Chapter 11 exam - part two
If an employer decides to cancel a group life insurance plan, it must give at least... Days notice to the employees prior to the date of cancellation or discontinuation.
15 days
Any administrative action Taken against a producer must be reported to the commissioner within... Days after the final disposition.
30 days
When an employee is terminated, how long does this employee have to convert group life coverage to an individual plan
31 days
A life policy loan in Connecticut cannot charge rate of interest higher than...
8%
In Connecticut, which of the following is considered an unfair trade practice?
Coercion
B Is a producer who only rights insurance business on his business partners. Which of the following is B engaged in?
Controlled business
A... Insurance company is domiciled in Connecticut.
Domestic
A consumer who has been recently denied insurance, credit or employment based on an unfavorable consumer report must be advised as such. Which of the Following does this statute originate from?
Fair Credit Reporting Act
Which of the following triggers an accelerated living benefit?
Qualifying event
Which individuals is legible for a temporary producers license?
The spouse of a disabled producer
Who is not required to sign a life insurance application?
beneficiary
An example of rebating would be
offering a client something of value not stated in the contract in exchange for their business
A producer has influenced an existing policy owner to convert an existing whole life policy to reduced paid up insurance. The producer then sells the policy owner a new universal life policy this transaction is called:
Replacement
Insurance companies that are organized and countries outside of the United States are referred to as
alien
Which of these is not a duty of a producer?
Authorize Payment of certain claims
A producers license may be issued without taking an examination for which individuals?
An Individual who holds an approved professional designation
What is not a nonforfeiture provision contained in a life insurance policy?
Automatic premium loan
What must be given to a life insurance applicant upon policy delivery?
Buyers guide
What actions does not constitute life insurance policy replacement?
Convert term coverage to a whole life policy
Control business can be best described as...
Insurance business written by producer on his/her family members
Which of the following is protected under the broker transactions guaranteed fund?
Insured
S Is a life insurance policy owner and enters into a written agreement to receive immediate cash in exchange for the sale in transfer of her life insurance policy. This agreement is referred to as...
Life settlement
If a producer fails to remit collected premiums to the insurance company, the producer may be in violation of
Misappropriation
Convincing a prospective insured to buy an insurance policy based on exaggeration is called
Misrepresentation
Which unfair trade practice involves a producer suggesting that an Insurance policy is like a share of stock?
Misrepresentation
What is not a valid reason for an insurer to contest a life insurance policy during the policies first two years of existing?
Misstatement of age
James the producer has sold a life insurance contract to a client without using an illustration, even though his insurer offers one. For this particular transaction, the applicant...
Must sign a statement that no illustration was provided
An accelerating living benefit is payable based upon the occurrence of the qualifying event. This qualifying event is certified by a(n)————-
Physician
Why does Connecticut Require Insurers to maintain a minimum level of Assets
To demonstrate Insurer Solvency
What would be a valid reason for the insurance commissioner to hold a hearing?
To determine if a producer has engaged in impropriety
What is an example of an unfair claims settlement practices?
Turning down a claim without providing the basis of denial
When a producer replaces an existing life insurance policy based on misrepresentations, this is called...
Twisting
What products does standard nonforfeiture law apply to?
Whole life policies because of the cash value that accumulates
