Wisconsin Life Insurance Exam

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An intermediary holding a Wisconsin insurance license in any major line of insurance must complete how many hours of continuing education?

24

The Gramm-Leach-Bliley Act was passed to:

Protect private customer information filed with financial institutions

What form of the annuity settlement options provides payments to an annuitant for the rest of the annuitant's life and ceases at the annuitant's death?

Pure Life

Any person who violates an insurance statute or rule of Wisconsin can be fined up to:

$10,000

The Commissioner obtains a restraining order against a person who has violated an insurance law, they are required to pay a fine of $_______

$10,000

What is the maximum life insurance coverage available to the state residents through WI State Life Insurance Fund? A) $10,000 B) $50,000 C) $5,000

$10,000

If a person violates an order specifically issued to him or her, that person may be required to pay a fine of:

$1000

Resident insurance intermediaries must pay regulation fees of

$35 every two years

In Wisconsin, a person who knowingly and willingly obtains information about an individual from an insurer or insurance organization under false pretenses may be fined up to $50,000, $25,000 or imprisoned for 9 months, or both, $10,000 or imprisoned for 3 months or both, $5,000 or imprisoned for 12 months or both

$5,000 or imprisoned for 12 months or both

An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy?

$50,000

Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to

10 years

A person may request a rehearing if he or she believes there is material error, law of fact, or discovery of new material that was not previously available. How many days do they have to request a rehearing after the final order is entered? 90 20 45 30

20

A petition for rehearing may be submitted within how many days after the Commissioner's order has been issued? 45 20 30 10

20

How many hours of prelicensing education must be completed by a first-time applicant for a Wisconsin agent's license who wants to sell life, accident, and health insurance 32 20 24 40

20

After the original hearing and final order is issued, an aggrieved person may request a rehearing within A) 30 days B) 20 days

20 days

All licensed producers, public adjusters, and consultants must complete how many hours of continuing education courses? 24 hours every 2 years 32 hours every 2 years 30 hours every 2 years 24 hours every year

24 hours every 2 years

All licensed producers, public adjusters, and consultants must complete 24 hours of approved continuing education course every 2 years. How many of those ethics must be an approved ethics course? 3 6 2 5

3

Intermediaries must maintain all financial records for how many years? 5 3 1 7

3

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?

3 days

Intermediaries are required to maintain records related to insurance transactions for what period of time?

3 years

Any person who violates an insurance statute or rule of Wisconsin can be imprisoned up to:

3.5 years

When the appointment of an individual agent is terminated, the insurer must notify the Office of the Commissioner within how many days after the termination date?

30

When the appointment of an individual agent is terminated, the insurer must notify the Office of the Commissioner within how many days of the termination date?

30

During a life insurance policy replacement, the insurer is required to provide the policyowner a free-lock period of at least:

30 days

How long are oral contracts valid in Wisconsin?

30 days

Life settlements sold in Wisconsin allow for the rescission of the contract within

30 days

Life settlements sold in Wisconsin must allow for the rescission of the contract for at least

30 days

Life settlements sold in Wisconsin must allow for the rescission of the contract within:

30 days

Every life insurance policy must include a grace period of: 90 15 31 60

31

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

How long must records of a replacement notice be kept by the replacing insurer? 2 years 3 years 5 years 10 years

5 years

The replacing insurers' duties in replacement are to maintain copies of the replacement notice for 2 years 3 years 4 years 5 years

5 years

When replacing a policy an insurer must maintain a file containing copies of statements for:

5 years

The court-ordered fine per day for violating a Wisconsin insurance law and failing to comply with the Commissioner's order is 5500 7500 1000 5000

5000

To attain currently insured status under social security, a worker must have earned at least how many credit hours?

6 credits

For how long is an insurance company allowed to defer policy loan requests?

