Wisconsin life insurance Law Exam FX 2019

During a life insurance policy replacement the insurer is required to provide the policy owner a free look for at least

30 days

When replacing a policy an insurer must maintain a file containing copies of all statements for how many years?

5

What is the minimum life insurance coverage available to the state residents through Wisconsin state life insurance fraud

10,000

Records of replacement suitability inquires must be kept for

3 years

Which correctly describes the facility of payment clause that is found in group life insurance policies

It must benefit up to 1,000 payable to any person to cover medical or funeral expenses

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 ?

Life and series 6

Using a class designation for beneficiaries means

Naming beneficiaries as a group

During replacement of life insurance a replacing insurer must do which of the following?

Obtain a list of policies that will be replaced

When must an insurer provide a policy summary

When the policy is delivered

Any time a life insurance transaction accompanies a securities transaction which rule must be followed ?

proposal rule

Which of the following has the right to transfer over ownership of a life insurance policy to another person

policy owner