Life Review
If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death?
0%
how long must you be in Alaska to get insured
12 months
An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an
Authorized insurer.
All of the following are prerequisites to becoming an insurance producer in this state EXCEPT
Be registered with the Federal Securities and Exchange Commission.
If an annuitant dies before annuitization occurs, what will the beneficiary receive?
Either the amount paid into the plan or the cash value of the plan, whichever is the greater amount
An applicant for resident surplus lines broke is NOT required to
Have experience as an insurance accountant in the state of Alaska.
A life insurance policy has a legal purpose if both of which of the following elements exist?
Insurable interest and consent
Which of the following best describes a misrepresentation?
Issuing sales material with false statements about policy benefits.
Which of the following best describes annually renewable term insurance?
It is level term insurance
Misrepresentation
Misrepresentation is issuing, publishing or circulating any illustration or sales material that is false, misleading or deceptive as to policy benefits or terms, the payment of dividends, etc. This includes oral statements.
A participating insurance policy may do which of the following?
Pay dividends to the policyowner
A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability?
Proof of insurability is not required
Insurance is the transfer of what?
Risk
Upon policy delivery, the producer may be required to obtain any of the following EXCEPT
Signed waiver of premium
All of the following are true of key person insurance EXCEPT
The plan is funded by permanent insurance only.
What is the purpose of establishing the target premium for a universal life policy?
To keep the policy in force
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of
Twisting
Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
Twisting
If a settlement option is not chosen by the beneficiary or policyowner, which option will be used?
lump sum
How many days are insurers given to investigate or settle life insurance claims?
30
How many days when dealing with conversion
31 days
A surplus lines broker can act as an adjuster on behalf of what kind of insurer?
nonamitted
Who is a person, other than a viator, that enters into a viatical settlement contract?
provider
If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered
unfair trade practice
How many days must you return your revoked license in
10 days
Within how many days must the company provide claims forms to the insured?
10 days
The Director must examine insurers at least
2 years
The Director has a question for a producer about a transaction that occurred under an employment contract with a former firm. The producer must respond to the Director within
3 days
Within how many days of requesting an Investigative Consumer Report must an insurer notify the consumer in writing that the report will be obtained?
3 days
When a licensee changes his residence address, the Insurance Department must be notified within
30 days
Grace period
31 days
Which of the following statements about a suicide clause in a life insurance policy is true?
Suicide is excluded for a specific period of years and covered thereafter.
All of the following would be different between qualified and nonqualified retirement plans EXCEPT
Taxation on accumulation
An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive.
Any person investigating a claim may not make statements requiring a claimant to give written notice of loss within a specified time limit EXCEPT when
There is a time limit specified in the policy
If the insurance provided to an individual ceases because of termination of employment, the insured will be entitled to have an individual life policy issued without evidence of insurability if the application is made within how many days of termination?
31 days
If a consumer requests additional information concerning an Investigative Consumer Report, how long does the insurer or reporting agency have to comply?
5 days
Of a firm terminates a producer, for how long must the firm retain the producer's employment contract after the producer the termination for the Director's inspection?
5 years
How many employees, on average, had to be employed during the preceding calendar year for an employer to qualify as a large employer?
51
A paid-up nonforfeiture benefit will become effective as specified in the policy unless the person entitled elects another available option within how many days after the due date of the premium in default?
60 days
