Insurances
Which of the following is a requirement to be elegible for a group life policy in Alaska?
Group must be formed for a purpose other that obtaining insurance
A nonforfeiture clause gives the policy owner
Guaranteed values even if the policy has lapsed
A return of premium life insurance is
Whole life and increasing term
How often must the director examine each domestic insurance company
Every 3 years
The Alaska life and health insurance guaranty association is
Funded by admitted insurance companies through assessments
How many days is a temporary producer's license valid?
90 days
Deposited premiums collected from clients into his personal bank account is called ?
Commingling
A life insurance arrangement which circumvents insurance interest statues is called:
Investor-originated life insurance
Dividends paid from a life tome insurance policy are
Issued by the insurer
Life insurance that covers an insured's whole life with level premiums paid over a limited time is called
Limited life
Which of the following does SS not provide benefits for
Dismemberment
——— of personal life insurance premiums is usually deductible for federal income tax purposes
0%
Which is NOT taken into account when a producer is recommending the purchase of an annuity?
Applicant country of residence
__________is the authority given to producer to transact business on behalf of the insurer
Appointment
A brochure including an untrue statement regarding a competitor's ability to pay claims is an example of
Defamation
In regards to representations or warranties, which of these statements is TRUE?
If material to the risk, false representations will void a policy
Twisting
The act of replacing existing life insurance with a new life insurance based upon incomplete or incorrect representations.
Insurance policies are considered aleatory contracts because
performance is conditioned upon a future occurrence
The director must give_______ days notice prior to holding a hearing regarding a producers violation of an unfair trade practice.
20
An unintentional violation of Alaska insurance law could lead a producer to a fine up to——- per violation
10,000
Life insurance death benefits up to ——- are guaranteed by the Alaska Life and health guaranty
300,000
An insurer may delay the payment of a cash value loan or surrender value for up to
6 months
When must a producer deliver a Notice Regarding Replacement of Life Insurance?
At the time of application
A producer who makes a false statement intended to malign another insurance company is committing the legal act of?
Defamation
A ______ _______ is the signed document that starts the free-lock period
Delivery receipt
What is the purpose if the Alaska life insurance guaranty association
Ensures that claims filled against insolvent insurance companies will be paid
________ is the act of offering an applicant something of value as an inducement to purchase an insurance policy
Rebating
A policy of adhesión can only be modify by whom?
The insurance company
Group life policies in Alaska are required to contain a conversion privilege that allow for conversion
To an individual policy for stated period of time
J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?
Twisting
