Life Insurance part2
you know that your client is currently insured under a life policy, but you are making a sale prestation to that client for a new policy. you must provide the client with the important notice regarding the replacement of life insurance and a copy of the sale proposal under all of the following except
the client is Coverting from an existing term policy to whole life
what entity decides whether a person's license will be suspended or revoked
the commissioner of insurance
which of the following is responsible for the power, duties, management, and control of the insurance department
the insurance commissioner
the insured had his wife name as the beneficiary of his insurance policy. to ensure that his wife had income for life after the insured's death, the chose the life income settlement option. the amount of payments will be determined by taking into account of all the following except
the insured age at death
if an insure requires a medical examination of an applicant in connection with the application for life insurance, who is responsible for paying the cost of the examination
the insurer
an insured purchased a 15 year level term life insurance policy with a face amount of 100,000. the policy contained an accidental death rider, offering a double indemnity benefit. the insured was severely injured an auto accident, and after 10 weeks of hospitalization, died from the injuries. how much will beneficiary receive from the policy
200,000
what is the maximum allowed value of a gift a producer can offer a customer without violating regulations on rebating
25
When would a 20-pay whole life policy endow?
When the insured reaches 100
which of the following is not example of controlled business
a license writes policies Soley for friends and family
if a company has a simplified employee pension plan, what type of plan is it?
a qualified plan for a small business
the two types of assignments are
absolute and collateral
which of the following would be considered an unfair claims settlement pratice
advising the insured that if the claims goes to arbitration, the insured would probably receive less than what is currently being offered
In classifying a risk, the Home Office underwriting department will look at all of the following EXCEPT
applicants past income
employer contribution made to a prequalified plan
are subject to vesting requirements
An insured receives an annual life insurance dividend check. What term best describes this arrangement?
cash option
An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?
consumer privacy act
what is another name for interest-sensitive whole life insurance
current assumption life
If a change needs to be made to the application for insurance, the agent may do all of the following EXCEPT
erase the incorrect answer and record the correct answer
a person who knowingly and with intent defraud an insurer file a statement of claim containing any false, incomplete, or misleading information can be found guilty of committing a
felony
which of the following can remove the insurance commissioners from office
governor
A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits?
immediate annuity
all of the following are nonforfeiture options except
interest only
which of the following riders added to a life insurance policy can pay part of the death benefit to the insured to cover expense incurred in a nursing or convalescent home
long term care
all of the following are true regarding rebates except
rebates are allowed if it is the best of interest of the client
a producer licensed in another state wants to become a nonresident producer in indiana. the other state gives the same privileges to Indiana producers as it does to its own producers, indiana therefore extends the licensing privileges to the prospective producer of the other state. what is this called
reciprocity
The policy owner 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?
reductions in premiums
An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?
the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiary were alive
which of the following is true regarding taxation of accelerated benefits under a life insurance policy?
they are tax free to terminally ill insured
Under a SIMPLE plan, which of the following is TRUE regarding taxation on both contributions and earnings?
they are taxed differed until withdrawn
insurance producers who willing fully violate the indiana insurance code are committing a class c misdemeanor. what is the maximum punishment they be subject to
up to 60 days in jail
in a survivorship life policy, when does the insurer pay the death benefit
upon the last death
all of the following are true regarding viatical settlement regulations in indiana excpet
viatical contracts allow for a 10 day free look period.
what time frame should an applicant or a producer a hearing before the commissioner regarding the notice of denial or nonrenewal of a license
within 63days after notice denial is mailed
