Chapter 11 crash course Questions &
Answers 100% Pass
How many days is a temporary producer's license valid? - ANSWERS180
Which of the following triggers an accelerated (living) benefit? - ANSWERSQualifying
the event
A temporary insurance license is valid for up to ________ days. - ANSWERS90 days
Defamation occurs when a producer makes a false statement intended to -
ANSWERSmalign another insurer
Which licensee faces possible license revocation by the Director? - ANSWERSLicensee
who commingles monies belonging to policyholders with personal funds
Producers must keep record of service fees charged or received for a period of
_________ year(s). - ANSWERSSeven
Before applying for an Illinois resident producer license, and applicant must -
ANSWERSComplete a pre-licensing course
Which of these actions by a licensee would not likely result in a license suspension or
revocation? - ANSWERSSharing commission with another similarly-licensed agent
Illinois insurance law specifically allows the Director to issue a temporary license to
which of the following individuals? - ANSWERSA surviving spouse of a deceased
producer
An individual received a quote from an insurance company that is a different rate from
individuals in the same risk class. The insurance company may be accused of -
ANSWERSUnfair discrimination
Which of the following types of insurance may a limited lines producer sell? -
ANSWERSIndustrial life
In the event of a replacement, what must be given to the insurance applicant at the time
of the application - ANSWERSNotice regarding replacement
An example of rebating would be - ANSWERSreturning a portion of a premium as
inducement to purchase insurance
, The Director of insurance is authorized to - ANSWERSmake reasonable insurance rules
and regulations
An example of an unfair claims practice would be - ANSWERSfailing to effectuate
prompt, fair, and equitable settlements of a claim
Which unfair trade practice involves making false statements about the financial
condition of another insurance company? - ANSWERSdefamation
Which of these actions does not constitute life insurance policy replacement? -
ANSWERSConvert term coverage to a whole life policy
Which of these accounts are producer license fees deposited into? -
ANSWERSInsurance producer administrative fund
____________ Could have claimed to viatical settlement proceeds. -
ANSWERSCreditors
A producer has influenced an existing policy owner to convert an existing whole life
policy to reduced paid up insurance. The producer then sells the policy owner a new
universal life policy. This transaction is called - ANSWERSreplacement
Which of the following is a requirement to attain a non-resident producer license? -
ANSWERSB license as a producer in the producers state of domicile
What must be signed by both the producer and applicant when an existing life insurance
policy is being re-issued with a reduction in cash value? - ANSWERSNotice regarding
replacement
J is a producer who has induced an insured through misrepresentation to surrender an
existing insurance policy. What is J guilty of? - ANSWERStwisting
An example of an unfair claims settlement practice is - ANSWERSturning down a claim
without providing the basis of denial
The free-look period for life insurance policies issued in Illinois is _______ days -
ANSWERS10 days
The guaranty fund - ANSWERSEnsures that claims filed against insolvent insurance
companies will be paid
Which of the following is not considered rebating? - ANSWERSSharing commission
with an agent licensed in the same line of business
Q the producer gave his client a rebate as an enticement to purchase insurance. Q may
be found guilty of a - ANSWERSClass B Misdemeanor
Answers 100% Pass
How many days is a temporary producer's license valid? - ANSWERS180
Which of the following triggers an accelerated (living) benefit? - ANSWERSQualifying
the event
A temporary insurance license is valid for up to ________ days. - ANSWERS90 days
Defamation occurs when a producer makes a false statement intended to -
ANSWERSmalign another insurer
Which licensee faces possible license revocation by the Director? - ANSWERSLicensee
who commingles monies belonging to policyholders with personal funds
Producers must keep record of service fees charged or received for a period of
_________ year(s). - ANSWERSSeven
Before applying for an Illinois resident producer license, and applicant must -
ANSWERSComplete a pre-licensing course
Which of these actions by a licensee would not likely result in a license suspension or
revocation? - ANSWERSSharing commission with another similarly-licensed agent
Illinois insurance law specifically allows the Director to issue a temporary license to
which of the following individuals? - ANSWERSA surviving spouse of a deceased
producer
An individual received a quote from an insurance company that is a different rate from
individuals in the same risk class. The insurance company may be accused of -
ANSWERSUnfair discrimination
Which of the following types of insurance may a limited lines producer sell? -
ANSWERSIndustrial life
In the event of a replacement, what must be given to the insurance applicant at the time
of the application - ANSWERSNotice regarding replacement
An example of rebating would be - ANSWERSreturning a portion of a premium as
inducement to purchase insurance
, The Director of insurance is authorized to - ANSWERSmake reasonable insurance rules
and regulations
An example of an unfair claims practice would be - ANSWERSfailing to effectuate
prompt, fair, and equitable settlements of a claim
Which unfair trade practice involves making false statements about the financial
condition of another insurance company? - ANSWERSdefamation
Which of these actions does not constitute life insurance policy replacement? -
ANSWERSConvert term coverage to a whole life policy
Which of these accounts are producer license fees deposited into? -
ANSWERSInsurance producer administrative fund
____________ Could have claimed to viatical settlement proceeds. -
ANSWERSCreditors
A producer has influenced an existing policy owner to convert an existing whole life
policy to reduced paid up insurance. The producer then sells the policy owner a new
universal life policy. This transaction is called - ANSWERSreplacement
Which of the following is a requirement to attain a non-resident producer license? -
ANSWERSB license as a producer in the producers state of domicile
What must be signed by both the producer and applicant when an existing life insurance
policy is being re-issued with a reduction in cash value? - ANSWERSNotice regarding
replacement
J is a producer who has induced an insured through misrepresentation to surrender an
existing insurance policy. What is J guilty of? - ANSWERStwisting
An example of an unfair claims settlement practice is - ANSWERSturning down a claim
without providing the basis of denial
The free-look period for life insurance policies issued in Illinois is _______ days -
ANSWERS10 days
The guaranty fund - ANSWERSEnsures that claims filed against insolvent insurance
companies will be paid
Which of the following is not considered rebating? - ANSWERSSharing commission
with an agent licensed in the same line of business
Q the producer gave his client a rebate as an enticement to purchase insurance. Q may
be found guilty of a - ANSWERSClass B Misdemeanor
