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Indiana Life & Health Insurance Exam Review 2024 Questions with 100% Correct Answers | Verified | Latest Update

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23 pages

Written in 2023/2024

Grade A+

NurseFerian

Individual disability income policies typical include an elimination period (t/f) - correct answer True A producer's license may be denied, suspended, or revoked if the licensee: - correct answer is found guilty of misrepresentation in obtaining the license Which of the following actions is NOT possible with a Universal Life policy? - correct answer premiums may be applied as a credit against income tax How long is the typical free look period for long term care insurance policies? - c...

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19 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

How many days is a temporary producers license valid? 30 60 90 180 - correct answer 180 In Indiana, the maximum fine the the commissioner can impose on a producer or company who violates a cease and desist order is___per violation? $10,000 $15,000 $20,000 $25,000 - correct answer $25,000 Which of these is an example of twisting? A producer maliciously aligns another insurance company's financial status A producer misrepresents a policy to induce a policyowner to surrende...

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64 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

An individual applies for a life policy. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. The insurer issues the policy and learn of his history one year later. What will probably happen? a) The policy will be voided b) The insurer will sue the insured for committing fraud c) Because the insured is currently not a...

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12 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Participating Insurance Policy - correct answer may pay dividends to the policyowner Material Misrepresentation - correct answer misstatement to a question asked in the application process; death benefit claim will likely be denied Law of Large Numbers - correct answer the larger a group becomes, the easier it is to predict losses; used to predict certain types of losses and set appropriate premiums Substandard Risk - correct answer results in higher premium Standard Risk - correct a...

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10 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Commissioner must examine insurer's every... - correct answer 5 years Commissioner must notify a producer of a hearing on unfair trade practice within... - correct answer 5 days A hearing must be held after written demand within... - correct answer 30 days After an unfair claims complaint, the company must respond within... - correct answer 20 days To demand a hearing after notice of license denial or non-renewal, a producer has... - correct answer 63 days The Commissioner must a...

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5 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Which of the following is NOT a characteristic of a Variable Annuity? A. Premium Payments may be level or flexible or single premium B. The cash values are invested in securities. C. The non-forfeiture values will provide for the return of the cash value should the annuitant die during the accumulation period. D. It provides for a tax-free death benefit. - correct answer D. It provides for a tax-free death benefit. All of the following policies provide for the tax deferred accumulation ...

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54 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Twisting - correct answer A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage. An insured pays $1,200 annually for her life insurance premium. The insured applies this year's $300 worth of accumulated dividends to the next year's' premium, thus reducing it to $900. What option does this describe? - correct answer REDUCTION OF PREMIUM Death due to plane crash for a fare-paying passen...

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9 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value? -Life paid-up at age 70 -20 pay life -increasing Term to age 65 -Straight Line - correct answer 20 Pay Life Which of the following types of policies BEST identifies one in which the cash value may fluctuate to reflect changing assumptions regarding mortality cost, interest, and expense factors? -Universal Life - Endowment L...

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5 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Which of these is NOT considered to be a violation of the Unfair Competition Law in Indiana? monopolize or restrain trade making unsubstantiated criticisms about an insurance company pay insurance commissions to an unlicensed individual paying a finder's fee to an individual who provides a sales lead - correct answer paying a finder's fee to an individual who provides a sales lead A viatical settlement agent, according to the Indiana Department of Insurance, is an individual who f...

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11 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

What kind of insurance offers the policy owner a cash value that is invested in a separate account? - correct answer Variable Whole Life, which has its cash value in the insurer's separate account. A life insurance policy which is characterized by flexible premium payments is called - correct answer Variable Universal Life A life insurance policy that covers multiple insureds and pays the face amount following the death of the last insured is called - correct answer Survivorship life. A s...

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5 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

An underwriter evaluation of information on a life insurance application is also known as : - correct answer risk classification An example of a Limited-Pay Life policy is: - correct answer Life Paid- Up at Age 65 The signed document that starts the free look period is the: - correct answer delivery receipt Under a Guaranteed Renewable provision in a policy issued to a group of person an insurance company may NOT terminate coverage on a group member if the member: - correct answer becom...

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9 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

Which of the following statement about a five-year-old Whole Life policy is CORRECT? - correct answer If a policyowner stops paying premiums, the policyowner may elect a Nonforfeiture option After the expiration of COBRA or state continuation laws, which of the following statements is correct about the employee who quits the job and wants to convert the group accident and health coverage to an individual policy - correct answer The employee does NOT need to provide evidence of insurability ...

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16 pages

Written in 2023/2024

Grade A+

RapidPassAcademy