GYE 1 Life Law

every insurer must maintain a complete file containing one copy of each document authorized for use for a period of how many years following the date of its last authorized use

3 years

if an employee's job is terminated, an individual life insurance policy can be obtained if the applications is made within

31 days

Replacement does not apply to existing life insurance that is nonconvertible term life insurance and will expire within

5 years

in order to be entitled to an individual policy upon termination of the group policy, a person must have a life insurance policy for at least 3 years with a company whose life insurance policy has been in effect for at least -

5 years

which of the following is FALSE regarding insurance sales presentations to prospective purchasers

There are no disclosure requirements for insurers acting without producers

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

Most group life insurance policies must be secured for the benefit of person other than the policyholder, except

debtor group

an insurer becomes bankrupt, and is no longer able to pay an insured losses. what organization will make sure that insureds receive compensation for covered losses

guaranty association

a legitimate, relatively new construction labor union of 22 members applied for a life insurance policy and was rejected. what is the most likely reason

number of members

An employee has worked at a corporation for 3 years, and group life has been in place for 4 years. the policy is terminated. which of the following is true

the person is not entitled to any automatic benefits under this insurer