6 months

The Commissioner must inform the applicant for an insurance agent's license whether the application has been approved within how many days after receiving the appropriate fee, application, and certificate? 60 30 15 45

60

A policy may be issued for a term longer than one year or for an indefinite term as long as there is a clause in the policy providing for cancellation by giving how much notice prior to the anniversary date? A) 30 days B) 60 days

60 days

Payment on an insurance claim is not considered overdue if it is made within 30 days. If a claim goes beyond 30 days, it is subject to bear simple interest at what rate per year? 7.5% 6% 10% 5%

7.5%

Insurance policies that are not drawn up through negotiations, and an insured has little to say about its provisions is called what?

Adhesion

At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs?

Adjustable Life

At age 30, an applicant wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs?

Adjustable life

Which of the following is another term for an authorized insurer? A) licensed B) Admitted

Admitted

Which of the following is another term for authorized insurer?

Admitted

Which of the following is another term for authorized insurer? A) Legal B) Admitted C) Certified D) Licensed

Admitted

Which of the following is an intermediary who acts on behalf of the insured?

Agent

What documentation grants express authority to an agent? A) Agents insurance license B) Agent's contract with the principal

Agent's contract with the principal

What is reinsurance? A) An agreement between and insurer and insured B) An agreement between a ceding insurer and assuming insurer C) An agreement between an originating insurer and a ceding insurer D) An agreement between a domestic insurer and a foreign insurer

An agreement between a ceding insurer and assuming insurer

Who can make changes to the policy once it is in effect? A) The agent B) An executive officer of the insurer C) The insured D_ The policyowner

An executive officer of the insurer

Which of the following is NOT true of section 1035 Policy exchanges? A) It is an IRS Code which permits like kind exchanges of property B) Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days

Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days

Which of the following is NOT true of Section 1035 Policy Exchanges?

Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.

Which of the following is NOT true of Section 1035 Policy Exchanges? a)It is an IRS Code which permits like kind exchanges of property. b)It is typically used when exchanging or replacing a less competitive life policy with a morecompetitive life policy. c)Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days. d)It requires an absolute assignment of the existing policy to the replacing company who surrenders thecontract and issues a replacement policy.Section 1035 of the Internal Revenue Code does not give a specific time limit to complete such anexchange.

Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.

Which of the following types of agent authority is also called "perceived authority?" A) Implied B) Apparent

Apparent

Which of the following statements is true of insurance licensing in the State of Wisconsin?

Applicants must pass a state licensing exam

Employer contributions made to a qualified plan: A) Are after-tax contributions B) Are subject to vesting requirements

Are subject to vesting requirements

All of the following are duties and responsibilities of producers at the time of application EXCEPT: A. Check to make sure that there are no unanswered questions on the application. B. Change any incorrect statement on the application by personally initialing next to the corrected statement. C. Explain the nature and type of any receipt the producer is giving to the applicant D. Probe beyond the stated questions if the producer feels the applicant is misrepresenting or concealing information.

B. Change any incorrect statement on the application by personally initialing next to the corrected statement.

All of the following information about a customer must be used in determining annuity suitability EXCEPT: A. Annual income B. Beneficiary's financial objectives C. Tax status D. Financial experience

Beneficiary's age

Which of the following is a feature of variable annuity? A) Interest rate is guaranteed B) Payments into the annuity are kept in the company's general account C) Benefit payment amounts are not guaranteed

Benefit payment amounts are not guaranteed

Which of the following best describes fixed-period settlement option? A) Only the principal amount will be paid out within a specified period of time B) Both the principal and interest will be liquidated over a selected period of time

Both the principal and interest will be liquidated over a selected period of time

Which of the following is a generic consumer publication that explains life insurance in general?

Buyers Guide

What term best describes the act of withholding material information that would be crucial to an underwriting decision? A) Withholding B) Concealment

Concealment

All of the following apply to defined benefit plans EXCEPT: A) They are qualified plans and cannot discriminate B) Contributions are tied to the company profits

Contributions are tied to the company profits

Tim and Tom are twins. When they applied fo life insurance in company a, the insurance company found that while neither of them smoked and both had similar life style, tim was in a much stronger financial position than Tom. Because of this the company charged tim a higher rate for his insurance. This practice is:

Discrimination

When contributions to an immediate annuity are made with before-tax dollars, which of the following is true of the distributions? A) Distributions are nontaxable B) Distributions cannot begin prior to age 72 C) Distributions are taxable

Distributions are taxable

All of the following are CORRECT regarding temporary licenses EXCEPT:

Examinations are never required for the insurance of a temporary license

All of the following are CORRECT regarding temporary licenses EXCEPT A) They are granted to representative os licensed intermediaries who cannot B) Examinations are never required for the issuance of a temporary license

Examinations are never required for the issuance of a temporary license

In the Executive bonus plan, who is the owner of the policy, and who pays the premium?

