Life insurance and annuities- policy replacement and cancellation
The notice to senior customers regarding their right to cancel policy must be printed on the cover or policy jacket and at least what type of print
12 point bold print
Which of the following insurance has the right to cancel an individual life policy within 30 days
Insured's 60 years of age or older
The right of the application to rescind the policy for a full refund of all premiums
Must be clearly stated in the policy text
Which of the following documents must be provided to the policy owner or applicant during policy replacement
Notice Regarding Replacement
And insurance company who has been found guilty of a code violation regarding replacement will be charged a minimum penalty of
$30,000
Every individual life insurance policy must provide a free look provision that last for at least
10 days
What is the minimum free look. For newly issued life insurance policies
10 days
Once the insured has canceled the policy within how many days must be insurer refund all premiums in policy please
30 days
And insurance agent who commits a repeated violation of the insurance code with respect to insurance replacement will be liable for
Administrative penalty no less than $5000 and no more than $50,000 per violation
Any insurance who engages in the insurance business in violates the code with respect to insurance replacement shell on the first violation
Be fined a sum of $10,000
And insured has the right to return the new insurance policy for A full refund during the
Free look period
During replacement of life insurance a replacing insurer must
Obtain A list of all insurance policies that will be replaced
Policy Replacement
Purchasing a new life insurance policy or annuity contract to replace an existing policy or contract.
Which rule would apply if an agent knows in applicant is going to cash in an old policy and use the funds to purchase new insurance
Replacement rule
Which of the following products does the replacement Regulation apply
Whole life insurance
Any insurance agent who engages in the insurance business and violates the code with respect to insurance replacement shall on the first violation
Will be fined a $1000 penalty
How must a replacing producer respond to an applicant wishing to replace existing life insurance
The producer must provide the applicant with a notice regarding replacement
Regarding a policy with the face value less than $10,000
If return during the freeway period The agreement will be forwarded
And insured has the right to cancel the policy by written notification to the insured. This notification may be mailed to the insurer or returned to the original agent who made the sale. Upon receipt of the cancellation request insurer will
Refund any premiums in policy fees within 30 days of notice if the policy is written within the cancellation period
