Wisconsin Life Insurance Law
An insured's monthly life insurance premiums are due on the first of each month. She misses her July 1 premium. When will her policy terminate, if she does not pay her premiums? AJuly 2 BJuly 11 CJuly 21 DAugust 1
August 1
What describes a ledger or proposal used to show both guaranteed and non-guaranteed elements of the policy? AOutline of coverage BPortioning illustration CBasic illustration DLedger proposal
Basic illustration
In order for an intermediary to sell or offer to sell a variable contract he/she must have which of the following types of licenses? ALife and Variable contract license BVariable contracts and Series 7 CLife and Series 6 or Series 7 DLife and Series 24
Life and Series 6 or Series 7
Which of the following documents must be provided to the policyowner or applicant during policy replacement? APolicy illustrations BNotice Regarding Replacement CDisclosure Authorization Form DBuyer's Guide and Policy Summary
Notice Regarding Replacement
Anytime a life insurance transaction accompanies a securities transaction, which rule must be followed? APolicy summary rule BProposal rule CPolicy Guide rule DReplacement rule
Proposal rule
The policyowner of a life insurance policy forgets to pay his monthly premium and then dies 10 days later. Which of the following is true? AThe policy will pay full death benefits, less the premiums that were due, in addition to a penalty. BThe policy will not pay death benefits. CThe policy will pay full death benefits, less the premiums that were due. DThe policy will pay full death benefits.
The policy will pay full death benefits, less the premiums that were due.
What is the purpose of a proposal for a life insurance policy sold in connection with a security? ATo describe the policy's guaranteed elements BTo improve the buyer's understanding of the basic features of the policy CTo provide the policyholder with clear and accurate description of the policy coverage DTo allow the applicant and the insurer to negotiate the coverage terms and rates
To provide the policyholder with clear and accurate description of the policy coverage