Life License Quiz

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What time length do you have to report a change of residency to the commissioner?

90 days

If you commit an unfair trade practice, how many days do you have to prepare for a hearing?

10 days

How long is your free look period? When does this period start?

10 days - Upon policy delivery

In whole life insurance, which of the following terms describes features such as cash values and loan provisions?

Living benefits

Adjusters have to renew yearly before May___?

May 31st

What is the purpose of establishing the target premium for a universal life policy?

To keep the policy in force.

What policy can be described as a flexible premium adjustable life policy?

Universal Life

An insured has a policy in which the cash values increased to a point where the corridor was utilized. What type of policy does the insured have?

Universal Life Option A

When would a 20-pay whole life policy endow?

When the insured reaches age 100

How many days does an insurer have to notify the commissioner about a newly appointed agent?

15 days

What is the minimum age to purchase life insurance?

15 years old

What is the minimum age to get a life license?

18 years old

How long can be granted a temporary license?

180

Which policy is paid up early and endows at age 100?

20-pay life

How many hours of Continuing Education do you have to do for your life license?

24 hours (3 in ethics)

How often do you have to renew your license? (in months)

24 months

What time length do you have report any administrative or criminal action to the commissioner?

30 days

What time length do you have to report a change of address to the commissioner?

30 days

How long is your conversion privilege?

31 days

How long is your grace period?

31 days

How often do you have to consult the Do Not Call list?

31 years

Controlled business cannot exceed ___% in a ___ month period of time.

35% in a 24 months

How often is a Commissioner elected?

4 years

How do you have to rollover a retirement plan to another?

60 days

If you want to do a life license online renewal, how many days must you do this prior to expiration?

60 days

An accidental death rider will pay IF you pass away within ___ days of the accident.

90 days

The main difference between traditional whole life and variable life insurance?

Cash Values

Who bears the investment risk in variable life insurance products?

The policyowner

The renewable provision allows the policyowner to renew the coverage at the expiration date___

Without evidence of insurability

The insurance component of a Universal Life policy is what type of insurance?

Annual Renewable Term

A policyowner wants to transfer partial ownership of the policy to another family member. What policy provision is that?

Assignment

Which type of life insurance policy generates immediate cash value?

Single premium

What type of policy has NO cash value?

Term


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