Chapter exam- CT laws and rules PT: 1
The free-look period for life insurance policies issued in Connecticut is ___ days.
10
What is the standard grace period for premium payments on all individual life insurance policies issued in Connecticut?
30
Which of these terms best describes the obligations involved with handling and managing other people's money?
Fiduciary responsibility
Any insurer incorporated outside of Connecticut and conducting business in Connecticut is referred to as a(n) ___ company
Foreign
Licensed producers in Connecticut are authorized to
Solicit, receive and forward applications to the insurer
To secure authority for soliciting insurance products in the State of Connecticut, an insurance company must secure a certificate of authority from
The Connecticut Insurance Commissioner
All of these are a prerequisite for becoming a licensed producer in Connecticut EXCEPT
high school diploma
Which of the following is protected under the Brokered Transactions Guaranty Fund?
insured
Which of the following individuals would an insurer NOT be allowed to compensate?
A non-appointed licensed producer
What is Connecticut's definition of Life insurance replacement?
A transaction in which a new policy is bought and an old policy is terminated
Which of these actions is the Commissioner of Insurance empowered to do?
Administer insurance licensing exams
A producer's license may be issued without taking an examination for which of these individuals?
An individual who holds an approved professional designation
If an admitted insurer wishes to conduct business in Connecticut, it MUST
Be issued a certificate of authority
Which of these MUST be given to a life insurance applicant upon policy delivery?
Buyer's Guide
A producer MUST notify the Commissioner for
Conducting business under an assumed name
Controlled business can be best described as
Insurance business written by a producer on his/her family members
Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock?
Misrepresentation
Which Unfair Trade Practice involves a producer telling a prospective client that a policy's dividends are guaranteed?
Misrepresentation
The Insurance Commissioner may issue a(n) ___ to assure compliance with an insurance law.
Order
Which of these is a legitimate form of life insurance advertisement?
Paid celebrity endorsement
A producer completes an application with a client for a $50,000 Life Insurance policy. At what point is the LATEST a Policy Summary and Buyers Guide must be given to the applicant?
Upon policy delivery
Reinsurance is
Used by insurance companies to share risk
Which of these products does standard nonforfeiture law apply to?
Whole life policies
If a producer fails to remit collected premiums to the insurance company, the producer may be in violation of
misappropriation
An accelerated (living) benefit is payable based upon the occurrence of a qualifying event. This qualifying event is certified by a(n)
physician
