Life Regulations Chapter Quiz

An insured receives a new individual life insurance policy and is not satisfied with the provisions. Two weeks later, he decides to return the policy. What percentage of his premium will be refunded?

0%.

Which of the following would be considered a violation of Rule 13: Life Insurance Advertising?

Calling an insurance policy an investment plan.

Any attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called?

Conservation.

The maximum interest rate on a policy loan that an insurance company may charge is what percent per year?

8%.

The term "illustration" in a life insurance policy refers to?

A presentation of nonguaranteed elements of a policy.

When should the Notice Regarding Replacement be presented to the applicant?

At the time of application.

what is the process by which a life insurance policy or annuity is reissued with a reduction in cash value or converted to reduced paid-up insurance?

Replacement.

A viatical settlement is an arrangement between a viatical company and a/an?

Terminally ill insured.

Which of the following will Not be included in the buyer's guide?

Specific information about the policy applied for.

Which of the following is Not specified under Rule 39: AIDS & HIV Underwriting?

Benefit triggers.