Massachusetts laws and rules latest version already passed

Massachusetts laws and rules latest version already passed A life insurance policy can be backdated before the application date for up to Six months Which statement is true regarding Massachusetts continuing education requirements for license producers? A producer must meet specified course requirements within a three-year period Which of the following individuals is eligible to receive a temporary producer license? An appointed employee who is replacing a deceased producer Which of the following is NOT the responsibility of an insurer? Assuming liability for a producer's unauthorized acts Notice of information practices must be given to a policyholder at LEAST every _____years(s) Three Group life plan sold in Massachusetts typically contain a conversion option. If the insured elects the option, the new policy Does not require evidence of insurability A producers license in Massachusetts must be renewed every; Three years A life insurance policy holder has been diagnosed with a terminal illness. Which of the following is off doing payable to a policy owner who is life expectancy is substantially reduced due to illness? Accelerated (living) benefit. It's often payable to a life insurance policy holder when a medical condition drastically limit is the insured's life expectancy After the first three years of licensure, a producer must complete ....credit hours of a continuing education for each licensing. 45 Which of the following is considered an activity of a daily living when determining an accelerated life insurance benefit? Eating. To qualify for an accelerated insurance benefit, An individual must be unable to perform at least two activities of daily living. Which of these is not a punishment for committing an unfair and deceptive insurance practice? Community service A foreign insurer wishing to conduct business in Massachusetts must obtain a Certificate of authority from the Superintendent of insurance Which of the following does not involve a life settlement transaction? Converting term life coverage to whole life insurance. An insurer may contest the validity of a life insurance policy during the policies first two years for all of these reasons except Misstatement of age A life insurance policy can be reinstated upon meeting company requirements within a maximum of Three years When the Massachusetts superintendent of insurance examines it produces insurance records, the purpose will primarily be to determine; Compliance with state insurance laws and regulations How many days notice must a producer be given prior to a scheduled hearing? 21 days Who is required to notify the superintendent of a licensees change of address,? Licensee A Massachusetts producer has violated an unfair trade practice law. This producer must be fine up to you... Per violation $1000 What is considered interstate travel and is a federal fraud and false statements act? Puerto Rico If the commissioner request access to a producers business records, the producer Must provide access to the records upon request Life insurance replacement can be best A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered The producers insurance records must be provided to the superintendent Upon request by the superintendent An insurer operating in the US but headquarter outside the US is An alien insurer All of the following are unfair claims settlement practices except An attempt to settle a claim by arbitration In order for a prohibited person to sell insurance in Massachusetts, he or she must have a A letter signed by the superintendent Which of these is not considered to be an example of a misrepresentation? A producer comparing the benefits of competing insurance policies Agreements made by terminally Ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called Life settlements When must a producer provide a replacement notice on life insurance? No later then at the time of taken an application Which entity is responsible for regulating claim settlement practices of insurers? State insurance department