ch 8 Indiana Laws and Rules actual exam with 100% correct answers(latest update)

An applicant for a resident insurance producer's license MUST meet which of the following requirements? complete a prelicensing examination Which of the following is a requirement to be eligible for a group life policy in Indiana? Group must be formed form a purpose other than obtaining insurance During the course of an insurance business transaction, who does the producer legally represent? Insurance company Long-Term Care policies sold in Indiana may exclude coverage for pre-existing conditions for: 6 months How often must an insurance producer's license in Indiana be renewed? every five years An example of false advertising would be An insurer exaggerating its dividends in a magazine advertisement Kathy has a family Health insurance policy where any dependent children she has are removed from the policy once they have reached a certain age. This policy is known as: Limiting age The Affordable Care Act (ACA) provides health coverage to dependents up to age: 26 An example of rebating would be returning a portion of a premium as inducement to purchase insurance Which of the following is NOT a situation that involves life insurance policy replacement? Converting a term policy to a permanent policy with the same insurer In a viatical settlement, how much does the policyowner receive for a life insurance policy? Amount less than the death benefit According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined by Age Which of the following is a standard provision of the conversion privileges in a Group Life policy? Group Life coverage can be converted to an individual policy at regular rates on an attained-age basis A producer must notify the Commissioner within days of a felony conviction. 30 days A business entity acting as an insurance producer MUST: designate at least one licensed producer to be responsible for he entity's compliance with the insurance laws and rules. An example of an unfair claims practice would be denying an insured's claim without indicating the basis of denial A Medicare Supplement policy may be returned for a 100% premium refund within ___ days after policy delivery. 30 days J owns a business and has a Group Life policy covering her employees. J decides to cancel the policy by letting it lapse on the renewal date. What action must be taken? All of the employees must be notified of the cancellation either by the insurance company or through J Which of these correctly describes the purpose of the Indiana Comprehensive Health Insurance Plan? Provides high-risk insurance coverage for people who are uninsurable During a life insurance sales transitions, which of the following forms must be completed by a producer if the customer has existing life insurance coverage that is being replaced? Notice regarding replacement of life insurance or annuity A person insured under a health policy is required to give the insurance company a notice of claim within__ days after a covered loss. 20 days Consumers who purchase Health insurance through a Marketplace/Exchange: do not have their health history taken into account When a life insurance application is completed, a policy summary must be given to the applicant. The policy summary MUST include, The premium cost for basic coverage applied for Life insurance replacement regulation protects the interests of: Life insurance replacement regulation J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Twisting Under the Indiana LTC Partnership Program (LTCP), producers are required to have an additional ___ hours of education after they receive their license in order to sell policies under this program. 15 A(n)_______ of authority permits is an insurance company to transact business in Indiana Certificate Which of the following is NOT a reason for the Commissioner to revoke a producer's license? producer is insolvent Which of these actions does NOT constitute life insurance policy replacement? Convert term coverage to a whole life policy A group life insurance policy can be converted to an individual whole life policy under which circumstance? Employment termination