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Questions and Answers
Questions and Answers
The initial amount of credit life insurance may NOT exceed
The initial amount of credit life insurance may NOT exceed
- An amount set by statute and adjusted regularly for inflation
- The amount to be repaid under the contract (correct)
- The borrower's monthly income
- The borrower's annual income
How often must producers in this state complete continuing education requirements?
How often must producers in this state complete continuing education requirements?
- Every 5 years
- Annually
- Every 2 years (correct)
- Every 3 years
How many days does an insurer have to respond to a written communication from a claimant?
How many days does an insurer have to respond to a written communication from a claimant?
- 90 days
- 30 days (correct)
- 20 days
- 10 days
If the policyowner defaults on any premium payment for a life insurance policy, the insurer must notify the policyholder in writing as to the policyholder's options. This notification form must be provided to the policyholder within
If the policyowner defaults on any premium payment for a life insurance policy, the insurer must notify the policyholder in writing as to the policyholder's options. This notification form must be provided to the policyholder within
According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?
According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?
Which of the following is TRUE about credit life insurance?
Which of the following is TRUE about credit life insurance?
If a telemarketer wants to make an unsolicited sales call to a potential customer, what is the earliest time the telemarketer can call the prospect's residence?
If a telemarketer wants to make an unsolicited sales call to a potential customer, what is the earliest time the telemarketer can call the prospect's residence?
Which of the following entities established the Do-Not-Call Registry?
Which of the following entities established the Do-Not-Call Registry?
Renewal fees for all licenses are the same as the initial license. However, late application for renewal of a license requires a fee of
Renewal fees for all licenses are the same as the initial license. However, late application for renewal of a license requires a fee of
If a producer allows his or her license to lapse, what is the maximum time period during which the producer can reinstate the license without having to retake the examination?
If a producer allows his or her license to lapse, what is the maximum time period during which the producer can reinstate the license without having to retake the examination?
When an individual life insurance policy is being replaced by an insurer using an agent, the policyowner must be given an unconditional right to a full refund of premiums if the policy is returned within
When an individual life insurance policy is being replaced by an insurer using an agent, the policyowner must be given an unconditional right to a full refund of premiums if the policy is returned within
According to the PPACA rules, what percentage of health care costs will be covered under a bronze plan?
According to the PPACA rules, what percentage of health care costs will be covered under a bronze plan?
Which of the following is included on the certificate for credit life insurance?
Which of the following is included on the certificate for credit life insurance?
All of the following are exempt from the licensing requirement EXCEPT
All of the following are exempt from the licensing requirement EXCEPT
Under the Affordable Care Act, what percentage of preventive care must be covered without cost sharing?
Under the Affordable Care Act, what percentage of preventive care must be covered without cost sharing?
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce
Before an insurer pays fees or commissions to an agent, which of the following must happen?
Before an insurer pays fees or commissions to an agent, which of the following must happen?
When would a 20-pay whole life policy endow?
When would a 20-pay whole life policy endow?
Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT
Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT
What characteristic makes whole life permanent protection?
What characteristic makes whole life permanent protection?
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?
All of the following are true regarding a decreasing term policy EXCEPT
All of the following are true regarding a decreasing term policy EXCEPT
Regarding the taxation of Business Overhead policies,
Regarding the taxation of Business Overhead policies,
Which of the following is true regarding health insurance coverage for a state resident whose policy has lapsed as a result of military service activation?
Which of the following is true regarding health insurance coverage for a state resident whose policy has lapsed as a result of military service activation?
What is the purpose of a conditional receipt?
What is the purpose of a conditional receipt?
If the insured under a disability income insurance policy changes to a more hazardous occupation after the policy has been issued, and a claim is filed, the insurance company should do which of the following?
If the insured under a disability income insurance policy changes to a more hazardous occupation after the policy has been issued, and a claim is filed, the insurance company should do which of the following?
All of the following are correct about the required provisions of a health insurance policy EXCEPT
All of the following are correct about the required provisions of a health insurance policy EXCEPT
Most policies will pay the accident death benefits as long as the death is caused by the accident and occurs within
Most policies will pay the accident death benefits as long as the death is caused by the accident and occurs within
In a relative value system of determining coverage for a given procedure, what term describes the total amount payable per point?
In a relative value system of determining coverage for a given procedure, what term describes the total amount payable per point?
Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values and death benefits for specific policy years?
Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values and death benefits for specific policy years?
What is the purpose of establishing the target premium for a universal life policy?
What is the purpose of establishing the target premium for a universal life policy?
Questions and Answers
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Study Notes
Study Notes
Credit Life Insurance
- The initial amount cannot exceed the total amount repayable under the contract.
- In credit life insurance, the creditor is the policyowner and beneficiary, while the debtor is the insured.
Continuing Education for Producers
- Producers must complete at least 24 hours of continuing education every 2 years, including 3 hours in ethics.
Insurer Communication
- Insurers must respond to written communications from claimants within 30 days of receipt.
- If a policyowner defaults on premium payments, notification about options must be sent within 3 months.
Telemarketing Regulations
- Permissible calling hours for telemarketers are between 8am and 9pm.
- Unsolicited calls can only be made starting at 8 am.
Insurance Licensing and Renewals
- Late renewal applications for licenses require a fee of double the original license fee.
- A lapsed producer's license can be reinstated without retaking an exam within 12 months.
Health Insurance Policies
- Under the bronze plan of the PPACA, the insurance covers 60% of healthcare costs.
- Preventive care must be fully covered (100%) without cost sharing under the Affordable Care Act.
Policy Refunds and Termination
- Policyowners have an unconditional right to a full refund of premiums if the policy is returned within 20 days.
- The effective and termination dates must be included on credit life insurance certificates.
Taxation and Business Overhead Policies
- Premiums for Business Overhead policies are deductible, but benefits received are taxable.
Military Service and Health Coverage
- Policyholders activated for military service can reinstate coverage within 30 days of discharge without medical underwriting.
Conditional Receipts
- Conditional receipts provide coverage earlier, starting at application or medical examination, if the applicant is insurable.
Occupational Changes and Benefits
- If an insured changes to a more hazardous occupation, adjustments to benefits may be made based on the increased risk.
Health Insurance Policy Provisions
- Proof-of-loss forms must be sent within 15 days, and a grace period of 31 days is standard in annual pay policies.
Accidental Death Benefits
- Accident death benefits are payable if death occurs within 90 days of the accident.
Relative Value System
- The conversion factor is the total amount payable per point in a relative value system for procedures.
Policy Summaries
- A policy summary must include premium amounts, cash values, surrender values, and death benefits for specific policy years.
Target Premium Purpose
- The target premium helps ensure a universal life policy remains in force throughout its lifetime by covering the cost of insurance.
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