Xcel Laws and Rules Pertinent to Insurance: Q&A

What must an agent sign when an existing Life Insurance policy is being reissued with a reduction in cash value? Policy Summary Buyer's Guide Affidavit Notice Regarding Replacement of Life Insurance or Annuity ️Ans - Notice Regarding Replacement of Life Insurance or Annuity Which of these circumstances requires an agent to make reasonable efforts to obtain information concerning the suitability of an annuity? Agent helps a client with the purchase of an annuity Agent sets up sales appointment Agent purchases advertisement regarding a new annuity product Agent helps a client with the purchase of an annuity ️Ans - Agent helps a client with the purchase of an annuity Life Insurance coverage will frequently contain an Accelerated Benefits rider attached to the policy. What would be considered a "qualifying event " under these riders? Seasonal unemployment Short-term Disability Medical condition resulting in a significantly- shortened lifespan Divorce ️Ans - Medical condition resulting in a significantly- shortened lifespan J the agent makes false statements to a perspective client about the projected dividends for a policy. J may be found guilty of: Defamation Misrepresentation Subrogation Twisting ️Ans - Misrepresentation Which of the following is the requirement for an individual to perform the duties of an insurance agent?