annuitant

a set of legal or regulatory conditions that affect an insurers ability to collect premiums commensurate with the level or risk incurred would be considered

legal hazard

the growing tendency of individuals to file lawsuits and to claim tremendous amounts for alleged damages is known as

legal hazard

all factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?

lower

an insured and his spouse own a home. when the insured dies, the insurer pays the remaining balance on his homeloan

mortage redemption

when a group coverage replacement sale has occurred which normal provision of the new policy cannot be applied as usual ?

pre existing condition

a life insurance policy can NOT be delivered by

priority mail

which nonforfiture option provides converage for the longest period of the time

reduced paid up

adverse selection is a concept best described as

risk with higher probability of loss seeking insurance often than other risk

all of the following topics may be included in the continuing education requiremnts for long termcare insurance EXCEPT

sales technique and overcoming clients objections in the purchase of long term care

which of the following is NOT true regarding the annuitant

the annuitant cannot be the same person as the annuity owner

who is protected by a temporary insurance agreement?

the applicant and the insurer

an insure wants to transfer his personal insurance policy to a friend under what conditions would this be possible?

the insured will need a written consent of the insurer

what happens if a deferred annuity is surrendered before the annuitization period

the owner will receive the surrender value of annuity

how are contributions to a tax sheltered annuity treated with regards to taxation

they are not included as income for the employee, but are taxable upon distributions

which of the following is not a goal of risk retention

to minimize the insureds level of liability in the event of a loss

which of the following policies would have an IRS required corridor or gap between the cash value and death benefit

universal life option a

how long will the beneficiary receive payments under the single life settlement option?

until the beneficicuarys death


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