Chapter 6 QUIZ

The term "conservation effort" refers to

discouraging policyholders from replacing existing policies

insurers must screen all marketing plans to ensure that an advertisement does NOT use as the name of any kind of an annuity contract any phrase that

does not include the world "annuity" unless accompanied by other clear language indicating it is annuity

As defined by the Georgia Insurance Code, all of the following entites may have an insurable interest in the insured EXCEPT

insurer

Existing insurers must provide policyowners with the summary for the existing life insurance within how many days of receiving the written communication and replacement?

10

For how long are insurers required to maintain records pertaining to life insurance solicitation?

3 years

Which required provision allows an insured to pay overdue premiums within 30 days for a life insurance policy to remain in effect?

Grace period

What is the purpose of life insurance solicitation regulation

To help consumers compare life insurance products in regard to their relative cost

Which of the following terms will be permissible in describing a life insurance policy in company advertisement?

Variable Plan

An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?

3 months

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years

A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?

60 days

All the following are examples of violations of replacement EXCEPT

Advising an applicant to answer questions correctly

All of the following would be excluded from the regulation on life insurance solicitation EXCEPT

A term life policy

Any references to policy dividends must include a statement of what?

That the dividends are not guaranteed

A legally acceptable attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called

Conservation