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Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show Member States  
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When replacing a policy, an insurer must maintain a file containing copies of all statements for how long?   show
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show 65 or older  
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show Policyowner  
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To ensure suitability of annuity products, producers must obtain relevant information about....   show
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show Obtain a list of all life insurance policies that will be replaced  
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Who has all the ownership rights in a life insurance policy?   show
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show The benefit will be paid, minus the premium. Because of the 31 day grace period  
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show Life Insurance Illustration  
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show 31 days  
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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?   show
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show With written consent of the beneficiary  
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show 30 days  
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show The agent's company  
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The insurer must provide a copy of the life insurance buyer's guide to all prospective buyers when?   show
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show Basic illustration  
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show 2 years  
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Records of replacement suitability inquiries must be kept in the agent's file for at least how long?   show
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What is the purpose of a proposal for a life insurance policy sold in connection with a security?   show
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show B) Using unclear or confusing language in promotional material  
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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   show
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Which is a presentation that includes nonguaranteed elements of a policy over a period of years?   show
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show Class designation  
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What is the grace period of a life insurance policy?   show
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What is the method to designate a beneficiary literally means "by the head?"   show
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What happens to policy coverage during the grace period?   show
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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?   show
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Using a class designation for beneficiaries means   show
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show Replacement rule  
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show 3 years  
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If a policy is marked with an illustration, who must sign the illustration?   show
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show  
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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?   show
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No individual life insurance policy may be contested after it has been in force for how long ____?   show
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show Insurers  
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The insurer must maintain copies of all signed illustrations for a minimum of how many years after the policy is no longer in force?   show
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  show
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  show
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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   show
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