Executive is the owner and the executive pays the premium

Who can make changes to the policy once it is in effect?

Executive officer of the insurer

The authority granted to an agent through the agent's contract is referred to as:

Express authority

The authority granted to an agent through the agent's contract is referred to as: A) Express authority B) Apparent authority

Express authority

Which nonforfeiture option has the highest amount of insurance protection? A) Reduced Paid-up B) Extended Term

Extended term

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

False Advertising

Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member? A) Family term rider B) Spouse rider

Family term rider

All funds collected by an intermediary for prompt payment to insureds, insurers, or producers as entitled are received in what is known as: A) Fiscal responsibility B) Fiduciary capacity

Fiduciary capacity

A person that markets insurance but does not include an insurer is called

Firm

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Fixed period B) Life with period certain

Fixed period

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Fixed period B) Life with period certain C) Fixed amount

Fixed period

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? A) Interest Only B) Fixed Period C) Life with period certain D) Fixed amount

Fixed period

The death benefit under the Universal Life Option B A) Increases for the first few years of the policy, and then levels off B) Gradually increases each year by the amount that the cash value increases

Gradually increases each year by the amount that the cash value increases

Events or conditions that increase the chances of an insured loss occurring are referred to as: A) risks B) hazards

Hazards

Which of the following is true about a defined benefit plan? A) High-Salaried employees with only a few years until retirement receive the highest contribution B) All participating employees are vested immediately following a contribution to the plan

High-Salaried employees with only a few years until retirement receive the highest contribution

What type of annuity can be purchased with a single premium and provided payments immediately?

Immediate

The type of term insurance that provides increasing death benefits as the insured ages is called

Increasing term

The type of term insurance that provides increasing death benefits as the insured ages is called:

Increasing term

Which of the following is an intermediary who acts in the procuring of insurance on behalf of an applicant for insurance or an insured?

Insurance broker

If an insurer requires that an applicant or insured undergo a physical examination in order to to obtain or continue coverage, who must pay the cost of such examination?

Insurer

Which of the following ultimately determines the interest rates paid to the owner of a fixed annuity? A) Investment performance of the company B) Insurer's guaranteed minimum rate of interest

Insurer's guaranteed minimum rate of interest

Which of the following is true regarding state regulations for record maintenance? A) Insurer's records must be maintained both electronically and in paper form B) Insurer's records may be maintained electronically C) Any records except for checks may be maintained electronically

Insurer's records may be maintained electronically

When a beneficiary receives payments consisting of both principal and interest portions, which parts are taxable as income?

Interest only

Which of the following is TRUE about the 10-day free-lock period in a Life Insurance policy? A) it begins when the application is signed B) It begins when the policy is delivered

It begins when the policy is delivered

What is the main purpose of the Seven-pay Test? A) It requires level premium payments B) It ensures that the policy benefits C) It guarantees the minimum D) It determines if the insurance policy is a MEC

It determines if the insurance policy is a MEC

What is the benefit of choosing extended term as a nonforfeiture option? A) It allows coverage to continue beyond maturity date B) It has the highest amount of insurance protection

It has the highest amount of insurance protection

If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?

