Illinois Life Insurance Practice Exam fully
solved & updated
A producer is circulating incorrect information about the benefits of a policy. This
producer may be found guilty of
misrepresentation
How often must an insurance producer's license be renewed?
every two years
Which of the following is NOT considered rebating?
sharing commissions with other licensed and appointed producers
The free-look period for life insurance policies issued in Illinois is ______ days.
10
A(n) ______________ lines producer may sell Travel Accident insurance in
Illinois.
limited
Q the producer has recently replaced one insurance policy with another. In
Illinois, replacement is
regulated and requires full disclosure
How is the Illinois Life and Health Insurance Guaranty Associated funded?
from member companies
Within how many days must a license notify the Director of a change in address?
30
All of these MUST be included on an insurance producer's license EXCEPT
appointing insurance company
Which of these contracts are affected by replacement regulations?
ordinary life insurance
, During the course of an insurance transaction, if a producer makes a false or
incomplete statement he/she could be found guilty of
misrepresentation
All of these statements concerning a license's responsibility for premiums
received are true EXCEPT
the license must hold them in a separate account before transmitting them to the
insurance company
A policyowner decides to cancel an insurance policy within 90 days of the issue
date. As a result of this cancellation, the producer is REQUIRED to refund a
prorated portion of any fee charged within ____ days of receiving the cancellation
notice.
30
An accelerated (living) benefit is payable based upon the occurrence of a
qualifying event. This qualifying event is certified by a(n)
physician
Which licensee faces possible license revocation by the Director?
licensee who commingles monies belonging to policy holders with personal
funds
____________ could have claim to viatical settlement proceeds.
creditors
An example of unfair discrimination would be
offering different terms of coverage for different policyowners having the same
risk classification
Which of these actions by a licensee would NOT likely result in license
suspension or revocation?
sharing a commission with another similarly-licensed agent
The Director is NOT permitted to
set insurance rates within the State
Which of these actions fall under Illinois' definition of rebating?
discounting insurance premium by the producer
Illinois insurance law specifically allows the Director to issue a temporary license
to which of the following individuals?
a surviving spouse of a deceased producer
Who negotiates viatical settlements between a policyowner and a viatical
settlement provider?
viatical settlement broker
solved & updated
A producer is circulating incorrect information about the benefits of a policy. This
producer may be found guilty of
misrepresentation
How often must an insurance producer's license be renewed?
every two years
Which of the following is NOT considered rebating?
sharing commissions with other licensed and appointed producers
The free-look period for life insurance policies issued in Illinois is ______ days.
10
A(n) ______________ lines producer may sell Travel Accident insurance in
Illinois.
limited
Q the producer has recently replaced one insurance policy with another. In
Illinois, replacement is
regulated and requires full disclosure
How is the Illinois Life and Health Insurance Guaranty Associated funded?
from member companies
Within how many days must a license notify the Director of a change in address?
30
All of these MUST be included on an insurance producer's license EXCEPT
appointing insurance company
Which of these contracts are affected by replacement regulations?
ordinary life insurance
, During the course of an insurance transaction, if a producer makes a false or
incomplete statement he/she could be found guilty of
misrepresentation
All of these statements concerning a license's responsibility for premiums
received are true EXCEPT
the license must hold them in a separate account before transmitting them to the
insurance company
A policyowner decides to cancel an insurance policy within 90 days of the issue
date. As a result of this cancellation, the producer is REQUIRED to refund a
prorated portion of any fee charged within ____ days of receiving the cancellation
notice.
30
An accelerated (living) benefit is payable based upon the occurrence of a
qualifying event. This qualifying event is certified by a(n)
physician
Which licensee faces possible license revocation by the Director?
licensee who commingles monies belonging to policy holders with personal
funds
____________ could have claim to viatical settlement proceeds.
creditors
An example of unfair discrimination would be
offering different terms of coverage for different policyowners having the same
risk classification
Which of these actions by a licensee would NOT likely result in license
suspension or revocation?
sharing a commission with another similarly-licensed agent
The Director is NOT permitted to
set insurance rates within the State
Which of these actions fall under Illinois' definition of rebating?
discounting insurance premium by the producer
Illinois insurance law specifically allows the Director to issue a temporary license
to which of the following individuals?
a surviving spouse of a deceased producer
Who negotiates viatical settlements between a policyowner and a viatical
settlement provider?
viatical settlement broker
