Connecticut Life and Health Insurance Exam Latest Update Graded A

Connecticut Life and Health Insurance Exam Latest Update Graded A 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 Whatever amount is withdrawn from an accelerated benefit will be deducted from the face amount when death occurs.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. A source of supplemental income for a life insurance policyowner can be derived from the Cash value. Cash value may be used as a source to supplement a policyowner's income. Purchasing insurance is an example of risk Transference. Purchasing insurance is an example of risk transference. Which statement best describes a single premium whole life policy? Paid-up policy that offers lifetime protection. A single premium whole life policy provides protection for life as a paid-up policy. Which of the following situations would allow funds to be deposited into a rollover IRA? An employee quits her job and receives $50,000 from her qualified plan. Medical costs in birthing centers are lowered by using Certified nurse midwives. Birthing centers reduce medical costs through the use of certified nurse midwives. What is a a "functional assessment" for long-term care benefits? A review of the insured's ability to perform the activities of daily living. A "functional assessment" determines the insured's ability to perform the activities of daily living (ADLs) John bought a deferred annuity on Mary. John amends the contract years later to name Tom as the recipient of the proceeds if Mary dies. Who is the annuitant for this contract? Mary. In this situation, Mary is the annuitant because that is where the proceeds of the annuity will be directed. When does the producer give a premium receipt for a life insurance application? "When the initial premium has been paid with the application". A premium receipt is given to an applicant when the initial premium is paid with the application . Which statement is true regarding hospital preadmission certification for emergency situations? Notification is required to be given after insured is admitted to the hospital. Hospital preadmission certification typically requires notification to be given after the patient is admitted to the hospital for an emergency situation. For nonemergency situations, notification is to be given BEFORE admission. When using the approach for life insurance planning, a lump sum may be created to provide for all of the following EXCEPT "Employee benefits". The needs approach to personal life insurance planning may involve creating a lump sum