Chapter 11 quiz

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An individual covered under a group life insurance policy may convert the policy to any of the following except

Level term

Viatical settlements maybe rescinding within what time period after the Viater receives the proceeds?

15 days

Conversion to an individual whole life policy is permitted without evidence of insurability within how many days of the termination of employment?

31 days

How long is the grace period and group policies

31 days

How soon from the termination of debt under a credit life insurance policy must a creditor provide notice to the insurer?

60 days

If a policy owner surrenders his life insurance policy that has been in force for five years within 60 days after the premium due date, what will the insured be required to pay?

A cash surrender value

To which of the following situation does the replacement regulation apply?

A whole life policy re-issued with reduction in cash value

To which of the following situations does the replacement regulation apply?

A whole life policy re-issued with reduction in cash value

An insured in a group policy has mistated his age on the insurance application. As a result, the insurer will most likely

Adjust the premium

All of the following information must be disclosed to the variator prior to the execution of a viatical settlement contract except

Availability of stranger originated life insurance (STOLI)

All of the following statements are correct regarding credit life insurance except

Benefits are paid to the borrowers beneficiary

Which of the following is used to compare the cost of one life insurance policy against another in order to God prospective purchasers to policies that are competitively priced?

Cost comparison methods

The type of insurance sold to a debtor and design to pay the amount due on alone if the dead or dies before the loan is repaid is called

Credit Life

The type of insurance sold to a debtor and designed to pay them out due on a loan if the detter dies before the loan is repaid is called

Credit life

Regarding credit life insurance, who is responsible for reporting termination of debt to the insurer?

Creditor

Which of the following would be the beneficiary in credit life insurance?

Creditor

Which of the following is true about credit life insurance?

Creditor is the policy owner

Which of the following is true about credit life insurance

Creditor is the policyowner.

Which of the following is not allowed in credit life insurance?

Creditor requiring that a debtor buys insurance from a certain insurer

Which of the following types of insurance policies is most commonly used in credit life insurance?

Decreasing term

The usage of words or symbols that are similar to what entity is prohibited in life insurance advertisements?

Federal government

When possible, what should ensure strive to illuminate from illustrations?

Footnotes and caveats

What provision in life or health insurance policy extenze coverage beyond the premium due date?

Grace period

Which of the following must be included in all life insurance advertisement?

Identity of the actual insurer

Which of the following documents must be provided to the policy owner or applicatetduring policy replacement?

Notice regarding replacement

During replacement of life insurance, replacing insurer must do which of the following?

Obtain a list of all life insurance policies that will be replaced

If a person is compensated for a testimonial in an advertisement, Which of the following statements should be included in the advertisement

Paid endorsement

All of the following are mandatory life insurance policy provisions except

Policy backdating

All of the following are mandatory life insurance policy provisions except

Policyback dating

According to the state nonforfeiture law for life insurance policy, insurers must offer at least one of the following nonforfeiture options except

Reduction of premium

Which role would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

Replacement rule

Which of the following may be included on an insurance advertisement?

Testimonials from compensated individuals

Which of the following is true regarding the insurance amount any credit life policy?

The creditor can only ensure the debtor for the amount owed

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 beneficiary

How much do replacing producer respond to an applicant wishing to replace existing life insurance?

The producer must provide the applicant with a notice regarding replacement

What is the main purpose of the regulation on life insurance policy illustrations?

To help customers make educated decisions in buying life insurance

Which of the following cannot be included along with illustrations used to sell life insurance?

Vanishing premium information

Upon the submission of a death claim under a laugh insurance policy, when must the insurer pay the policy benefit?

Within 2 months

Upon the submission of a death claim under a life insurance policy, when must the insurer pay the policy benefit?

Within two months

All advertisements are the responsibility of the

insurer


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