minnesota laws, rules, and regulations pertinent to life insurance

required grace period for life insurance policies issued

1 month/30 days

in minnesota, if a life insurance policy is issued without containing, in bold face type, the policy owners right to cancel (free look), the time the policy owner has to return the policy to the insurer for a full

1 year

upon termination of a covered employee, the employer must notify the employee of their right to continuation of coverage within how many days

14

replacing insures must maintain evidence of the notice regarding replacement for a minimum of how many years

6

debtor

a borrower of funds

creditor

a lender of funds

replacement

any transaction in which new life insurance or new annuity is purchased

nonforfeiture values

benefits in a life insurance policy that the policy owner cannot lose

replacing insurer

company that issues the new policy

type if insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called

credit life

which of the following would be the beneficiary in credit life insurance: -borrower -creditor -insured -company

creditor

what policy is most commonly used in credit life insurance

decreasing term

ERISA

employee retirement income security act: defined federal standards for private pension

policy proceeds

in life insurance, the death benefit

illustrations

presentation or depiction of nonguarneteed elects of a life insurance policy

how must a replacing producer respond to an applicant wishing to replace existing life insurance

producer must provide the applicant w a notice regarding replacement

what rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance

replacement rule

credit insurance

special type if coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor -usually written as decreasing term insurance, and it may be written as an individual policy or as a group plan -cannot pay out more than the balance of the debt

credit life insurance contains

term insurance protection fro at the amount of the indebtedness

initial amount of credit life insurance cannot exceed

the amount of death

initial amount of credit life insurance may not exceed

the amount to be be repaid under the contract

existing insurer

the company whose policy is being replaced

what reason may a life insurance producer backdate a life insurance policy

to avoid an increase in premium rate for the insured