Connecticut Life and Health Insurance Exam | 150 Questions with 100% Correct Answers | Verified | Latest Update 2024

A producer has indicated to a potential client that the proposed life insurance is covered by the Connecticut Life and Health Insurance Guaranty Association. This action taken by the producer is - "Prohibited by law". Pointing out to a prospective client that the life insurance policy you are presenting is covered by the Connecticut Life and Health Guaranty Association is prohibited by law. Which of the following does NOT involve a life settlement transaction? - Converting term life coverage to whole life insurance. the business of life settlements includes all of these except "Converting term life coverage to whole life insurance. Life settlement brokers are NOT allowed to - Complete transactions prior to being approved for a license. Life settlement brokers need to be licensed before conducting any life settlement transactions. the exception to this would be certain eligible financial professionals. A producer must complete____credit hours of continuing education for each licensing period. - 24 hours. All insurance agents must successfully complete 24 credit hours of continuing education every 2 years, prior to license renewal. Three of those hours must be in ethics. A life insurance policy provision that has the ability to reduce the death benefit is called the - Accelerated (living) benefit. Whatever amount is withdrawn from an accelerated benefit will be deducted from the face amount when death occurs. An officer for a corporation takes out numerous unsecured loans from the company's qualified retirement plan. Which of these rules is the plan in violation of? - Exclusive benefit rule. The assets held in a company's qualified retirement plan must be maintained for the exclusive benefit of the employees and their beneficiaries