Chapter exam- CT laws and rules PT: 1

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The free-look period for life insurance policies issued in Connecticut is ___ days.

10

What is the standard grace period for premium payments on all individual life insurance policies issued in Connecticut?

30

Which of these terms best describes the obligations involved with handling and managing other people's money?

Fiduciary responsibility

Any insurer incorporated outside of Connecticut and conducting business in Connecticut is referred to as a(n) ___ company

Foreign

Licensed producers in Connecticut are authorized to

Solicit, receive and forward applications to the insurer

To secure authority for soliciting insurance products in the State of Connecticut, an insurance company must secure a certificate of authority from

The Connecticut Insurance Commissioner

All of these are a prerequisite for becoming a licensed producer in Connecticut EXCEPT

high school diploma

Which of the following is protected under the Brokered Transactions Guaranty Fund?

insured

Which of the following individuals would an insurer NOT be allowed to compensate?

A non-appointed licensed producer

What is Connecticut's definition of Life insurance replacement?

A transaction in which a new policy is bought and an old policy is terminated

Which of these actions is the Commissioner of Insurance empowered to do?

Administer insurance licensing exams

A producer's license may be issued without taking an examination for which of these individuals?

An individual who holds an approved professional designation

If an admitted insurer wishes to conduct business in Connecticut, it MUST

Be issued a certificate of authority

Which of these MUST be given to a life insurance applicant upon policy delivery?

Buyer's Guide

A producer MUST notify the Commissioner for

Conducting business under an assumed name

Controlled business can be best described as

Insurance business written by a producer on his/her family members

Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock?

Misrepresentation

Which Unfair Trade Practice involves a producer telling a prospective client that a policy's dividends are guaranteed?

Misrepresentation

The Insurance Commissioner may issue a(n) ___ to assure compliance with an insurance law.

Order

Which of these is a legitimate form of life insurance advertisement?

Paid celebrity endorsement

A producer completes an application with a client for a $50,000 Life Insurance policy. At what point is the LATEST a Policy Summary and Buyers Guide must be given to the applicant?

Upon policy delivery

Reinsurance is

Used by insurance companies to share risk

Which of these products does standard nonforfeiture law apply to?

Whole life policies

If a producer fails to remit collected premiums to the insurance company, the producer may be in violation of

misappropriation

An accelerated (living) benefit is payable based upon the occurrence of a qualifying event. This qualifying event is certified by a(n)

physician


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