Insurance State Exam
within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained
3 days
The insurance commissioner may examine the affairs of any insurer as often as necessary, but not less frequently than once every
3 years
How long is the grace period in group policies
31 days
Which of the following is generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision making process?
Buyer's Guide
When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option?
Fixed amount
according to the nonforfeiture law, if the owner decides to surrender a deferred annuity prior to annuitization, the owner is entitled to which of the following?
Guaranteed surrender value
one of the advantages of a family life insurance policy that provides coverage for children is that it
May be converted to permanent insurance for the children without requiring evidence of insurability
All of the following are nonforfeiture options except
Reduce paid-up; INTEREST ONLY; cash surrender, extended term
which of the following would provide an underwriter with information concerning an applicant's health history?
The Medical Information Bureau
what is the purpose of the Life Insurance Guaranty Association?
To help protect policyowners and beneficiaries against financial loss caused by the insolvency of an insurance company
which of the following types of polices allows the policyowner to skip premium payments, provided that there is enough cash value in the policy to cover the premium amount
Universal Life
What is delivered to the policyowner that includes information about premium amounts, cash values, surrender values and death benefits for specific policy years?
a policy summary
A young father would like a life insurance policy to provide coverage for all 5 family members at the lowest cost. which type of policy would he most likely buy?
family protection policy
Who bears all of the investment risk in a fixed annuity?
the insurance company
The regulation of the insurance industry primarily rest with
the state
Which entity has the authority to grant a temporary life insurance agent's license?
Commissioner of Insurance only
In increasing and decreasing term policies, which policy component fluctuates during the policy term?
Death benefit
How is the commissioner of Insurance selected for the office?
Elected in a general election for a 4 year term
Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount loss?
Indemnity
Which of the following occupations would NOT directly help to qualify someone for the office of Commissioner of Insurance?
Insurance Agent
Who makes up the Medical Information Bureau?
Insurers
which of the following is a true statement about a temporary license issued in this state?
It can be renewed after the first term
which of the following is NOT required on an illustration used in the sale of a life insurance policy?
The name of the primary and secondary beneficiaries
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 with a life insurance policy is diagnosed with a terminal illness. Which of the following could be suitable option for this insured?
Viatical Settlement
which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract
Viatical Settlement provider
If a policy owner wants to use their life insurance as proof of additional assets to get a loan, what provision is this called?
collateral assignment
the automatic premium loan provision is activated at the end of the
grace period
one of the advantages of a family life insurance policy that provides coverage for children is that it
may be converted to permanent insurance for the children without requiring evidence of insurability
which of the following information will be stated in the consideration clause of a life insurance policy?
the amount of premium payment
Life income joint and survivor settlement option guarantees
income for 2 or more recipients until they die
what can't be included along with illustrations used to sell life insruance?
vanishing premium information