It is a percentage of the cash value and decreases over time

If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined? A) It is a percentage of the cash value and decreases over time B) It is a flat fee determined by the annuity owner when the annuity is purchased

It is a percentage of the cash value and decreases over time

If a life insurance policy increases significantly in face amount (death benefit) when the insured reaches a specified age, what type of policy is this? A) Limited pay whole life policy B) Jumping juvenile policy

Jumping juvenile policy

Variable whole life insurance is based on what type of premium? A) Flexible B) Level fixed

Level fixed

Variable whole life insurance is based on what type of premium? A) level fixed B) flexible

Level fixed

Which of the following settlement options in life insurance is known as straight life? A) Single life B) Life with period certain C) Fixed amount D) Life income

Life Income

Which of the following is an example of a limited-pay life policy? A) Straight life B) Life Paid-up Age 65

Life Paid-up at Age 65

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report

Must be informed of the source of the report

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report A) Must be advised that a copy of the report is available to anyone who requests it B) Are entitled to obtain a copy of the report from the party who ordered it C) Must be informed of the source of the report

Must be informed of the source of the report

The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the A) One-year term options B) Paid-up additions

One-year term option

Which Universal Life option has a gradually increasing cash value and a level death benefit?

Option A

Which Universal Life option has a gradually increasing cash value and a level of death benefit?

Option A

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured? A) Option A B) Option B

Option B

All of the following types of distributions are considered exceptions to the early distribution rule and, therefore, are not subject to the penalty tax. A) participant's debt B) a loan from the plan

Participant's debt

An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old, and not 43, as stated on the application. What will the company do? A) Pay a reduced death benefit B) Pay the full death benefit

Pay a reduced death benefit

Which of the following allows the insurer to relieve a minor insured from premium payments? A) Juvenile Premium Provision B) Payor Benefit

Payor Benefit

If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept? A) Nonforfeiture B) Indemnity C) Reasonable expectations

Reasonable expectations

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as:

Rebating

Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?

Rebating

The policyowner pays for her life insurance annually. Until now, she has collected a nontaxable dividend check each year. She has decided that she would rather use the dividends to help pay for her next premium. What option would allow her to do this? A) Cash option B) Reduction of premium

Reduction of premium

An insured committed suicide 6 months after his life insurance policy was issued. The insurer will: A) Refund the premiums paid B) Pay the full death benefit to the beneficiary

Refund the premiums paid

The Federal Fair Credit Reporting Act:

Regulates consumer reports

The Federal Fair Credit Reporting Act: A) Prevents money laundering B) Regulates Consumer reports C) Protects customer privacy D) Regulates telemarketing

Regulates consumer reports

An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?

Reinstatement provision

Which of the following is a person, other than an officer or employee of the ceding insurer?

Reinsurance broker

Which of the following is FALSE regarding the life insurance replacement rules? A) The existing insurer must be notified of the proposed replacement transaction within 5 business days B) Replacement forms must be kept on file for 7 years C) Replacement policies must have a 30 day free lock.

Replacement forms must be kept on file for 7 years

A domestic insurer issuing variable contracts must establish one or more A) General accounts B) Separate accounts

Separate accounts

The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as the:

Spendthrift clause

Which of the following types of annuities will generally provide the highest monthly income? A) Joint and survivor B) Straight Life

Straight Life

During the accumulation period in a nonqualified annuity, what are the tax consequences of a withdrawal? A. Neither interest nor principle is taxed, but penalties may be imposed. B. Taxable interest will be withdrawn first and the 10% penalty will be imposed if under age 59 ½. C. Nontaxable principal may be withdrawn first, but the 10% penalty will be imposed if under age 59 ½. D. Both interest and principal are taxed; no other penalties are imposed.

Taxable interest will be withdrawn first and the 10% penalty will be imposed if under 59.5

All of the following would be different between qualified and nonqualified retirement plans EXCEPT: A) IRS approval requirements B) Taxation on accumulation

Taxation on accumulation

Which of the following is an example of a producer being involved in an unfair trade practice?

Telling a client that his first premium will be waived if he purchases the policy today

Which of the following may NOT be included in an insurance company's advertisement? A) The name of a specific agent B) That its policies are covered by a state insurance security fund

That its policies are covered by a state insurance security fund

Which of the following PROTECTS consumers against the circulation of inaccurate or obsolete personal or financial information?

