Wisconsin Life Insurance Exam
An intermediary holding a Wisconsin insurance license in any major line of insurance must complete how many hours of continuing education?
24
The Gramm-Leach-Bliley Act was passed to:
Protect private customer information filed with financial institutions
What form of the annuity settlement options provides payments to an annuitant for the rest of the annuitant's life and ceases at the annuitant's death?
Pure Life
Any person who violates an insurance statute or rule of Wisconsin can be fined up to:
$10,000
The Commissioner obtains a restraining order against a person who has violated an insurance law, they are required to pay a fine of $_______
$10,000
What is the maximum life insurance coverage available to the state residents through WI State Life Insurance Fund? A) $10,000 B) $50,000 C) $5,000
$10,000
If a person violates an order specifically issued to him or her, that person may be required to pay a fine of:
$1000
Resident insurance intermediaries must pay regulation fees of
$35 every two years
In Wisconsin, a person who knowingly and willingly obtains information about an individual from an insurer or insurance organization under false pretenses may be fined up to $50,000, $25,000 or imprisoned for 9 months, or both, $10,000 or imprisoned for 3 months or both, $5,000 or imprisoned for 12 months or both
$5,000 or imprisoned for 12 months or both
An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy?
$50,000
Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to
10 years
A person may request a rehearing if he or she believes there is material error, law of fact, or discovery of new material that was not previously available. How many days do they have to request a rehearing after the final order is entered? 90 20 45 30
20
A petition for rehearing may be submitted within how many days after the Commissioner's order has been issued? 45 20 30 10
20
How many hours of prelicensing education must be completed by a first-time applicant for a Wisconsin agent's license who wants to sell life, accident, and health insurance 32 20 24 40
20
After the original hearing and final order is issued, an aggrieved person may request a rehearing within A) 30 days B) 20 days
20 days
All licensed producers, public adjusters, and consultants must complete how many hours of continuing education courses? 24 hours every 2 years 32 hours every 2 years 30 hours every 2 years 24 hours every year
24 hours every 2 years
All licensed producers, public adjusters, and consultants must complete 24 hours of approved continuing education course every 2 years. How many of those ethics must be an approved ethics course? 3 6 2 5
3
Intermediaries must maintain all financial records for how many years? 5 3 1 7
3
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
Intermediaries are required to maintain records related to insurance transactions for what period of time?
3 years
Any person who violates an insurance statute or rule of Wisconsin can be imprisoned up to:
3.5 years
When the appointment of an individual agent is terminated, the insurer must notify the Office of the Commissioner within how many days after the termination date?
30
When the appointment of an individual agent is terminated, the insurer must notify the Office of the Commissioner within how many days of the termination date?
30
During a life insurance policy replacement, the insurer is required to provide the policyowner a free-lock period of at least:
30 days
How long are oral contracts valid in Wisconsin?
30 days
Life settlements sold in Wisconsin allow for the rescission of the contract within
30 days
Life settlements sold in Wisconsin must allow for the rescission of the contract for at least
30 days
Life settlements sold in Wisconsin must allow for the rescission of the contract within:
30 days
Every life insurance policy must include a grace period of: 90 15 31 60
31
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
How long must records of a replacement notice be kept by the replacing insurer? 2 years 3 years 5 years 10 years
5 years
The replacing insurers' duties in replacement are to maintain copies of the replacement notice for 2 years 3 years 4 years 5 years
5 years
When replacing a policy an insurer must maintain a file containing copies of statements for:
5 years
The court-ordered fine per day for violating a Wisconsin insurance law and failing to comply with the Commissioner's order is 5500 7500 1000 5000
5000
To attain currently insured status under social security, a worker must have earned at least how many credit hours?
6 credits
For how long is an insurance company allowed to defer policy loan requests?
