Indiana Life, Accident, & Health Insurance Law
"BUYER'S GUIDE" AND POLICY SUMMARY. - ANS-Alex prospects young families for new
insurance policies. In order to comply with disclosure requirements, he must deliver what kind of
documents to all applicants?
$25,000 PER VIOLATION, OR $50,000 IF THE PERSON KNEW OR SHOULD HAVE KNOWN
THAT THE ACT WAS ILLEGAL. - ANS-What is the MAXIMUM fine assessed against producers
who are found guilty of engaging in unfair marketing practices?
10 DAYS. - ANS-With few exceptions, annuity contracts must provide that the purchaser may
return the contract for a full refund within...
10 MEMBERS. - ANS-The minimum number of members of any trade or occupational or
professional association that can be insured under a franchise health insurance is...
2 YEARS. - ANS-The maximum contestable period, or time limit on certain defenses, required in
accident and health insurance policies is...
20 CONTRACT YEARS. - ANS-An annuity contract must show the policy's cash surrender
values for at least the first...
20 DAYS AFTER THE ACCIDENT OR ILLNESS OCCURS. - ANS-In Indiana, a minimum
requirement of health policies is that the insured must normally give written notice of accident or
illness to the insurer within...
20 DAYS. - ANS-For how many days must a replacing insurer allow the applicant to review the
policy, during which time the policy may be returned for a full premium refund?
24 HOURS EVERY 2 YEARS. - ANS-How many hours of continuing education must a resident
producer complete to qualify for license renewal?
24 MONTHS. - ANS-In Indiana, an insurance producer's license normally is subject to renewal
every...
25%. - ANS-A producer may write controlled business insurance as long as it does NOT exceed
what percentage of commissions earned in a 12-month period?
3 HOURS (OF THE 24) OF CONTINUING EDUCATION IN ETHICS. - ANS-For renewals that
occur after June 30, 2014, all resident insurance producers licensed with Life, Health, Variable
Life & Annuity, and Life, Accident & Health lines of authority must have...
, 3 YEARS FROM THE DATE THE ADVERTISEMENT WAS USED. - ANS-Every insurer
providing long term care insurance must keep copies of all advisements used for...
30 - ANS-Richard just purchased a Medicare supplement policy. How many days does he have
to review this policy and get a full refund of premium if he decides it's not exactly what he
needs?
30 DAYS. - ANS-Long-term care insurance policies must provide applicants with a free-look
period equal to or greater than...
30 DAYS. - ANS-Ronald is entitled to a $100,000 from his deceased wife's group life insurance
policy. How many days does the insurer have to pay the claim after they receive Ronald's proof
of loss?
30. - ANS-A nonresident license holder in Indiana must notify the Commissioner if they move to
another address or state within how many days?
31 DAYS. - ANS-How much of a grace period must all group life insurance police's delivered or
issued in Indiana include?
31 DAYS. - ANS-Newborns are covered on group health insurance policies from birth. How long
after birth does the insured have to notify the insurer of the child's birth and pay the first
premium?
40 HOURS OF SELF-STUDY OR CLASSROOM INSTRUCTION. - ANS-The prelicensing
education requirements for life and health insurance producers in Indiana include...
6 MONTHS. - ANS-A Medicare supplement insurer cannot deny claims for losses occurring
more than how long after the effective date of coverage because of a preexisting condition?
8% PER YEAR. - ANS-In Indiana, all life insurance policies must contain a provision limiting the
interest rate on policy loans to a maximum of...
90 DAYS. - ANS-With a medical expense policy, proof of loss generally must be furnished to the
insurer within how many days after the date of such loss?
A FINE, IMPRISONMENT OF UP TO 10 YEARS, OR BOTH. - ANS-It's illegal for an insurer or
producer to make a false material statement or report, with the intent to deceive and influence
the actions of an insurance regulatory official or agency. The insurer could face a federal penalty
of...
A LIMITED LINES PRODUCER. - ANS-A producer qualified to sell flight, industrial, crop, and
title insurance is called...
