Practice Exam 1 5/15/23
What is the maximum penalty the Director may impose on someone who transact insurance in Idaho without a license?
$15,000
When the Director request a hearing, written notice must be submitted how many days in advance
14
Which of the following would be considered an unfair claims settlement practice
A claims adjuster advises the insured, that if the claim goes to arbitration, the insured would probably receive less than what is currently being offered
Which of the following is true about the mandatory free luck in life insurance policy
Commences when the policy is delivered
When an insured makes truthful statements on the application for insurance and paste, the required premium, it is known as which of the following
Consideration
An individual has just borrowed $10,000 from his bank on a five-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to the situation
Decreasing term
Which of the following statements is true concerning the accidental death rider
It will pay double or triple the face amount
Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business. What type of insurance would be most affordable and still provide a death benefit should one of them die.
Joint Life
Using a class designation for beneficiaries means
Naming beneficiaries as a group
A rider attached to a life insurance policy that provides coverage on the insured's family members is called the
Other-Insured rider
Which of the following allows the insurer to relieve a minor insured from premium payments if the minors parents have died, or become disabled
Payor benefit
Eman decides to purchase $100,000 annually, renewable term life policy to provide additional protection and tell his children finished college. He discovered that his policy.
Required a premium increase each renewal
The president of the company is starting an annuity and decides that his corporation will be the annuitant. Which of the following statements is true
The annuitant must be a natural person
Which of the following is not a goal of risk retention?
To minimize the insured's level of liability in the event of a loss
Insurance companies can defer policy loan request for up to six months, unless the reason for the loan is
To pay the policy premium
All of the following are beneficiary designations except
specified