6 months
The Commissioner must inform the applicant for an insurance agent's license whether the application has been approved within how many days after receiving the appropriate fee, application, and certificate? 60 30 15 45
60
A policy may be issued for a term longer than one year or for an indefinite term as long as there is a clause in the policy providing for cancellation by giving how much notice prior to the anniversary date? A) 30 days B) 60 days
60 days
Payment on an insurance claim is not considered overdue if it is made within 30 days. If a claim goes beyond 30 days, it is subject to bear simple interest at what rate per year? 7.5% 6% 10% 5%
7.5%
Insurance policies that are not drawn up through negotiations, and an insured has little to say about its provisions is called what?
Adhesion
At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs?
Adjustable Life
At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs?
Adjustable life
Which of the following is another term for an authorized insurer? A) licensed B) Admitted
Admitted
Which of the following is another term for authorized insurer?
Admitted
Which of the following is another term for authorized insurer? A) Legal B) Admitted C) Certified D) Licensed
Admitted
Which of the following is an intermediary who acts on behalf of the insured?
Agent
What documentation grants express authority to an agent? A) Agents insurance license B) Agent's contract with the principal
Agent's contract with the principal
What is reinsurance? A) An agreement between and insurer and insured B) An agreement between a ceding insurer and assuming insurer C) An agreement between an originating insurer and a ceding insurer D) An agreement between a domestic insurer and a foreign insurer
An agreement between a ceding insurer and assuming insurer
Who can make changes to the policy once it is in effect? A) The agent B) An executive officer of the insurer C) The insured D_ The policyowner
An executive officer of the insurer
Which of the following is NOT true of section 1035 Policy exchanges? A) It is an IRS Code which permits like kind exchanges of property B) Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days
Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days
Which of the following is NOT true of Section 1035 Policy Exchanges?
Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.
Which of the following is NOT true of Section 1035 Policy Exchanges? a)It is an IRS Code which permits like kind exchanges of property. b)It is typically used when exchanging or replacing a less competitive life policy with a morecompetitive life policy. c)Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days. d)It requires an absolute assignment of the existing policy to the replacing company who surrenders thecontract and issues a replacement policy.Section 1035 of the Internal Revenue Code does not give a specific time limit to complete such anexchange.
Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.
Which of the following types of agent authority is also called "perceived authority?" A) Implied B) Apparent
Apparent
Which of the following statements is true of insurance licensing in the State of Wisconsin?
Applicants must pass a state licensing exam
Employer contributions made to a qualified plan: A) Are after-tax contributions B) Are subject to vesting requirements
Are subject to vesting requirements
All of the following are duties and responsibilities of producers at the time of application EXCEPT: A. Check to make sure that there are no unanswered questions on the application. B. Change any incorrect statement on the application by personally initialing next to the corrected statement. C. Explain the nature and type of any receipt the producer is giving to the applicant D. Probe beyond the stated questions if the producer feels the applicant is misrepresenting or concealing information.
B. Change any incorrect statement on the application by personally initialing next to the corrected statement.
All of the following information about a customer must be used in determining annuity suitability EXCEPT: A. Annual income B. Beneficiary's financial objectives C. Tax status D. Financial experience
Beneficiary's age
Which of the following is a feature of variable annuity? A) Interest rate is guaranteed B) Payments into the annuity are kept in the company's general account C) Benefit payment amounts are not guaranteed
Benefit payment amounts are not guaranteed
Which of the following best describes fixed-period settlement option? A) Only the principal amount will be paid out within a specified period of time B) Both the principal and interest will be liquidated over a selected period of time
Both the principal and interest will be liquidated over a selected period of time
Which of the following is a generic consumer publication that explains life insurance in general?
