Chapter 18 State Portion: Specific To Life Insurance

15 Questions | Total Attempts: 2869

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Life Insurance Quizzes & Trivia

Questions and Answers
  • 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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