Insurance Law
A consultant sells - ANS-insurance advice for a fee
A limited lines producer is a person authorized by the Commissioner to sell, solicit, or negotiate
limited lines insurance, such as - ANS-credit life and health, title insurance, flight insurance,
pre-need life insurance for
a funeral home, and crop hail insurance.
A married person has insurable interest - ANS-in the life of his or her spouse
A Notice Regarding Replacement - ANS-must be signed by both applicant and Producer
A temporary license is valid for a maximum of - ANS-180 days
Accelerated Benefit - ANS-Allows someone that a physician certifies as terminally ill to access
the death benefit.
Admitted insurer: also called an authorized insurance company - ANS-An insurance company
that has qualified and received a Certificate of Authority from
the Insurance Department to sell insurance in this state.
Advertising (Rule 13) states that - ANS-life insurance advertising prohibits life insurance policies
from being referred to as
investment plans.
Alien insurance company: - ANS-A company that is chartered and organized in any country
other than the United States.
All overdue premium with interest paid must be provided for a lapsed policy, - ANS-as well as
satisfactory proof of insurability
Amount of Accelerated Benefit received - ANS-will be tax free
An admitted company shall be examined - ANS-once every 5 years
Buyer's guide - ANS-enables applicants to compare different life insurance policies and help
them choose
which policy is best for their needs.
Commissioner - ANS-is appointed and serves at the pleasure of the Governor of Indiana
and enforces the insurance laws of this state.
Commissioner will verify within - ANS-30 days if a Producer is eligible for appointment
Controlled Business is limited to - ANS-25% of the Producer's commissions income in a 12
month period
Defamation - ANS-It is an illegal practice to make any public statement or advertisement that
contains false information or unsubstantiated criticisms about an insurance company.
Domestic insurance company: - ANS-A company that resides and is incorporated under the
laws of the state
in which its home office is located.
Eligible groups for Life insurance=A trust or trustees of a fund established by - ANS-at least 2
employers or at least 1 labor union or similar employee organization
Employer must disclose that it may keep the policy in force after the employee retires - ANS-and
during the period he/she receives employer-sponsored retirement benefits
A consultant sells - ANS-insurance advice for a fee
A limited lines producer is a person authorized by the Commissioner to sell, solicit, or negotiate
limited lines insurance, such as - ANS-credit life and health, title insurance, flight insurance,
pre-need life insurance for
a funeral home, and crop hail insurance.
A married person has insurable interest - ANS-in the life of his or her spouse
A Notice Regarding Replacement - ANS-must be signed by both applicant and Producer
A temporary license is valid for a maximum of - ANS-180 days
Accelerated Benefit - ANS-Allows someone that a physician certifies as terminally ill to access
the death benefit.
Admitted insurer: also called an authorized insurance company - ANS-An insurance company
that has qualified and received a Certificate of Authority from
the Insurance Department to sell insurance in this state.
Advertising (Rule 13) states that - ANS-life insurance advertising prohibits life insurance policies
from being referred to as
investment plans.
Alien insurance company: - ANS-A company that is chartered and organized in any country
other than the United States.
All overdue premium with interest paid must be provided for a lapsed policy, - ANS-as well as
satisfactory proof of insurability
Amount of Accelerated Benefit received - ANS-will be tax free
An admitted company shall be examined - ANS-once every 5 years
Buyer's guide - ANS-enables applicants to compare different life insurance policies and help
them choose
which policy is best for their needs.
Commissioner - ANS-is appointed and serves at the pleasure of the Governor of Indiana
and enforces the insurance laws of this state.
Commissioner will verify within - ANS-30 days if a Producer is eligible for appointment
Controlled Business is limited to - ANS-25% of the Producer's commissions income in a 12
month period
Defamation - ANS-It is an illegal practice to make any public statement or advertisement that
contains false information or unsubstantiated criticisms about an insurance company.
Domestic insurance company: - ANS-A company that resides and is incorporated under the
laws of the state
in which its home office is located.
Eligible groups for Life insurance=A trust or trustees of a fund established by - ANS-at least 2
employers or at least 1 labor union or similar employee organization
Employer must disclose that it may keep the policy in force after the employee retires - ANS-and
during the period he/she receives employer-sponsored retirement benefits
