Chapter Exam 12- California Laws and Ethics Pertinent to insurance Questions With 100% Correct Answers.

Why is a life insurance policy's delivery date important? - Answer-The free look begins on the policy delivery date An agent's attempt to stop the replacement of an existing life insurance policy is known as - Answerconservation Which of the following does not have to be included on life insurance policy illustrations? - AnswerStatement that all values and benefits are guaranteed Who does a life settlement broker represent? - Answer-Individual wanting to sell their life policy to a third party Life insurance surplus must be distributed to policyowners at what frequency? - Answer-Annually The free look period for life insurance policy owners age 60 or older is - Answer-30 days The California insurance code allows an individual how many days to cancel a life policy for a full refund? - Answer-Between 10 and 30 days What does the term "illustration" mean when used in the phrase "life insurance policy illustration", according to the California insurance code? - Answer-Presentation of policy features that includes non-guaranteed elements Paul has an existing annuity and is sold a new one, in which the new policy holds no greater financial benefit to him than the existing contract. This is considered a(n) - Answer-unnecessary replacement In California, and insurer organized under the state laws of Oregon is called a(n) - Answer-Foreign insurer An insurance company entitled to transact business in California is called a(n) - Answer-admitted carrierAccording to the California insurance code, which of the following is not an example of an insurable event? - Answer-An insured suffers a financial loss in the state lottery According to the California Insurance Code, what is the maximum penalty per violation for anyone who unwillfully commits an unfair method of competition? - Answer-$5,000 Which of the following is not considered to be an unfair claims settlement practice? - AnswerAdvising a claimant to hire an attorney What is the insurance term The state of California uses for an insurer that is eligible to transact business in the state? - Answer-Admitted