Utah Laws and Rules

A domestic insurance company in Utah MUST

be formed under Utah insurance laws.

A temporary producer's license issued in Utah is valid for up to ______ days.

180 days.

A licensee who is required to take continuing education must include how many ethics coursework hours?

3

Upon meeting company requirements, a lapsed life insurance policy may be reinstated within ____ year(s)

3

Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?

31 days

The Telemarketing Sales Rule states that _________ is the LATEST time of the day that telemarketing calls may be received.

9:00 pm

A(n) ________ insurer operates in the United States but is headquartered outside the United States.

Alien

Which of these individuals may NOT obtain a temporary producer license?

An employee of a retired licensed producer

Proceeds of a life settlement contract could be subject to the claims of

Creditors

An insurer markets its products by soliciting customers by mass media advertising and mail WITHOUT using the services of a producer. Which of these marketing systems does the insurer utilize?

Direct response

A producer must hold which of the following licenses to sell variable life insurance policies?

Life, variable, and securities license.

Which of the following actions may result in a producer's license being suspended?

Misappropriation of premiums.

Which of these would likely be considered an Unfair Claims Settlement Practice?

Offering settlements that are less than the fair value to offset insurer expenses.

Which of these is NOT an Unfair Claims Settlement Practice?

Refusing to pay persons bringing false or fraudulent claims.

Which of the following would prevent a person from obtaining a Utah resident producer license?

Residing in a state outside of Utah

Every ______ year(s), a producer's license in Utah must be renewed.

Two

Life insurance replacement can be defined as

a transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered.

If dividend option choices are offered on a whole life insurance policy, the policy MUST

contain a statement that dividends are NOT guaranteed.

If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST

disclose that premium payments may need to be resumed depending on actual results.

The ___________ is required to notify the Commissioner in the event of appointment termination.

insurer

In Utah, the Human Immunodeficiency Virus (HIV) consent form

must disclose who will be receiving a copy of the test results.

The Commissioner is empowered to perform each of the following acts EXCEPT

prosecute producers who violate state insurance laws.

A life insurance policyowner sells her policy to a third party in a life settlement. Under this transaction, the policyowner

receives an amount less than the policy's death benefit