"BUYER'S GUIDE" AND POLICY SUMMARY. - ANS-Alex prospects young families for new
insurance policies. In order to comply with disclosure requirements, he must deliver what kind of
documents to all applicants?
$25,000 PER VIOLATION, OR $50,000 IF THE PERSON KNEW OR SHOULD HAVE KNOWN
THAT THE ACT WAS ILLEGAL. - ANS-What is the MAXIMUM fine assessed against producers
who are found guilty of engaging in unfair marketing practices?
10 DAYS. - ANS-With few exceptions, annuity contracts must provide that the purchaser may
return the contract for a full refund within...
10 MEMBERS. - ANS-The minimum number of members of any trade or occupational or
professional association that can be insured under a franchise health insurance is...
2 YEARS. - ANS-The maximum contestable period, or time limit on certain defenses, required in
accident and health insurance policies is...
20 CONTRACT YEARS. - ANS-An annuity contract must show the policy's cash surrender
values for at least the first...
20 DAYS AFTER THE ACCIDENT OR ILLNESS OCCURS. - ANS-In Indiana, a minimum
requirement of health policies is that the insured must normally give written notice of accident or
illness to the insurer within...
20 DAYS. - ANS-For how many days must a replacing insurer allow the applicant to review the
policy, during which time the policy may be returned for a full premium refund?
24 HOURS EVERY 2 YEARS. - ANS-How many hours of continuing education must a resident
producer complete to qualify for license renewal?
24 MONTHS. - ANS-In Indiana, an insurance producer's license normally is subject to renewal
every...
25%. - ANS-A producer may write controlled business insurance as long as it does NOT exceed
what percentage of commissions earned in a 12-month period?
3 HOURS (OF THE 24) OF CONTINUING EDUCATION IN ETHICS. - ANS-For renewals that
occur after June 30, 2014, all resident insurance producers licensed with Life, Health, Variable
Life & Annuity, and Life, Accident & Health lines of authority must have...
, 3 YEARS FROM THE DATE THE ADVERTISEMENT WAS USED. - ANS-Every insurer
providing long term care insurance must keep copies of all advisements used for...
30 - ANS-Richard just purchased a Medicare supplement policy. How many days does he have
to review this policy and get a full refund of premium if he decides it's not exactly what he
needs?
30 DAYS. - ANS-Long-term care insurance policies must provide applicants with a free-look
period equal to or greater than...
30 DAYS. - ANS-Ronald is entitled to a $100,000 from his deceased wife's group life insurance
policy. How many days does the insurer have to pay the claim after they receive Ronald's proof
of loss?
30. - ANS-A nonresident license holder in Indiana must notify the Commissioner if they move to
another address or state within how many days?
31 DAYS. - ANS-How much of a grace period must all group life insurance police's delivered or
issued in Indiana include?
31 DAYS. - ANS-Newborns are covered on group health insurance policies from birth. How long
after birth does the insured have to notify the insurer of the child's birth and pay the first
premium?
40 HOURS OF SELF-STUDY OR CLASSROOM INSTRUCTION. - ANS-The prelicensing
education requirements for life and health insurance producers in Indiana include...
6 MONTHS. - ANS-A Medicare supplement insurer cannot deny claims for losses occurring
more than how long after the effective date of coverage because of a preexisting condition?
8% PER YEAR. - ANS-In Indiana, all life insurance policies must contain a provision limiting the
interest rate on policy loans to a maximum of...
90 DAYS. - ANS-With a medical expense policy, proof of loss generally must be furnished to the
insurer within how many days after the date of such loss?
A FINE, IMPRISONMENT OF UP TO 10 YEARS, OR BOTH. - ANS-It's illegal for an insurer or
producer to make a false material statement or report, with the intent to deceive and influence
the actions of an insurance regulatory official or agency. The insurer could face a federal penalty
of...
A LIMITED LINES PRODUCER. - ANS-A producer qualified to sell flight, industrial, crop, and
title insurance is called...
