CT LIFE INSURANCE EXAM QUESTIONS & ANSWERS
Which of these is NOT a nonforfeiture provision contained in a life insurance policy -
Answers - Automatic Premium Loan
Which of the following triggers an accelerated (living) benefit? - Answers - Qualifying
event
What is the purpose of the Insurance Guaranty Association? - Answers - Pays
authorized claims for liquidated life and health insurers
In a life settlement, how much does the policyowner receive for a life insurance policy? -
Answers - 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? - Answers - 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? - Answers -
The spouse of a disabled partner
Which of these would be a valid reason for the Insurance Commissioner to hold a
hearing? - Answers - To determine if a producer has engaged in improperity
Which of these actions is the Commissioner of Insurance empowered to do? - Answers
- Administer insurance licensing exams
Producers licensed in CT must notify the Insurance Dept. within___ days of any change
of name or address? - Answers - 30 days
The _____ is responsible for reporting to the Commissioner any name or address
change of the licensee. - Answers - Licensee
Which of these is a legitimate form of life insurance advertisement? - Answers - Paid
celebrity endorsement
According to CT's rules on disclosure, a life insurance applicant is expected to be
provided with - Answers - a Buyer's Guide and Policy Summary
A temporary producer license is valid for a max of ___ days - Answers - 180 days
T purchased a life insurance policy. T is entitled to review the policy and return it for a
full refund - Answers - within 10 days after delivery of policy
Rebating is - Answers - 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? - Answers - Misstatement of age
An ___ insurer operates in the US but is headquartered outside the US - Answers -
alien
Controlled business can be best described as - Answers - Insurance business written
by a producer on his/her family member
ABC insurance company submits a financial condition statement to the Commissioner
requesting to conduct business in CT. The Commissioner approves the statement and
then issues an - Answers - certificate of authority
The Insurance Commissioner may issue an ___ to assure compliance with an insurance
law - Answers - order
Which of the following actions may result in a producer's license being suspended by
the Commissioner? - Answers - Rebating part of the commission tot he applicant
What is CT's definition of Life Insurance replacement? - Answers - A transaction in
which a new policy is bought and an old policy is terminated
An unapproved insurer in CT is considered to be - Answers - nonadmitted
An _____ agent is a producer who writes and places coverage for a specific insurance
company. - Answers - appointed
At what point must insurable interest exist on a life insurance policy? - Answers - Upon
application being taken
A mutual insurance company - Answers - has no shareholders
A producer has influenced an existing policyowner to convert an existing whole life
policyto Reduced Paid-up insurance. The producer then sells the policyowner a new
universal life policy. This transaction is called an - Answers - repIacement
Reinsurance is - Answers - used by insurance companies to share risks
An _____ is a licensee who charges a fee for contracted insurance advisory services -
Answers - consultant
A hearing must be held before a producer's license can be suspended or revoked. Prior
to the hearing, the Commissioner is required to - Answers - give written notice to the
producer
Which of these is NOT a nonforfeiture provision contained in a life insurance policy -
Answers - Automatic Premium Loan
Which of the following triggers an accelerated (living) benefit? - Answers - Qualifying
event
What is the purpose of the Insurance Guaranty Association? - Answers - Pays
authorized claims for liquidated life and health insurers
In a life settlement, how much does the policyowner receive for a life insurance policy? -
Answers - 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? - Answers - 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? - Answers -
The spouse of a disabled partner
Which of these would be a valid reason for the Insurance Commissioner to hold a
hearing? - Answers - To determine if a producer has engaged in improperity
Which of these actions is the Commissioner of Insurance empowered to do? - Answers
- Administer insurance licensing exams
Producers licensed in CT must notify the Insurance Dept. within___ days of any change
of name or address? - Answers - 30 days
The _____ is responsible for reporting to the Commissioner any name or address
change of the licensee. - Answers - Licensee
Which of these is a legitimate form of life insurance advertisement? - Answers - Paid
celebrity endorsement
According to CT's rules on disclosure, a life insurance applicant is expected to be
provided with - Answers - a Buyer's Guide and Policy Summary
A temporary producer license is valid for a max of ___ days - Answers - 180 days
T purchased a life insurance policy. T is entitled to review the policy and return it for a
full refund - Answers - within 10 days after delivery of policy
Rebating is - Answers - 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? - Answers - Misstatement of age
An ___ insurer operates in the US but is headquartered outside the US - Answers -
alien
Controlled business can be best described as - Answers - Insurance business written
by a producer on his/her family member
ABC insurance company submits a financial condition statement to the Commissioner
requesting to conduct business in CT. The Commissioner approves the statement and
then issues an - Answers - certificate of authority
The Insurance Commissioner may issue an ___ to assure compliance with an insurance
law - Answers - order
Which of the following actions may result in a producer's license being suspended by
the Commissioner? - Answers - Rebating part of the commission tot he applicant
What is CT's definition of Life Insurance replacement? - Answers - A transaction in
which a new policy is bought and an old policy is terminated
An unapproved insurer in CT is considered to be - Answers - nonadmitted
An _____ agent is a producer who writes and places coverage for a specific insurance
company. - Answers - appointed
At what point must insurable interest exist on a life insurance policy? - Answers - Upon
application being taken
A mutual insurance company - Answers - has no shareholders
A producer has influenced an existing policyowner to convert an existing whole life
policyto Reduced Paid-up insurance. The producer then sells the policyowner a new
universal life policy. This transaction is called an - Answers - repIacement
Reinsurance is - Answers - used by insurance companies to share risks
An _____ is a licensee who charges a fee for contracted insurance advisory services -
Answers - consultant
A hearing must be held before a producer's license can be suspended or revoked. Prior
to the hearing, the Commissioner is required to - Answers - give written notice to the
producer