The Fair Credit Reporting Act

When an insurer is given an order of liquidation, which of the following will protect the insurers' unpaid claims?

The Wisconsin Insurance Security Fund

Which of the following characteristics applies to defined benefit plans but not defined contribution plans? A) Employers can choose not to make contributions for a particular year B) The amount of contributions made by the employer is determined by an actual formula

The amount of contributions made by the employer is determined by an actual formula

Which of the following is NOT true regarding the annuitant? A) The annuitant's life expectancy is taken into consideration for the annuity B) The annuitant cannot be the same person as the annuity owner

The annuitant cannot be the same person as the annuity owner

All of the following statements about equity index annuities are correct EXCEPT: A) They invest on a more aggressive basis aiming for higher returns B) The annuitant receives fixed amount of return

The annuitant receives a fixed amount of return

Which of the following is NOT the consideration in a policy? A) Something of value exchanged between parties B) The application given to a prospective insured

The application given to a prospective insured

If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back? A) The policy beneficiary receives the FULL death benefit. B) The balance of the loan will be TAKEN OUT of the death benefit

The balance of the loan will be taken out of the death benefit

If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, which of the following must occur? A) The change must be reported to the Federal Producer's Directory B) The change but be reported to the department

The change must be reported to the department

Which of the following is a characteristic of a Reciprocal Insurance Exchange? A) Issues nonassessable policies B) The chief administrator of the insurer is called an "attorney-in-fact"

The chief administrator of the insurer is called an "attorney-in-fact"

What determines the penalty for surrendering a market value adjusted annuity prematurely?

The current interest rate at the time of surrender

What determines the penalty for surrendering a market value adjusted annuity prematurely? A) The flat fee determined by an index of interest gains and the amount of time the annuity would take to mature B) The current interest rate at the time of surrender

The current interest rate at the time of surrender

An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date? A) The date of application B) the date of the medical exam

The date of the medical exam

An annuitant dies before the effective date of a purchased annuity. Assuming that the annuitant's wife is the beneficiary, what will occur? A) The interest will continue to accumulate tax deferred. B) The interest will become immediately taxable

The interest will continue to accumulate tax deferred

Which of the following would provide an underwriter with information concerning an applicant's health history? A) The inspection report B) The Medical Information Bureau C) A medical examination D) The agent's report

The medical information bureau

An insurer refuses to renew a policy written by an intermediary whose contact has been terminated A) The intermediary is the subject of an investigation by the Commissioner B) The notice contains an offer to renew the policy by written request

The notice contains an offer to renew the policy by written request

What is the advantage of reinstating a policy instead of applying for a new one?

The original age is used for premium determination

In a life settlement contract, whom does the life settlement broker represent?

The owner

All of the following are true regarding a decreasing term policy EXCEPT: A) The death benefit is $0 at the end of the policy term. B) The payable premium amount steadily declines throughout the duration of the contract

The payable premium amount steadily declines throughout the duration of the contract

Which of the following determines the cash value of a variable life policy? A) The policy's guarantees B) The performance of the policy portfolio

The performance of the policy portfolio

Which of the following determines the cash value of a variable life policy? A) The performance of the policy portfolio B) The policy's guarantees

The performance of the policy portfolio

All of the following are general requirements of a qualified plan EXCEPT: A) The plan must be permanent, written, and legally binding B) The plan must provide an offset for social security benefits C) The plan must be communicated to all employees D) The plan must be for the exclusive benefits of the employees and their beneficiaries

The plan must provide an offset for social security benefits

What must happen when an individual policy or annuity has been personally delivered to the policy owner?

The policy owner must sign a delivery receipt

All of the following are true regarding the Policy Summary EXCEPT: A) The policy summary may only describe the guaranteed elements of the policy B) The policy summary may show dividends

The policy summary may show dividends

Which of the following is NOT true of life settlements?

