CT Life Insurance Exam Questions And Answers

CT Life Insurance Exam Questions And Answers Which of these is NOT a nonforfeiture provision contained in a life insurance policy - ANS-Automatic Premium Loan Which of the following triggers an accelerated (living) benefit? - ANS-Qualifying event What is the purpose of the Insurance Guaranty Association? - ANS-Pays authorized claims for liquidated life and health insurers In a life settlement, how much does the policyowner receive for a life insurance policy? - ANS-Amount less than the death benefit Q is the insured for $25,000 life insurance policy. Q dies October 15. Q's beneficiary receives for $25,108 on December 15. Why did Q's beneficiary receive an amount higher than the policy amount? - ANS-An insurer must pay interest on proceeds held beginning on the date of the death Which of these individuals is eligible for a temporary producers license? - ANS-The spouse of a disabled partner Which of these would be a valid reason for the Insurance Commissioner to hold a hearing? - ANS-To determine if a producer has engaged in improperity Which of these actions is the Commissioner of Insurance empowered to do? - ANS-Administer insurance licensing exams Producers licensed in CT must notify the Insurance Dept. within___ days of any change of name or address? - ANS-30 days The _____ is responsible for reporting to the Commissioner any name or address change of the licensee. - ANS-Licensee Which of these is a legitimate form of life insurance advertisement? - ANS-Paid celebrity endorsement According to CT's rules on disclosure, a life insurance applicant is expected to be provided with - ANS-a Buyer's Guide and Policy Summary A temporary producer license is valid for a max of ___ days - ANS-180 days T purchased a life insurance policy. T is entitled to review the policy and return it for a full refund - ANSwithin 10 days after delivery of policy Rebating is - ANS-an illegal practice in CT Which of the following is NOT a valid reason for an insurer to contest a life insurance policy during the policy's first 2 years of existence? - ANS-Misstatement of age An ___ insurer operates in the US but is headquartered outside the US -