Study Questions for Vermont with correct answers

When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice? Answer Producer In a disability buy-sell agreement, the policies funding the agreement are owned by the Answer business entity The guarantee of insurability option provides a long-term care policy owner the ability to Answer buy additional coverage at a later date The Commissioner may suspend a producer's license when the producer Answer Rebates a portion of the commission to the insured ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a key employee. Which of the following statements is true? Answer Benefits are received tax-free by the company Which of these is NOT considered to be a cost connected with an individual's death? Answer Business expenses Which of the following is NOT a reason for a business to buy key person life insurance? Answer An increased pension liability if the key employee dies Mary is an employee who is covered with a disability income policy through her employer. She pays for the portion of the