VERMONT INSURANCE HEALTH+LIFE EXAM 2024

Misrepresentation includes all of the following EXCEPT: - correct answer Requiring an applicant for a loan to buy insurance from the lender as a condition of loan approval Explanation: Although both are unlawful, requiring an applicant for a loan to buy insurance from the lender as a condition of loan approval is known as "coercion", not misrepresentation. Interim licenses cannot be issued for longer than : - correct answer 24 months: An interim license cannot be valid for longer than 24 months. The qualifications, requirements and fees for an interim license are the same as those for regular licenses in the same line. Unfair claims practices will be assumed to be intentional if: - correct answer They occur with such frequency as to indicate a general business practice Explanation: Unfair claims practices, such as the denial of a claim without conducting a reasonable investigation, are only considered to be unfair if they occur with such frequency as to indicate a general business practice. To appoint a producer as its agent, the appointing insurer must file a notice of appointment with the commissioner: - correct answer Within 15 days from the date the agency contract is signed or the first application is submitted Explanation: Insurers must send a notice to the commissioner appointing a new producer as their agent within 15 days from the date the agency contract is signed or the first application is submitted. The test administered by the Vermont Department of Insurance for determining the eligibility of someone for a variable insurance agent license includes questions concerning: - correct answer History of variable life insurance Explanation: The examination required for variable insurance agent licensing includes questions concerning the history, purpose, regulation and sale of variable life insurance.