Insurance questions i hella dont know

A temporary license is valid in the state for

180 days

within how many days after receiving proof of death our group life insurance required to pay the policy proceeds to the beneficiary

30 days

What is the permitted maximum interest rate on policy loans

8%

Insurance companies may be classified according to the legal form of their ownership the type of company organize to return any surplus money to their policyholders is

A mutual insurer

What document grants express authority to the agent

Agents contract with the principal

Any employee quits her job where she has a balance of 10,000 in her qualified plan the balance was paid out directly to the employee in order for her to move the funds to a new account if she decides to roll over her plan to a traditional IRA how much will she receive from the plan administrator and how long does she have to complete the tax free roll over

$10,000 and 60 days

Any licensed person who's activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to

10 years

Which of the following best describes fixed period Settlement option

Both the principal and interest rate will be liquidated over a selected period Of time

What limits the amount that a policy owner may borrow for my whole life insurance policy

Cash value

When Jerry purchased a life insurance policy the agent dated the application for months prior when asked by Jerry the agent said he was allowed to backdate policies up to six months if it would

Cause the insured to pay a lower premium

Which of the following is true about the premium on the children's rider in a life insurance policy

It remains the same no matter how many children are added to the policy

Which of the following statements is true about a policy assignment

It transfers rights of ownership from one owner to another person

If a contract provides a set amount of income for two or more persons with the income stopping up on the first death of the insured it is called a

Joint life annuity

A producer has established a separate account for premiums collected on life insurance policy is sold by the producer. Who is entitled to the interest earned on the deposits in the separate account

Producer

The commissioner may permit an agent to enter into reasonable arrangements with prospective insureds to charge a reduced fee in situations where services that are charged for are

Provided beyond the scope of customarily services in connection with the solicitation and procurement of the insurance

Which of the following statements is true regarding cash value in a universal life policy

The insurer credits the cash value in the policy with the current Interest rate

All of the following are required to be included in all life insurance policy illustrations except

The marital status of the insured

The owner of a life insurance policy wishes to name to beneficiaries for the policy proceeds what will soliciting insurance producers say

The policy owner can specify the way proceeds are split in the policy

What is a major problem with naming a trust as the beneficiary of the life insurance policy

They are expensive to administer

If an agent converts premium he collected for his personal use the agent can be charged with

Embezzlement

The automatic premium loan provision is activated at the end of the

Grace period

Which life insurance settlement option guarantees payments for the lifetime of the recipient but also specifies a guaranteed period during which if the original recipient dies the payments will continue to a designated beneficiary

Life income with period certain

All of the following are examples of risk retention except

Premiums

which of the following will not be inappropriate use of a different annuity

Creating an estate

Which of the following is not typically excluded from life policies

Death due to plane crash for a fare paying customer

Annually renewable term policies provide a level death benefit for a premium that

Increases annually

All of the following information about a customer must be used in determining annuity suitability except

The beneficiaries age

A corporation is the owner and beneficiary of the key person life policy if the corporation collects the policy benefit then,

The benefit is received tax free

Agents who persuade insurance to cancel a policy in favor of another one when it might not be in the insureds interest are guilty of

Twisting

A prospective deferred annuity owner is concerned about what would happen if he surrendered the annuity before the end he was Asian. The agent is most likely explain which of the following

Nonforteiture option guarantees that the owner will receive a surrender value of the contract

Within how many days of receipt of proof of death must ensure pay the death benefit to the beneficiary to avoid paying in interest penalty

90 days

Which of the following acts is not considered to constitute an act of transacting insurance

Filing forms with the department

All advertisements regardless of their source of creation are the responsibility of the

Insurer

Credit life insurance

Insures the life of a debtor

Paul is the policy owner of a life insurance policy which will increase significantly in face amount (death benefit) when the insured it reaches an age specified in the policy this policy is referred to as a

Jumping juvenile policy

An employee has group life insurance through her employer after five years she decides to leave the company and work independently how can she obtained an individual policy

She can convert her group policy to an individual policy without proof of insurability within 31 days of leaving the group plan

Which of the following is true regarding variable annuities

The annuitant assumes the risk on investment

What is the purpose of the Washington insurance code regulations for life insurance policy disclosure

To improve the buyers understanding of basic features in the policy purchased

Which of the following must in age and receive in order to sell variable life insurance policy's

FINRA registration

Your client wants both protection and savings from the insurance and is willing to pay premiums until retirement at age 65 what would be the right policy for this client

Limited pay whole life

Which of the following information will be stated in the consideration clause of a life insurance policy

The amount of premium payment

In a fixed annuity which of the following is true regarding the guaranteed interest rate on the investment

The annuitant will receive the higher of either the guaranteed minimum rate or current rate

Two equal partners in a business worth $150,000 are using a cross purchase plan to protect against the death of each other which of the following statements would be correct

Partner a buys a policy on partner be in the amount of $75,000 naming partner is the beneficiary

And insurance company has published a brochure in accurately portrays the advantages of a particular insurance policy what is this an example of

False advertising

Any person who transacts insurance without a license is punishable with a class B felony if the commissioner has reason to believe that any person has violated this rule the commissioner may do all of the following except

Impose a prison sentence of no more than six months

In a survivorship life policy when does the insurer paid the death benefit

Upon the last death

After approval by the national Association of insurance commissioners (NAIC) The current buyers guide cannot be used for longer than

6 months

Which of the following statements about group life is correct

The cost of coverage is based on the ratio of men and women in the group

The policy owner of an adjustable life policy wants to increase the death benefit which of the following statements is correct regarding this change

The death benefit can be increased by providing evidence of insurability