Illinois L&H Review

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An insured's premium for life insurance is based mainly upon their:

Risk Classification

Who must meet an insurable interest requirement for a policy to be issued?

The Beneficiary

Records related to replacement transactions must be kept on file for a period of how many years?

Three years

A life insurance policy that combines term insurance protection, a flexible premium, and cash value accumulation is:

Universal Life

A producer submits a completed and signed application to the underwriter along with the first premium check. After checking the results of the physical exam, the underwriter issues a rated policy. Which of the following will not be required: Additional premium to be collected at policy delivery, a statement that the applicant's health has not changed since the physical exam, a new completed and signed application, an explanation of the rating or premium surcharge to the client.

a new completed and signed application

Once completed and signed by the applicant, a producer may change an application:

if the applicant initials the change

Life insurance becomes effective when:

the conditions in the conditional receipt are satisfied

Solicitations regulations apply to:

whole life insurance

The maximum length of the pre-existing condition clause for Medicare is:

6 months

With proper notice and authorization, insurers may report underwriting information that an applicant lists on their application for life insurance to the:

Medical Information Bureau (MIB)

When is the Buyer's Guide required to be given out?

Before accepting the client's initial premium

On a health insurance claim form, the exact procedures that were performed for the insured are represented by standard codes that are referred to as __________.

CPT codes

All of the following are part of a life insurance policy EXCEPT the: Insuring Clause, Conditional Receipt, Copy of the Application, Incontestability Clause

Conditional Receipt

Which federal law governs consumer investigative reports:

Fair Credit Reporting Act


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