2024 INDIANA LAWS AND RULES
EXAM WITH CORRECT ANSWERS
Which of the following is a standard provision of the conversion privileges in
a group life policy?
-group life coverage can only be converted if the employer pays for the
individual policy
-Group life coverage can normally be converted to an individual policy within
six months
-Group live coverage can Only be converted by providing evidence of
insurability
-Group life coverage can be converted to an individual policy at regular rates
on an attained age basis - CORRECT ANSWERS--Group life coverage can be
converted to an individual policy at regular rates on an attained-age basis
A life policy loan in Indiana cannot charge a fixed rate of interest higher than
- CORRECT ANSWERS-8%
All long-term care policies must include a free-look period of at least -
CORRECT ANSWERS-30 days
A life insurance policy can be backdated before the application date for up
to: - CORRECT ANSWERS-6 months
A domestic insurance company in Indiana must: - CORRECT ANSWERS-Be
organized under Indiana insurance laws
In the event of employment termination, a person covered by a group policy
also has the right to convert such coverage to an individual policy within ____
days without proving insurability. - CORRECT ANSWERS-31 days
The _____ Must provide an insured with proper disclosure concerning the
replacement of a life insurance policy. - CORRECT ANSWERS-producer
An example of false advertising would be: - CORRECT ANSWERS-An insurer
exaggerating its dividends in a magazine advertisement
, When an existing life insurance policy is terminated so that a new life
insurance policy can you purchase, the transaction is referred to as: -
CORRECT ANSWERS-Replacement
A business entity acting as an insurance producer must: - CORRECT
ANSWERS-designate at least one licensed producer to be responsible for the
entity's compliance with the insurance laws and rules
Which of the following groups may not be insured by a group life insurance
policy? - CORRECT ANSWERS-Individuals who are related by blood
At what point make a producer sell insurance for an insurer? - CORRECT
ANSWERS-After being properly appointed by the insurer.
To continue health coverage for a newborn, the policy owner must notify the
insurer of birth and provide the first premium payment within ___ days of
birth - CORRECT ANSWERS-31
A producer must notify the commissioner within ____ days of a felony
conviction. - CORRECT ANSWERS-30 days
What is the minimum grace period for an individual health policy that is paid
monthly? - CORRECT ANSWERS-10 days
If an existing accident and health policy is being replaced with a new policy,,
the decision to replace should not be based on: - CORRECT ANSWERS-
commissions to be paid
When a life insurance application is completed, a policy summary must be
given to the applicant. The policy summary MUST include - CORRECT
ANSWERS-The premium cost for basic coverage applied for.
According to Indiana law, group life insurance conversion privileges must
NOT: - CORRECT ANSWERS-require evidence of insurability
Existing life insurance policy has been replaced by a new one. I notice of
replacement must be provided by the _______ to be signed by the applicant. -
CORRECT ANSWERS-Producer
What is Indiana's definition of life insurance replacement? - CORRECT
ANSWERS-A transaction in which a new policy as bought an old policy is
terminated
EXAM WITH CORRECT ANSWERS
Which of the following is a standard provision of the conversion privileges in
a group life policy?
-group life coverage can only be converted if the employer pays for the
individual policy
-Group life coverage can normally be converted to an individual policy within
six months
-Group live coverage can Only be converted by providing evidence of
insurability
-Group life coverage can be converted to an individual policy at regular rates
on an attained age basis - CORRECT ANSWERS--Group life coverage can be
converted to an individual policy at regular rates on an attained-age basis
A life policy loan in Indiana cannot charge a fixed rate of interest higher than
- CORRECT ANSWERS-8%
All long-term care policies must include a free-look period of at least -
CORRECT ANSWERS-30 days
A life insurance policy can be backdated before the application date for up
to: - CORRECT ANSWERS-6 months
A domestic insurance company in Indiana must: - CORRECT ANSWERS-Be
organized under Indiana insurance laws
In the event of employment termination, a person covered by a group policy
also has the right to convert such coverage to an individual policy within ____
days without proving insurability. - CORRECT ANSWERS-31 days
The _____ Must provide an insured with proper disclosure concerning the
replacement of a life insurance policy. - CORRECT ANSWERS-producer
An example of false advertising would be: - CORRECT ANSWERS-An insurer
exaggerating its dividends in a magazine advertisement
, When an existing life insurance policy is terminated so that a new life
insurance policy can you purchase, the transaction is referred to as: -
CORRECT ANSWERS-Replacement
A business entity acting as an insurance producer must: - CORRECT
ANSWERS-designate at least one licensed producer to be responsible for the
entity's compliance with the insurance laws and rules
Which of the following groups may not be insured by a group life insurance
policy? - CORRECT ANSWERS-Individuals who are related by blood
At what point make a producer sell insurance for an insurer? - CORRECT
ANSWERS-After being properly appointed by the insurer.
To continue health coverage for a newborn, the policy owner must notify the
insurer of birth and provide the first premium payment within ___ days of
birth - CORRECT ANSWERS-31
A producer must notify the commissioner within ____ days of a felony
conviction. - CORRECT ANSWERS-30 days
What is the minimum grace period for an individual health policy that is paid
monthly? - CORRECT ANSWERS-10 days
If an existing accident and health policy is being replaced with a new policy,,
the decision to replace should not be based on: - CORRECT ANSWERS-
commissions to be paid
When a life insurance application is completed, a policy summary must be
given to the applicant. The policy summary MUST include - CORRECT
ANSWERS-The premium cost for basic coverage applied for.
According to Indiana law, group life insurance conversion privileges must
NOT: - CORRECT ANSWERS-require evidence of insurability
Existing life insurance policy has been replaced by a new one. I notice of
replacement must be provided by the _______ to be signed by the applicant. -
CORRECT ANSWERS-Producer
What is Indiana's definition of life insurance replacement? - CORRECT
ANSWERS-A transaction in which a new policy as bought an old policy is
terminated