Buyers Guide
What term best describes the act of withholding material information that would be crucial to an underwriting decision? A) Withholding B) Concealment
Concealment
All of the following apply to defined benefit plans EXCEPT: A) They are qualified plans and cannot discriminate B) Contributions are tied to the company profits
Contributions are tied to the company profits
Tim and Tom are twins. When they applied fo life insurance in company a, the insurance company found that while neither of them smoked and both had similar life style, tim was in a much stronger financial position than Tom. Because of this the company charged tim a higher rate for his insurance. This practice is:
Discrimination
When contributions to an immediate annuity are made with before-tax dollars, which of the following is true of the distributions? A) Distributions are nontaxable B) Distributions cannot begin prior to age 72 C) Distributions are taxable
Distributions are taxable
All of the following are CORRECT regarding temporary licenses EXCEPT:
Examinations are never required for the insurance of a temporary license
All of the following are CORRECT regarding temporary licenses EXCEPT A) They are granted to representative os licensed intermediaries who cannot B) Examinations are never required for the issuance of a temporary license
Examinations are never required for the issuance of a temporary license
In the Executive bonus plan, who is the owner of the policy, and who pays the premium?
Executive is the owner and the executive pays the premium
Who can make changes to the policy once it is in effect?
Executive officer of the insurer
The authority granted to an agent through the agent's contract is referred to as:
Express authority
The authority granted to an agent through the agent's contract is referred to as: A) Express authority B) Apparent authority
Express authority
Which nonforfeiture option has the highest amount of insurance protection? A) Reduced Paid-up B) Extended Term
Extended term
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
False Advertising
Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member? A) Family term rider B) Spouse rider
Family term rider
All funds collected by an intermediary for prompt payment to insureds, insurers, or producers as entitled are received in what is known as: A) Fiscal responsibility B) Fiduciary capacity
Fiduciary capacity
A person that markets insurance but does not include an insurer is called
Firm
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Fixed period B) Life with period certain
Fixed period
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Fixed period B) Life with period certain C) Fixed amount
Fixed period
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Interest Only B) Fixed Period C) Life with period certain D) Fixed amount
Fixed period
The death benefit under the Universal Life Option B A) Increases for the first few years of the policy, and then levels off B) Gradually increases each year by the amount that the cash value increases
Gradually increases each year by the amount that the cash value increases
Events or conditions that increase the chances of an insured loss occurring are referred to as: A) risks B) hazards
Hazards
Which of the following is true about a defined benefit plan? A) High-Salaried employees with only a few years until retirement receive the highest contribution B) All participating employees are vested immediately following a contribution to the plan
High-Salaried employees with only a few years until retirement receive the highest contribution
What type of annuity can be purchased with a single premium and provided payments immediately?
Immediate
The type of term insurance that provides increasing death benefits as the insured ages is called
Increasing term
The type of term insurance that provides increasing death benefits as the insured ages is called:
Increasing term
Which of the following is an intermediary who acts in the procuring of insurance on behalf of an applicant for insurance or an insured?
Insurance broker
If an insurer requires that an applicant or insured undergo a physical examination in order to to obtain or continue coverage, who must pay the cost of such examination?
Insurer
Which of the following ultimately determines the interest rates paid to the owner of a fixed annuity? A) Investment performance of the company B) Insurer's guaranteed minimum rate of interest
Insurer's guaranteed minimum rate of interest
Which of the following is true regarding state regulations for record maintenance? A) Insurer's records must be maintained both electronically and in paper form B) Insurer's records may be maintained electronically C) Any records except for checks may be maintained electronically
Insurer's records may be maintained electronically
When a beneficiary receives payments consisting of both principal and interest portions, which parts are taxable as income?
Interest only
Which of the following is TRUE about the 10-day free-lock period in a Life Insurance policy? A) it begins when the application is signed B) It begins when the policy is delivered
It begins when the policy is delivered
What is the main purpose of the Seven-pay Test? A) It requires level premium payments B) It ensures that the policy benefits C) It guarantees the minimum D) It determines if the insurance policy is a MEC
It determines if the insurance policy is a MEC
What is the benefit of choosing extended term as a nonforfeiture option? A) It allows coverage to continue beyond maturity date B) It has the highest amount of insurance protection
It has the highest amount of insurance protection
If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?
