what you missed on life

An agent who has had a formal disciplinary action taken against them by a state regulatory agency must notify the Commissioner of this within A) 10 days B) 30 days C) 45 days D) 60 days

A) 10 days

what is the max life insurance coverage available to the state residents through disco state life insurance fund? A) 10,000 B) 50,000 C) 100,000 D) the amount of coverage is unlimited

A) 10,000

Universal life insurance policy is best described as a A) Annually renewable term policy with cash value account B) veritable life with cash value account C) whole life policy with two premiums: target and minimum D) Flexible premium Variable life policy

A) annually renewable term policy with cash value account

A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this? A)level term B) term to specified age C) Ordinary life policy D) limited pay whole life

A) level term

an insured under a life insurance policy has be diagnosed with a terminal illness and has 6 months to live. the insured knows that his financial state will worsen even more with the upcoming medical expenses. what option could the insured utilize? A) Vatical Statement B) Estate Liquidation C) Nonpayment Premium D) Change of Beneficiary

A) vatical statement - allows insured with ah life-threatening condition to sell the existing policy in order to receive benefits when hey most need

An insured terminates an agents appointment. within how many days of termination must the intermediary be notified A)15 B)20 C)30 D) 10

A)15

when the appointment of the individual of an agent is terminate, the insurer must notify the Office of the Commissioner with appropriate forms within how many days after the termination date A) 20 B) 30 C) 10 D) 15

B) 30

an insured owns 50,000 whole life policy. at 47, the insured decided to cancel the policy and exercise the extended term option for the policy's cash value which is currently 20,000. what would be the face amount of the new term policy? A) 20,000 B) 50,000 C) 25,000 D) face amount will be determine by insurer

B) 50,000

Which nonforfeiture option provides coverage for the longest period of time? A) accumulated interest B) Reduced Paid-up C) Extended term D) Paid-up option

B) Reduced Paid-up

which of the following is true regarding the spendthrift clause in the life insurance policies A) same as irrevocable settlement Claus B) it can protect the policy proceeds form creditors of the beneficiaries C) allows the beneficiary to select a different settlement option D) it is only used when the beneficiary is a minor

B) protect from creditors

which of the following terms means a result of a calculation on the average number of months the insured is projected to live due to medical history and mortality factors? A) morbidity B) life expectancies C) mortality rate D) risk exposure

B)life expextancy

In a consumer requests additional info concerning an investigative consumer report, how long does the insurer or reporting company agency have to comply? A) 10 days B) 3 days C) 5 days D) 7 days

C) 5 days

which of the following would NOT cause the death benefit to increase? A) cost of living rider B) accidental Death rider C) Payor Benefit Rider D) Guaranteed Insurability Rider

C) Payor Benefit Rider

An insured receives an annual life insurance dividend check. What term best describes this arrangement? A) reduction of premium B) Annual Divided Provision C) Accumulation at Interest D) Cash Option

D) Cash Option

An agent selling variable annuities must be registered with A) department of insurance B) the Guaranty Association C) SEC D) FINRA

D) FINRA

which option of Universal life allows the beneficiary to collect both of the death benefits and cash value upon the death of the insured A) corridor options B) variable option C) Option A D)Option B

D) Option B

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) life with period certain B) fixed amount C) Interest only D) Fixed Period

D) fixed period - also called period certain, payments will continue for the specified amount even if the recipient dies before that period

which of the following insurance options would be considered a risk-string arrangement? A) stock B) mutual C) surplus D) reciprocal

D) reciprocal

All of the following would be different between qualified and non-qualified retirement plans EXECPT A) taxation of withdraws B) taxation of contributions C) IRS approval requirements D) taxation on accumulation

D) taxation on ACCUMULATION- (both plans grow tax deferred, the rest are differences)

under what circumstance may an insurer cancel or refuse to renew an insurance policy based upon the past criminal record of the insured?

Only upon conviction of an offense directly related to the risk insured

A licensed applicant's trustworthiness and competence will be determined by all of the following EXCEPT

Personal testimonies from previous co-workers and managers

what method do insures use to protect themselves against catastrophic losses

REINSURANCE

under the fair credit Reporting act, if the consumer challenges the accuracy of the info contained in his or her report, the reporting information contained in his or her report, the reporting agency must

Respond to the consumers complaint

The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called

Waiver of premium

when must an insurer provide a policy summary

When the policy is DELIVERED

which of the following is true regarding the notice of the insured right to file a complaint

every insurer must provide such notice when the policy is issued

All funds collected by an intermediary for prompt payment to insurers, or producers as entitles are received in what is know as

fIdUciary CAPACITY

which of the following is an intermediary who acts on behalf of the insurer?

insurance AGENT

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?

the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive