Ucan Pass Incorrect Questions

the policy summary must state the effective policy loan annual percentage interest rate for at least

20 years

a producer born in 1973 received a license in 2014. When will the producer's license need to be renewed?

2016

an insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial request?

3 days

the commissioner issued an order without holding a hearing. The person aggrieved by this order sent a demand for a hearing 20 days ago. The hearing must be held within the next

40 days

the commissioner revokes an intermediary's license because the agent ignored an order of restraint. How much time must pass before the intermediary can reapply for a license

5 years

if the commissioner disapproves a form used by an insured, the use of the form must be discontinued within the maximum of how many days?

90 days

suitability of annuity sales to senior consumers requirements would apply to all of the following except

a direct response solicitation

according to the life insurance replacement regulations, which of the following would be an example of policy replacement?

a policy is reissued with a reduction in cash value

Which of the following would be considered an example of incorporation by reference in insurance contracts?

a rate amendment is later made part of the original policy

if an insurance company makes a statement that its policies are guaranteed by the existence of the Wisconsin Insurance Security Fund, that would be considered

an unfair trade practice

Which of the following is NOT an allowable reason for policy cancellation prior to its expiration date?

any misrepresentation by the insured

the revised illustration must be signed by applicant and agent no later than

at the time of policy delivery

Which of the following documents used in the underwriting process contains specific medical details about an applicant?

attending physicians statement (APS)

which provision may be added to a permanent life policy, at no cost, that insurers that the policy will not lapse so long as there is cash value?

automatic premium loan option

which of the following would not trigger the payment of accelerated death benefits

being permanently disabled

insurers cannot transact insurance in this state without a

certificate of authority

What type of an interest rate is guaranteed in universal life policies?

contract interest rate

all of the following are true of a nonqualified deferred compensation plan except

contributions are tax deductible

which of the following is not a standard exclusion in life insurance policies

disability

in which of the following situations may the policyowner be allowed to sell a life insurance policy purchased 1 year ago for a viatical settlement contract?

divorce

how often is the commissioner required to examine domestic insurers

every 5 years

which type pf authority is found in the agent's contract?

express

when is whole life policy is surrendered for its nonforfeiture values, what is the automatic option?

extended term

a married couple want to include the entire family in their whole life policy under one rider. Which of the following riders will help them achieve that goal?

family term

J is receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before all of the benefits are paid, the remaining amount will go to the contingent beneficiary. Which settlement option did J choose?

fixed amount

which of the following is TRUE of level term insurance?

it is temporary protection

what does an annuity protect the annuitant against?

living longer than expected

an insurer has received some information regarding a newly issued policy that provides sufficient grounds for policy rescission. What should the insurer do?

notify the insured within 60 days of acquiring that information

a stock insurer is defined as an insurer

owned by its stockholders

Which of the following is consideration on the part of an insurer?

paying a claim

annuities certain limit the amount paid by the annuity to a certain fixed

period or fixed amount

all of the following are true regarding a producer's fiduciary responsibilities except

producers may commingle personal funds with company funds

what effect will the long term care (LTC) rider have on the death benefit of a life insurance policy is LTC benefits were paid to the insured?

reduce the death benefit

an insured recently had a new home built an insisted on having smoke detectors installed in multiple places in the house. What method of handling risk is the insured using?

reduction

which of the following is a provision found in life insurance policies

reinstatement

which of the following is a person other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retro-cessions on behalf of a ceding insurer?

reinsurance broker

all of the following are true regarding the federal fair credit reporting act except

reports may be sent to anyone who requests one

an individual receives a lump-sum inheritance. He'd like to use the money to create a lifetime income since he'll be retiring soon. He purchases an annuity and wishes to receive payments beginning in 2 months. What did he buy?

single premium immediate annuity

which of the following would be allowed in advertising of a life insurance policy?

stating that the person giving an endorsement will be paid

which of the following statements is true regarding thrift plans

the employer contributes a certain amount for each dollar contributed by the employee

all of the following are true about group life insurance except

the employer is the beneficiary

life insurance creates an immediate estate. Which of the following best explains this statement?

the face value of the policy is payable to the beneficiary upon the death of the insured

which of following entities appoints the commissioner of insurance?

the governor

With adjustable life, the owner can change all of the following except

the insured

which of the following best depicts the law of large numbers

the larger the pool of risks under study, the more accurate the predictions will be

all of the following are general requirements of a qualified plan except

the plan must be temporary

which of the following has the right to change a settlement option in a life insurance policy

the policyowner at any time during the life of the insured

What is effect of negotiations for a contract?

the time when a statement made by an insured can affect the insurer's obligations

what is the purpose of the interstate insurance product regulation commission

to provide insurers a single point of filing of insurance policy forms

an agent who knowingly misrepresents material information for the purpose of inducing an insured to lapse, forfeit, change, or surrender a life insurance policy or annuity has committed an illegal practice known as

twisting

which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value

variable whole life