It is a percentage of the cash value and decreases over time
If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined? A) It is a percentage of the cash value and decreases over time B) It is a flat fee determined by the annuity owner when the annuity is purchased
It is a percentage of the cash value and decreases over time
If a life insurance policy increases significantly in face amount (death benefit) when the insured reaches a specified age, what type of policy is this? A) Limited pay whole life policy B) Jumping juvenile policy
Jumping juvenile policy
Variable whole life insurance is based on what type of premium? A) Flexible B) Level fixed
Level fixed
Variable whole life insurance is based on what type of premium? A) level fixed B) flexible
Level fixed
Which of the following settlement options in life insurance is known as straight life? A) Single life B) Life with period certain C) Fixed amount D) Life income
Life Income
Which of the following is an example of a limited-pay life policy? A) Straight life B) Life Paid-up Age 65
Life Paid-up at Age 65
Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report
Must be informed of the source of the report
Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report A) Must be advised that a copy of the report is available to anyone who requests it B) Are entitled to obtain a copy of the report from the party who ordered it C) Must be informed of the source of the report
Must be informed of the source of the report
The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the A) One-year term options B) Paid-up additions
One-year term option
Which Universal Life option has a gradually increasing cash value and a level death benefit?
Option A
Which Universal Life option has a gradually increasing cash value and a level of death benefit?
Option A
Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A) Option A B) Option B
Option B
All of the following types of distributions are considered exceptions to the early distribution rule and, therefore, are not subject to the penalty tax. A) participant's debt B) a loan from the plan
Participant's debt
An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old, and not 43, as stated on the application. What will the company do? A) Pay a reduced death benefit B) Pay the full death benefit
Pay a reduced death benefit
Which of the following allows the insurer to relieve a minor insured from premium payments? A) Juvenile Premium Provision B) Payor Benefit
Payor Benefit
If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept? A) Nonforfeiture B) Indemnity C) Reasonable expectations
Reasonable expectations
Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as:
Rebating
Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
Rebating
The policyowner pays for her life insurance annually. Until now, she has collected a nontaxable dividend check each year. She has decided that she would rather use the dividends to help pay for her next premium. What option would allow her to do this? A) Cash option B) Reduction of premium
Reduction of premium
An insured committed suicide 6 months after his life insurance policy was issued. The insurer will: A) Refund the premiums paid B) Pay the full death benefit to the beneficiary
Refund the premiums paid
The Federal Fair Credit Reporting Act:
Regulates consumer reports
The Federal Fair Credit Reporting Act: A) Prevents money laundering B) Regulates Consumer reports C) Protects customer privacy D) Regulates telemarketing
Regulates consumer reports
An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?
Reinstatement provision
Which of the following is a person, other than an officer or employee of the ceding insurer?
Reinsurance broker
Which of the following is FALSE regarding the life insurance replacement rules? A) The existing insurer must be notified of the proposed replacement transaction within 5 business days B) Replacement forms must be kept on file for 7 years C) Replacement policies must have a 30 day free lock.
Replacement forms must be kept on file for 7 years
A domestic insurer issuing variable contracts must establish one or more A) General accounts B) Separate accounts
Separate accounts
The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as the:
Spendthrift clause
Which of the following types of annuities will generally provide the highest monthly income? A) Joint and survivor B) Straight Life
Straight Life
During the accumulation period in a nonqualified annuity, what are the tax consequences of a withdrawal? A. Neither interest nor principle is taxed, but penalties may be imposed. B. Taxable interest will be withdrawn first and the 10% penalty will be imposed if under age 59 ½. C. Nontaxable principal may be withdrawn first, but the 10% penalty will be imposed if under age 59 ½. D. Both interest and principal are taxed; no other penalties are imposed.
Taxable interest will be withdrawn first and the 10% penalty will be imposed if under 59.5
All of the following would be different between qualified and nonqualified retirement plans EXCEPT: A) IRS approval requirements B) Taxation on accumulation
Taxation on accumulation
Which of the following is an example of a producer being involved in an unfair trade practice?
Telling a client that his first premium will be waived if he purchases the policy today
Which of the following may NOT be included in an insurance company's advertisement? A) The name of a specific agent B) That its policies are covered by a state insurance security fund
That its policies are covered by a state insurance security fund
Which of the following PROTECTS consumers against the circulation of inaccurate or obsolete personal or financial information?
