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The Interstate Insurance Product Regulation Compact is a contact between who?
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When replacing a policy, an insurer must maintain a file containing copies of all statements for how long?
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WI Life Ins Law
| Question | Answer |
|---|---|
| The Interstate Insurance Product Regulation Compact is a contact between who? | Member States |
| When replacing a policy, an insurer must maintain a file containing copies of all statements for how long? | 5 years |
| What age is a person considered a senior consumers? | 65 or older |
| Who has the right to transfer ownership of a life insurance policy to another person? | Policyowner |
| To ensure suitability of annuity products, producers must obtain relevant information about.... | Consumers age, income, financial status, tax status, financial experience and objectives |
| During replacement of life insurance, a replacing insurer must do what? | Obtain a list of all life insurance policies that will be replaced |
| Who has all the ownership rights in a life insurance policy? | Policyowner |
| If Bob neglects to pay his life insurance premium on time. He dies 10 days later. Will the benefit be paid or unpaid? Why? | The benefit will be paid, minus the premium. Because of the 31 day grace period |
| An illustration must be clearly labled as? | Life Insurance Illustration |
| What is the minimum duration of a grace period in a life insurance policy? | 31 days |
| An insured innocently omitted a health problem in their life insurance application that would have influenced her premium amounts. The policy is issued, and the insurer discovers the error 3 years later. What will most likely happen? Why? | Premium amount will remain unchanged. No individual life insurance policy may contest after it has been in force for 2 years from the date of issue, except for non-payment of premiums and misstatement of age |
| Under what circumstances may an irrevocable beneficiary be chamged? | With written consent of the beneficiary |
| During life insurance policy replacement, the insurer is required to provide the policyowner a free-look period of at least how long? | 30 days |
| An agent's advertisements for life insurance must be approved by ...? | The agent's company |
| The insurer must provide a copy of the life insurance buyer's guide to all prospective buyers when? | At the time the application is taken |
| What describes a ledger or proposal used to show both guaranteed and non-guaranteed elements of the policy? | Basic illustration |
| 2 years | |
| Records of replacement suitability inquiries must be kept in the agent's file for at least how long? | 3 years |
| What is the purpose of a proposal for a life insurance policy sold in connection with a security? | To provide the policyholder with clear and accurate description of the policy coverage |
| Which of the following would be considered an unfair insurance practice in this state? A) Backdating a policy B) Using unclear or confusing language in promotional material C) Providing disclosures with annuities D) Using testimonials in advertising | B) Using unclear or confusing language in promotional material |
| What type of beneficiary designation allows the benefit to pass from a deceased primary beneficiary to the beneficiary's heirs, instead of splitting the benefit among surviving primary beneficiaries | Per Stirpes |
| Which is a presentation that includes nonguaranteed elements of a policy over a period of years? | Illustration |
| When a policyowner designates a group of individuals as the beneficiary of a life insurance death benefit without specifically naming the individuals, is called ____? | Class designation |
| What is the grace period of a life insurance policy? | 31 days |
| What is the method to designate a beneficiary literally means "by the head?" | Per capita |
| What happens to policy coverage during the grace period? | The insured is covered as he/she was before the grace period |
| The owner of a life insurance policy dies, and no beneficiary is named. One of the owners friends paid for part of the funeral costs. What is the maximum amount of money that the friend could be issued from the insurance policy? | $1,000 |
| Using a class designation for beneficiaries means | Naming beneficiaries as a group |
| Which rule would apply if an agent knows an applicant is going to cash an old policy and use the funds to purchase new insurance? | Replacement rule |
| 3 years | |
| If a policy is marked with an illustration, who must sign the illustration? | The applicant and the agent |
| No one may perform, offer to perform, or advertise any service in life insurance and securities, unless | |
| An applicant accidently writes on her application that she is 10 years older than she actually is. The policy is issued, and the insurer discovers the error several months later. What is most likely to happen to her premiums? | |
| No individual life insurance policy may be contested after it has been in force for how long ____? | |
| Who does the Interstate Insurance Product Regulation Compact serve? | Insurers |
| The insurer must maintain copies of all signed illustrations for a minimum of how many years after the policy is no longer in force? | |
| The person is licensed and authorized in both areas | |
| She will need charged according to her actual age | |
| Which would be considered a violation of Life Insurance Advertising regulations? A) Not guaranteeing dividends B) Making oral sales presentations C) Informing the applicant the sole subject of the sale is insurance D) Calling an insurance policy an invest | D) Calling an insurance policy an investment plan |
Created by:
cruttner
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