Chapter 18 State Portion: Specific To Life Insurance
- 1.Within what time, must a proposing producer be aware that an annuity contract will be replaced?
- A.
6 months
- B.
3 months
- C.
5 months
- D.
30 days
- 2.All of the following are requirements for a Certificate of Qualification EXCEPT:
- A.
Be 18 years old
- B.
Have a college degree
- C.
File an application
- D.
Be trustworthy
- 3.After a policy is issued, any unanswered questions are considered to be:
- A.
Waived by an insurer
- B.
Representations
- C.
Considerations
- D.
Estoppel
- 4.Group insurance must be for the sole benefit of the following:
- A.
Only the employee
- B.
Employee and spouse
- C.
Employee and employer
- D.
Employee, spouse and their dependents
- 5.What certificate do individuals receive under a Master policy?
- A.
Certificate of Authority
- B.
Certificate of Qualification
- C.
Certificate of insurance
- D.
Certificate of Credit
- 6.What is the grace period for a Life policy?
- A.
10 days
- B.
15 days
- C.
20 days
- D.
30 days
- 7.In order for a rescue squad to be eligible for group insurance, they must have _______ eligible members.
- A.
25
- B.
15
- C.
100
- D.
10
- 8.How long must replacing insurers keep a policy on file?
- A.
5 years
- B.
3 years
- C.
2 years
- D.
Always
- 9.What will be adjusted if VHM Moving Company misstated the age of their company, on their group policy?
- A.
The death benefit
- B.
Nothing
- C.
The premium
- D.
The enrollment period
- 10.Who pays for a Noncontributory Plan?
- A.
Employee
- B.
Employer
- C.
Both the employer and employee
- D.
Executive Officer
- 11.An insurer who issued a policy to be replaced in which of the following?
- A.
Existing Insurer
- B.
Replacing Insurer
- C.
Conservation
- D.
Primary Insurer
- 12.When may a group provide coverage for their eligible members?
- A.
When the group is approved by the executive officer
- B.
When the group is approved by the commissioner
- C.
When the group has 100 members
- D.
When the group has 100% participation
- 13.Why do producers and insurers meet minimum standards regarding replacement of a policy?
- A.
To establish Insurance laws
- B.
To establish rates
- C.
To provide information to policyholders
- D.
To protect the interests of policyholders
- 14.Trustee groups require how many members for group coverage?
- A.
75
- B.
10
- C.
15
- D.
100
- 15.Who must sign a Life insurance application?
- A.
An applicant
- B.
An agent
- C.
An agent and the proposed insured
- D.
An agent and the executive officer
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