LAWS AND RULES PERTINENT TO INSURANCE

3 - LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Which of the following is CORRECT about the replacement rule? A) The replacement rule applies only to health insurance policies. B) The agent has 90 days from the effective date to deliver a buyer's guide. C) Instructions regarding the rule are available from appointed life insurers. D) Up to 30 days is allowed for a full refund of premium. C) Instructions regarding the rule are available from...

PENNSYLVANIA LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Twisting Misrepresenting a policy for the purpose of inducing a policyholder to change or replace an existing policy is known as Given written consent by the state insurance regulatory agency John has a criminal record in which he was convicted of a felony that involved dishonesty. Under Federal law, how would John be able to engage in insurance transactions? Shareholders Whic...

LAWS AND RULES PERTINENT T INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED 1. quiz - an insurer must offer a long-term care policy or certificate that has a nonforfeiture value nonforfeiture value - those benefits in a life insurance policy that by law, the policy owner does not forfeit even if the policy owner discontinues premium payments: - usually cash value, - loan value, - paid-up insurance value, - and extended term insurance value 2. quiz - how long can a...

ARIZONA LAWS AND RULES PERTINANT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Security laws passed by Congress are enforced by which Federal agency? Security and Exchange Commission If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the illustration used in the sales presentation MUST disclose that premium payments may be resumed depending on actual results A group Medicare Supplement policy was terminated and ...

LAWS & RULES PERTINENT TO LIFE INSURANCE EXAM QUESTIONS AND ANSWERS 100% GUARANTEED PASS Employer noncontributory group life policies must allow for all of the following EXCEPT conversion privilege insured can determine the benefit amount insured can name a beneficiary minimum participation requirements Insured can determine benefit amount Colorado's replacement rules apply to all of the following types of insurance EXCEPT 1-year term 10-year term 20-year term single premium whol...

ILLINOIS LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTION AND ANSWERS WITH COMPLETE SOLUTIONS a lapsed producer's license may be reinstated without have to pass a written exam if the license lapses within __ months after the renewal fee due date 12 T the producer has just collected premium monies from a client. T may personally hold these funds for a MAXIMUM of __ days before depositing them in a premium Fund Trust Account 14 Q the producer has recently replaced one insurance policy...

LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Which of the following is the Pennsylvania Insurance Department NOT responsible for? Shareholders Within how many days must a producer report to the Commissioner any charges made against him/her? 30 A licensee can have his/her license denied or revoked by the Commissioner if the licensee has committed insurance-related fraud or dishonesty What is required before an insurance producer can act as a repr...

FL LAWS AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Seven-day grace period Which of the following provisions is NOT required in HMO contracts/certificates? Enrollment Rates shall not be excessive No pre-existing exclusions for children Seven-day grace period 5 Florida requires that an insurance agent must complete __ hours of continuing education on the subject of law and ethics every two years. 3 4 5 6 Risk management advisers Which of...

LAWS, AND RULES PERTINENT TO INSURANCE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Office of Insurance Regulation regulates insurers to ensure they do business viable within a state. Unauthorized Entities - Those insurers who are nonadmitted, meaning they have not been approved or authorized to sell insurance in the state. The state's reasons for concerns: Potential for criminal activity within the insurance business. Adverse economic impact on authorized insure...

WASHINGTON LAWS AND RULES PERTINENT TO INSURANCE SUMMARY EXAM QUESTIONS WITH COMPLETE SOLUTIONS The commissioner of insurance is elected to a term of ___ years 4 The commissioner examine records of insurance companies every __ years to ensure the company comply with the laws and regulations in WA 5 The commissioner may issue a temporary insurance producer license to The surviving spouse or court-appointed administrator of a deceased or disabled producer for a max period of 180 days witho...