Life Insurance
Priority Mail
A life insurance policy can be delivered by all of the following means, EXCEPT
The insured's elderly parents living with the insured
According to California law, all of the following maybe covered as dependents under group life insurance EXCEPT
Overloading
According to the CIC, when an insured has functionally identical coverage that overlap or duplicate benefits to the extent that the coverage is not cost-effective, this represents
55 years of age or older
Advertisements for term life insurance must adhere to strict criteria of extensive disclosures if directed to persons
55 years of age or older
Advertisements for term life insurance must adhere to strict criteria of extensive disclosures if directed to persons...
30 days
All insurance policies and annuity contracts delivered to senior citizens in the State of California are subject to a cancellation period of at least
30 days
All life and disability policies issued to individuals who are age 65 or older must offer a right-to-return period of at least how long?
Refund any premiums and policy fees within 30 days of notice if the policy is within the cancellation period specified by the insurer
An insured has the right to cancel a policy by written notification to the insurer. This notification may be mailed to the insurer or returned to the original agent who made the sale. Upon receipt of the cancellation request, the insurer will...
An administrative penalty of no less that $5,000 and no more the $50,000 per violation
Any insurance agent who commits a repeated violation of the Insurance Code with respect to insurance replacement will be liable for
Be fined a sum of $1,000
Any insurance agent who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation..
Be Fined a sum of $1,000
Any insurance agent who engages in the insurance business and violates the Code with respects to insurance replacement shall on the fir violation...
Declining applicant for a positive HIV test result
Concerning AIDS and HIV risks, all of the following acts may subject an insurer to liability claims or fines EXCEPT
30
During the cancellation period, an insurer must refund any premiums and policy fees within how many days of written cancellation notice by the insured?
10 days
Every individual life insurance policy must provide for a free-look provision that last for at least...
30 days
Every policy of individual life insurance must include a notice of right to cancel the policy, stating the specific time frame for the free-look period. Once the Insured has cancelled the policy, within how many days must the insurer refund all premiums and policy fees?
At the time of application for a policy on the insured
For an insurance contract to be valid in the State of California, when must insurable interest exist?
5 years
For how long must agents keep records of insurance transactions.
Will pay the death claim to the beneficiary for this policy as written since insurable interest existed at the time of application
In 2000, a law firm purchased a buy-sell agreement policy on each of its partners. In 2005, one partner left to start a new practice. However, the firm continued to pay the premiums of the policy. In 2007, the former partner died. The partners of the firm filed a claim on the policy to collect the death benefit despite the fact that the deceased was NOT part of the firm or its leadership. The insurer..
A refund of premium and policy fees
Jenn purchased an annuity contract on March 1st, but after carefully reviewing its limitations , she returned it to the insurer on March 15th. The insurer didn't have any specific instructions from the policy owner on how to invest the premium. What should Jenn except from the insurance company?
3 years
Replacement of life insurance and annuities policies requires for the replacing and existing insurers to retain evidence of all signed applications and disclosures for no less than...
3 years
Replacement of life insurance and annuities policies requires for the replacing and existing insures to retain evidence of all signed applications and disclosures for no less than
Conservation
The attempt to "save" an original policy from replacement or lapse is called
65
The youngest possible age for an "elder" is
The policy's account value at the time the policy is returned
Tom purchased a variable life insurance contract and instructed the insurance company to invest the premium into stocks right away. Twenty five days later he decided to return the policy. What will Tom receive as a refund?
26
What is the limiting age for dependent children of the insured employee in a group life plan (other that disabled children)?
100% of the insurance on the life of the insured employee
What is the maximum amount of coverage that may be extended to the insured's dependents under a group life insurance policy.
At their principal place of business
Where must agents keep records associated with insurance transactions?
List any existing life insurance or annuities to be replaced on the application
Where replacement of existing coverage is involved, in addition to providing the proper notices to the applicant, the agent must...
The insurer's liability may be reduced or excluded
Which of the following best describes the insurer's liability for losses arising from military service?
Insurers 60 years old or older
Which of the following insureds has a right to cancel an individual life policy within 30 days?
It must be included in all policies, with no exceptions
Which of the following is NOT a true statement regarding the disclosure included for variable life insurance contracts?
If it is returned during the free look period, the agreement will be void
Which of the following is true regarding a policy with face value less that $10,000
15 days
Within how many days of termination of employment must an employer give notice of he employee's right to convert the group policy to an individual policy?
