Last second study

What is the maximum administrative fine for a person who solicits prepaid funeral contracts without a license

$1,000 per

How long is the grace period for an individual life insurance policy?

1 month

How long is the certificate of registration and an administer valid?

3years

A distribution from an employer sponsored retirement plan of from an IRA is eligible for a tax-free rollover of it is reinvested in an IRA within

60days

All of the following could own group life insurance except

A group needing low cost life insurance.

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

Which statement below is INCORRECT regarding the type of insurance that fits best with the applicants needs?

Applicants who require a larger death benefit in the future should buy convertible term

Credit accident and health insurance provides indemnity for a debtor on a specific loan, during

Disablity

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as

Estate conservation

Guaranteeing future dividends is considered to be an unfair or deceptive act known as

Misrepresentation

cash value guarantees in a whole life policy are called

Nonforfeiture values

What effect will the long-term care rider have on a death benefit of a life insurance policy if LTC benefits were paid to the insured?

Reduce the death benefit

If an applicant submits the initial premium with an application, which action constitutes acceptance?

The underwriters approve the application

Which of the following is NOT true regarding insurance consultants

They may be employed by licensed producers or brokers

An agent tells an insured that if he replaces his current insurance policy with a newer one higher dividends and bind

Twisting

In life insurance, which of the following is NOT required to have an Insurable interest in the insured?

beneficiary

An aleatory contract is based on what kind of exchange?

unequal exchange of values

Producer previously licensed in another state recently moved to Nevada and now wishes to obtain a resident license. To avoid education and examination how soon is

90 days after establishing legal residence

Which of the following would be required to become licensed as an insurance producer

A customer service representative who solicits no more than one policy a year

In order to get a nonresident license in this state, agents must

Apply and pay a fee to a nonresident state that reciprocates

All of the following are true about key person insurance EXCEPT

The death benefit is taxable to the business

Which of the following is NOT standard exclusion in life insurance policies?

disability

Which of the following is NOT a component of an insurance policy premium

number of beneficiaries

Before an insurer may transact business in a specific state they must apply for a license of authority and meet

Solvency requirements

Which of the following are characteristics of term life insurance?

temporary protection, renewability, no cash value

Which of the following would be an example of an insurer participating in unfair trade practices of discrimination

Charring high premiums based on race

When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used?

Paid-up additions

Which of the following is consideration on part of an insurer?

Paying a claim

An applicant for a disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems in their application. Their answer is considered to be a

Representation