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UTAH Life Insurance Test Questions And
Verified Answers
Minimum Age to receive a license - correct-answer -18
Continuing Education Hours - correct-answer -24 Hours every 2 years (3 Hours
must be in ethics)
Insurer must respond to claimant communications within how many days? -
correct-answer -15 days
Commissioner Powers and duties include: - correct-answer -Imposing penalties,
including fines, suspensions, and revocations.
All insurance forms (riders, policies, applications, endorsements, and contracts)
must be filed and approved by the Commissioner.
Gramm-Leach-Bliley Act (GLBA) - correct-answer -Consumer - An individual about
whom a company collects information is a consumer.
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Customer - A customer is a consumer that has developed an ongoing relationship
with a financial institution.
Privacy Notices must explain: - correct-answer -What info the company gathers
about the customer.
Where that info is shared
How the company safeguards that info
Fair Credit Reporting Act - correct-answer -Responsible for the opt-out
opportunity, but the privacy notice must inform the customer of this right under
the GLBA.
Insurance Consultants - correct-answer -To become licensed as an insurance
consultant, a producer must have been licensed and actively transacted inurance
for at least three of the four years immediately preceding the application for a
consultants license.
License Requirements - correct-answer -18 years old at least.
Appointments - correct-answer -All producers must be appointed by at least one
insurer.
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Misrepresentation - correct-answer -It is illegal to make any written or oral
statement, sales presentation, or comparison that; misrepresents the dividends,
benefits, advantages, conditions, or terms of any policy.
Example: uses a name of any insurance policy that misrepresents its true nature.
False Advertising - correct-answer -It is illegal for any producer to formulate or use
an advertisement or statement that is untrue, deceptive, or misleading regarding
any insurance company or persons associated with that company.
Defamation - correct-answer -Making any statement, written or oral, that is false
or maliciously critical of the financial condition of an insurance company or a
producer representing that company is illegal.
Rebating - correct-answer -Offering valuable consideration, other than that which
is offered in the contract as an inducement to purchase a policy is illegal.
Coercion - correct-answer -Forcing a person to buy insurance through a particular
company or producer.
UTAH Life Insurance Test Questions And
Verified Answers
Minimum Age to receive a license - correct-answer -18
Continuing Education Hours - correct-answer -24 Hours every 2 years (3 Hours
must be in ethics)
Insurer must respond to claimant communications within how many days? -
correct-answer -15 days
Commissioner Powers and duties include: - correct-answer -Imposing penalties,
including fines, suspensions, and revocations.
All insurance forms (riders, policies, applications, endorsements, and contracts)
must be filed and approved by the Commissioner.
Gramm-Leach-Bliley Act (GLBA) - correct-answer -Consumer - An individual about
whom a company collects information is a consumer.
,2|Page
Customer - A customer is a consumer that has developed an ongoing relationship
with a financial institution.
Privacy Notices must explain: - correct-answer -What info the company gathers
about the customer.
Where that info is shared
How the company safeguards that info
Fair Credit Reporting Act - correct-answer -Responsible for the opt-out
opportunity, but the privacy notice must inform the customer of this right under
the GLBA.
Insurance Consultants - correct-answer -To become licensed as an insurance
consultant, a producer must have been licensed and actively transacted inurance
for at least three of the four years immediately preceding the application for a
consultants license.
License Requirements - correct-answer -18 years old at least.
Appointments - correct-answer -All producers must be appointed by at least one
insurer.
, 3|Page
Misrepresentation - correct-answer -It is illegal to make any written or oral
statement, sales presentation, or comparison that; misrepresents the dividends,
benefits, advantages, conditions, or terms of any policy.
Example: uses a name of any insurance policy that misrepresents its true nature.
False Advertising - correct-answer -It is illegal for any producer to formulate or use
an advertisement or statement that is untrue, deceptive, or misleading regarding
any insurance company or persons associated with that company.
Defamation - correct-answer -Making any statement, written or oral, that is false
or maliciously critical of the financial condition of an insurance company or a
producer representing that company is illegal.
Rebating - correct-answer -Offering valuable consideration, other than that which
is offered in the contract as an inducement to purchase a policy is illegal.
Coercion - correct-answer -Forcing a person to buy insurance through a particular
company or producer.