The seller must be terminally ill

Which of the following is NOT true of life settlements? A) They involve insurance policies with large face amounts B) The seller must be terminally ill

The seller must be terminally ill

Annuities differ from life insurance in all of the following ways EXCEPT A) There is no stated amount of death benefit B) They can be used in a qualified retirement plan C) The annuitant must be living to collect D) They are purchased with premiums

They are purchased with premiums

Annuities differ from life insurance in all of the following ways EXCEPT: A) They can be used in a qualified retirement plan B) They are purchased with premiums

They are purchased with premiums

How long must records of financial transactions between insurers and their policyholders be maintained? Seven years Five years One year Three years

Three years

What is the purpose of establishing the target premium for a universal life plan? A) To keep the policy in force B) To accumulate cash value faster

To keep the policy in force

Which of the following is NOT a goal of risk retention? A: to minimize the insured's level of liability in the event of a loss B: to reduce expenses and improve cash flow C: to increase control of claim reserving and claims settlements D: To fund losses that cannot be insured

To minimize the insured's level of liability in the event of a loss

The paid-up addition option uses the dividend

To purchase a smaller amount of the same type of insurance as the original policy.

The paid-up addition option uses the dividend: A) To purchase a one-year term insurance in the amount of cash value B) To purchase a smaller amount of the same type of insurance as the original policy

To purchase a smaller amount of the same type of insurance as the original policy.

Which type of life insurance policy allows the policyowner to pay more or less than planned?

Universal Life

Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?

Universal Life

Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? A) Straight whole life B) Universal life C) Variable life D) Decreasing term

Universal life

How long will the beneficiary receive payments under the single life settlement option? A) Until the insured's death B) For a specified period of time C) Until the beneficiary's death

Until the beneficiary's death

After a hearing, what is the maximum court-ordered fine a licensee will pay for failing to comply with the Commissioner's order or continuing to violate Wisconsin Insurance Law within 2 weeks of its issuance?

Up to $5,000 a day each day the violation continues beyond the 2-week period

What is the latest point that a Buyer's Guide can be issued?

When the applicant turns in the application

If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered to the applicant: A) upon issuance of the policy B) with the policy C) within 30 days after the first premium was collected

With the policy

Are insurance company underwriters allowed to discriminate? A) No, discrimination is an unfair practice B) Yes, but no unfairly

Yes, but not unfairly

A compulsive forfeiture is also known as

a court-ordered fine

A payment to a life insurance policyowner that is less than the anticipated death benefit in exchange for transferring ownership to the party buying the policy is called: a long-term care rider surplus lines insurance an unfair marketing practices a viatical settlement

a viatical settlement (The marketing of viatical settlements is carefully regulated by the state. The sensitive nature of these arrangements requires agents and entities who transact these settlements to be licensed as viatical settlement providers. Applicants must demonstrate competency and trustworthiness and exhibit a good faith intention to conduct business as a viatical settlement provider.

If a person knowingly aids his or her employee in breaking a Wisconsin insurance law, he or she will be: liable for a fine up to $10,000 automatically fired by the insurer absolved of any liability for the employee's independent, criminal behavior liable for a fine up to $5,000 or 3 years imprisonment

criminal behavior liable for a fine up to $5,000 or 3 years imprisonment

Which of the following riders added to a life insurance policy can pay part of the death benefit ___ home?

long-term care

An insurance agent who moves to Wisconsin from another state

may conduct insurance business for 60 days if his or her current license is valid.

In Wisconsin, an agent is presumed to have exceeded the occasional exchange of business if he places: any risks per calendar year with any single insurer with which he is not listed as an agent more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 10 risks more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 25 risks

more than 5 insurance risks per calendar year with any single insurer with which he is not listed as an agent, or his exchanges total more than 25 risks

The dividend option in which the policyowner uses dividends to purchase a term policy for one year is:

one-year term option

An insurance claim is overdue if it is not: paid within 10 days of the insured's loss settled within 6 months of the insurer's receipt of written notice of the loss paid within 30 days of the insurer's receipt of written notice of the loss paid within 30 days of the occurrence of the loss

paid within 30 days of the insurer's receipt of written notice of the loss

All of the following are true regarding the Policy Summary EXCEPT:

the policy summary may show dividends


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