The Fair Credit Reporting Act
When an insurer is given an order of liquidation, which of the following will protect the insurers' unpaid claims?
The Wisconsin Insurance Security Fund
Which of the following characteristics applies to defined benefit plans but not defined contribution plans? A) Employers can choose not to make contributions for a particular year B) The amount of contributions made by the employer is determined by an actual formula
The amount of contributions made by the employer is determined by an actual formula
Which of the following is NOT true regarding the annuitant? A) The annuitant's life expectancy is taken into consideration for the annuity B) The annuitant cannot be the same person as the annuity owner
The annuitant cannot be the same person as the annuity owner
All of the following statements about equity index annuities are correct EXCEPT: A) They invest on a more aggressive basis aiming for higher returns B) The annuitant receives fixed amount of return
The annuitant receives a fixed amount of return
Which of the following is NOT the consideration in a policy? A) Something of value exchanged between parties B) The application given to a prospective insured
The application given to a prospective insured
If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A) The policy beneficiary receives the FULL death benefit. B) The balance of the loan will be TAKEN OUT of the death benefit
The balance of the loan will be taken out of the death benefit
If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, which of the following must occur? A) The change must be reported to the Federal Producer's Directory B) The change but be reported to the department
The change must be reported to the department
Which of the following is a characteristic of a Reciprocal Insurance Exchange? A) Issues nonassessable policies B) The chief administrator of the insurer is called an "attorney-in-fact"
The chief administrator of the insurer is called an "attorney-in-fact"
What determines the penalty for surrendering a market value adjusted annuity prematurely?
The current interest rate at the time of surrender
What determines the penalty for surrendering a market value adjusted annuity prematurely? A) The flat fee determined by an index of interest gains and the amount of time the annuity would take to mature B) The current interest rate at the time of surrender
The current interest rate at the time of surrender
An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date? A) The date of application B) the date of the medical exam
The date of the medical exam
An annuitant dies before the effective date of a purchased annuity. Assuming that the annuitant's wife is the beneficiary, what will occur? A) The interest will continue to accumulate tax deferred. B) The interest will become immediately taxable
The interest will continue to accumulate tax deferred
Which of the following would provide an underwriter with information concerning an applicant's health history? A) The inspection report B) The Medical Information Bureau C) A medical examination D) The agent's report
The medical information bureau
An insurer refuses to renew a policy written by an intermediary whose contact has been terminated A) The intermediary is the subject of an investigation by the Commissioner B) The notice contains an offer to renew the policy by written request
The notice contains an offer to renew the policy by written request
What is the advantage of reinstating a policy instead of applying for a new one?
The original age is used for premium determination
In a life settlement contract, whom does the life settlement broker represent?
The owner
All of the following are true regarding a decreasing term policy EXCEPT: A) The death benefit is $0 at the end of the policy term. B) The payable premium amount steadily declines throughout the duration of the contract
The payable premium amount steadily declines throughout the duration of the contract
Which of the following determines the cash value of a variable life policy? A) The policy's guarantees B) The performance of the policy portfolio
The performance of the policy portfolio
Which of the following determines the cash value of a variable life policy? A) The performance of the policy portfolio B) The policy's guarantees
The performance of the policy portfolio
All of the following are general requirements of a qualified plan EXCEPT: A) The plan must be permanent, written, and legally binding B) The plan must provide an offset for social security benefits C) The plan must be communicated to all employees D) The plan must be for the exclusive benefits of the employees and their beneficiaries
The plan must provide an offset for social security benefits
What must happen when an individual policy or annuity has been personally delivered to the policy owner?
The policy owner must sign a delivery receipt
All of the following are true regarding the Policy Summary EXCEPT: A) The policy summary may only describe the guaranteed elements of the policy B) The policy summary may show dividends
The policy summary may show dividends
Which of the following is NOT true of life settlements?
