Connecticut Life Insurance Exam Questions and Answers Already Passed

Connecticut Life Insurance Exam Questions and Answers Already Passed What is the purpose of the Connecticut Life and Health Insurance Guaranty Association? Protects policyowners against insolvent insurance companies 3 MULTIPLE CHOICE OPTIONS If an employer decides to cancel a group life insurance plan, it must give at least --- days notice to the employees prior to the date of cancellation or discontinuation. 15 3 MULTIPLE CHOICE OPTIONS Rebating is an illegal practice in Connecticut 3 MULTIPLE CHOICE OPTIONS G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive income? 10 years 3 MULTIPLE CHOICE OPTIONS Which provision prevents an insurer from changing the terms of the contract with the policyowner by referring to documents not found within the policy itself? Entire Contract provision 3 MULTIPLE CHOICE OPTIONS A statement made by an insured in an insurance application that must be true to the best of one's knowledge and which becomes a part of the contract is known as a representation 3 MULTIPLE CHOICE OPTIONS An underwriter determines that an applicant's risk should be recategorized due to a health issue. This policy may be issued with a(n) extra premium 3 MULTIPLE CHOICE OPTIONS Which of these is an element of a Variable Life policy? A fixed, level premium 3 MULTIPLE CHOICE OPTIONS All of these Settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death EXCEPT Interest only 3 MULTIPLE CHOICE OPTIONS Which type of life insurance beneficiary requires his/her consent when a change of beneficiary is attempted by the policyowner? Irrevocable beneficiary 3 MULTIPLE CHOICE OPTIONS Which of these terms accurately defines an underwriter's assessment of information on a life insurance application? Risk classification 3 MULTIPLE CHOICE OPTIONS S, age 40, is looking to buy a Life Insurance policy that will allow for increases or decreases in coverage as his needs change. The policy best suited for S would be Universal Life 3 MULTIPLE CHOICE OPTIONS An example of rebating would be returning a portion of a premium as inducement to purchase insurance 3 MULTIPLE CHOICE OPTIONS How are policyowner dividends treated in regards to income tax? Interest on accumulations is taxed 3 MULTIPLE CHOICE OPTIONS D owns a Whole Life policy that was purchased 10 years ago. If the premium payments suddenly stop and D takes no additional action, which Nonforfeiture Option will the insurer likely proceed with? Extended term 3 MULTIPLE CHOICE OPTIONS B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of additional whole life coverage at specified times 3 MULTIPLE CHOICE OPTIONS What is the underlying concept regarding level premiums? The early years are charged more than what is needed 3 MULTIPLE CHOICE OPTIONS P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to a disability? P will still receive declared dividends 3 MULTIPLE