Illinois Statutes and Requirements Pertinent to Life Only

If a viatical settlement provider moves his business the new address must be reported to the Director within

30 days

How long must an insurer's advertisements be kept on file?

4 years or until examination

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

If an insurance company makes a statement that its policies are guaranteed by the existence of the insurance guaranty association, that would be considered

An unfair trade practice

Which of the following outlines the features of various policies and outlines the advantages and disadvantages to both?

Buyer's Guide

A legally acceptable attempt by an existing insurer to dissuade a current policy owner from the replacement of existing life insurance is called

Conservation

A proposed policy form includes accelerated benefits. Before the policy can be legally used, it must be approved by which of the following?

Department of Insurance

Which of the following entities ultimately decides if an advertisement is complete and truthful?

Director

In the event of a terminal illness or injury, accelerated benefits pay earlier than scheduled a portion of the policy's

Face amount

The regulation regarding replacement of life insurance and annuities helps minimize

Misrepresentation and incomplete disclosures

An agent uses an insurer's illustration. He obtains proper approval and does not change the illustration in any way. The illustration involves projected amounts, and the agent stipulates that the amount would not be guaranteed. Which of the following is true?

The agent must stipulate that the illustration is not part of the contract

An agent wants to include an illustration written by his insurance company. Which of the following best describes the conditions under which she may use the illustration?

The illustration must stay exactly as it is

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 may qualify for accelerated benefits if they need the money for which of the following?

To pay for advanced liver cancer treatment

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

Whole life policies