The seller must be terminally ill
Which of the following is NOT true of life settlements? A) They involve insurance policies with large face amounts B) The seller must be terminally ill
The seller must be terminally ill
Annuities differ from life insurance in all of the following ways EXCEPT A) There is no stated amount of death benefit B) They can be used in a qualified retirement plan C) The annuitant must be living to collect D) They are purchased with premiums
They are purchased with premiums
Annuities differ from life insurance in all of the following ways EXCEPT: A) They can be used in a qualified retirement plan B) They are purchased with premiums
They are purchased with premiums
How long must records of financial transactions between insurers and their policyholders be maintained? Seven years Five years One year Three years
Three years
What is the purpose of establishing the target premium for a universal life plan? A) To keep the policy in force B) To accumulate cash value faster
To keep the policy in force
Which of the following is NOT a goal of risk retention? A: to minimize the insured's level of liability in the event of a loss B: to reduce expenses and improve cash flow C: to increase control of claim reserving and claims settlements D: To fund losses that cannot be insured
To minimize the insured's level of liability in the event of a loss
The paid-up addition option uses the dividend
To purchase a smaller amount of the same type of insurance as the original policy.
The paid-up addition option uses the dividend: A) To purchase a one-year term insurance in the amount of cash value B) To purchase a smaller amount of the same type of insurance as the original policy
To purchase a smaller amount of the same type of insurance as the original policy.
Which type of life insurance policy allows the policyowner to pay more or less than planned?
Universal Life
Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?
Universal Life
Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A) Straight whole life B) Universal life C) Variable life D) Decreasing term
Universal life
How long will the beneficiary receive payments under the single life settlement option? A) Until the insured's death B) For a specified period of time C) Until the beneficiary's death
Until the beneficiary's death
After a hearing, what is the maximum court-ordered fine a licensee will pay for failing to comply with the Commissioner's order or continuing to violate Wisconsin Insurance Law within 2 weeks of its issuance?
Up to $5,000 a day each day the violation continues beyond the 2-week period
What is the latest point that a Buyer's Guide can be issued?
When the applicant turns in the application
If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered to the applicant: A) upon issuance of the policy B) with the policy C) within 30 days after the first premium was collected
With the policy
Are insurance company underwriters allowed to discriminate? A) No, discrimination is an unfair practice B) Yes, but no unfairly
Yes, but not unfairly
A compulsive forfeiture is also known as
a court-ordered fine
A payment to a life insurance policyowner that is less than the anticipated death benefit in exchange for transferring ownership to the party buying the policy is called: a long-term care rider surplus lines insurance an unfair marketing practices a viatical settlement
a viatical settlement (The marketing of viatical settlements is carefully regulated by the state. The sensitive nature of these arrangements requires agents and entities who transact these settlements to be licensed as viatical settlement providers. Applicants must demonstrate competency and trustworthiness and exhibit a good faith intention to conduct business as a viatical settlement provider.
If a person knowingly aids his or her employee in breaking a Wisconsin insurance law, he or she will be: liable for a fine up to $10,000 automatically fired by the insurer absolved of any liability for the employee's independent, criminal behavior liable for a fine up to $5,000 or 3 years imprisonment
criminal behavior liable for a fine up to $5,000 or 3 years imprisonment
Which of the following riders added to a life insurance policy can pay part of the death benefit ___ home?
long-term care
An insurance agent who moves to Wisconsin from another state
may conduct insurance business for 60 days if his or her current license is valid.
In Wisconsin, an agent is presumed to have exceeded the occasional exchange of business if he places: any risks per calendar year with any single insurer with which he is not listed as an agent more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 10 risks more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 25 risks
more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 25 risks
The dividend option in which the policyowner uses dividends to purchase a term policy for one year is:
one-year term option
An insurance claim is overdue if it is not: paid within 10 days of the insured's loss settled within 6 months of the insurer's receipt of written notice of the loss paid within 30 days of the insurer's receipt of written notice of the loss paid within 30 days of the occurrence of the loss
paid within 30 days of the insurer's receipt of written notice of the loss
All of the following are true regarding the Policy Summary EXCEPT:
the policy summary may show dividends
