Life Insurance Regulations Quiz

A person who relies on an insurance licensee's advice or actions.

A licensed individual or organization that acts on behalf of an insured person.

A person for whom an insurance adjuster performs services.

Any situation where an insurance licensee provides a product or service to a person.

A licensed insurance salesperson, agent, or adjuster.

Any dishonest action during an exam, such as copying from another candidate, using unauthorized materials, or sharing answers.

Using someone else's work without permission, like copying answers from a classmate.

Bringing unauthorized materials to an exam, such as notes, phones, or tablets.

Working together with another candidate during an exam, even if it's just whispering answers.

Secretly helping or receiving help from another candidate, like sharing answers using technology.

Changing an exam paper or record to get a higher grade without permission.

Buying, selling, or sharing the content of an exam, like taking photos of questions or memorizing answers.

Taking an exam for someone else or asking someone to take an exam for you.

Identifying the event, its circumstances, consequences, concerns, stakeholders, and unknown factors.

Using a process of weighing the benefits and drawbacks of each potential solution.

Choosing the option that maximizes overall happiness and minimizes harm to those involved.

Prioritizing choices that protect the fundamental rights of individuals, such as the right to privacy and freedom of choice.

Treating everyone equally, regardless of their background or characteristics.

Choosing the option that contributes to the overall well-being of the community.

Making decisions that align with ethical virtues such as honesty, compassion, and integrity.

A long-term view prioritizes both immediate and future consequences, while a short-term view only considers the present.

Advisors must put the client's needs first, before their own financial gain.

Avoid exaggerating or misleading clients about the benefits of a product. Be honest and transparent.

Advisors must inform the client about all aspects of the insurance product, including potential downsides and limitations.

Advisors must make sure clients understand the pricing, benefits, and any unguaranteed aspects before making a decision.

Be reliable and act with integrity in all business dealings. Maintain honesty and transparency.

Fair competition means clients have access to a variety of insurance products at reasonable prices without unfair advantage.

Address client concerns and try to meet their needs. Actively listen and strive for solutions.

Avoid discrimination against clients based on characteristics like age, gender, or ethnicity. Treat everyone equally.

The act of providing complete and truthful information to all involved parties, including the client, insurer, and the public.

A situation where an insurance product is given a higher price due to increased risk factors.

Specific conditions or limitations added to an insurance policy that exclude certain risks from coverage.

A fundamental principle of ethical behavior in insurance, requiring advisors to be honest and transparent in all interactions.

The process of gathering information to understand the situation and identify potential options.

A situation where an insurance application is rejected, meaning the client does not receive any coverage.

The process of seeking guidance or advice from a supervisor or manager when faced with a complex or challenging decision.

An ethical framework for making decisions in the financial industry, prioritizing client well-being while maintaining professional integrity.

The practice of deliberately misleading a client to obtain a specific outcome, including but not limited to providing incorrect or incomplete information.

Seeking advice from a knowledgeable colleague within the financial industry to help navigate ethical dilemmas and ensure compliance.

A simple ethical test relying on gut feeling to determine whether a decision is morally sound. If there's a 'bad smell' or uneasiness, chances are the choice is unethical.

An ethical test that encourages advisors to imagine their decision being published on the front page of a newspaper. It helps assess the potential impact on reputation and public perception.

An ethical test that involves imagining oneself in the position of a trusted individual (e.g., a parent, mentor) and deciding whether the action would be deemed acceptable by that individual.

The process of gathering information, critically evaluating options, and choosing the most appropriate course of action based on ethical considerations.

Regularly reviewing past decisions to learn from mistakes, identify patterns, and improve ethical decision-making in future situations.