Illinois Statutes and Requirements Pertinent to Life Only
If a viatical settlement provider moves his business the new address must be reported to the Director within
30 days
How long must an insurer's advertisements be kept on file?
4 years or until examination
According to the life insurance replacement regulations, which of the following would be an example of policy replacement?
A policy is reissued with a reduction in cash value
If an insurance company makes a statement that its policies are guaranteed by the existence of the insurance guaranty association, that would be considered
An unfair trade practice
Which of the following outlines the features of various policies and outlines the advantages and disadvantages to both?
Buyer's Guide
A legally acceptable attempt by an existing insurer to dissuade a current policy owner from the replacement of existing life insurance is called
Conservation
A proposed policy form includes accelerated benefits. Before the policy can be legally used, it must be approved by which of the following?
Department of Insurance
Which of the following entities ultimately decides if an advertisement is complete and truthful?
Director
In the event of a terminal illness or injury, accelerated benefits pay earlier than scheduled a portion of the policy's
Face amount
The regulation regarding replacement of life insurance and annuities helps minimize
Misrepresentation and incomplete disclosures
An agent uses an insurer's illustration. He obtains proper approval and does not change the illustration in any way. The illustration involves projected amounts, and the agent stipulates that the amount would not be guaranteed. Which of the following is true?
The agent must stipulate that the illustration is not part of the contract
An agent wants to include an illustration written by his insurance company. Which of the following best describes the conditions under which she may use the illustration?
The illustration must stay exactly as it is
What is the main purpose of the regulation on life insurance policy illustrations?
To help customers make educated decisions in buying life insurance
An insured may qualify for accelerated benefits if they need the money for which of the following?
To pay for advanced liver cancer treatment
To which of the following products does the replacement regulation apply?
Whole life policies
