A business will typically use which type of life insurance to cover their employees?
Group policy
Adjustable life policy
Whole life policy
Endowment policy - CORRECT ANSWER: Group Policy
A Buyer's Guide MUST
display year-by-year cash surrender values
,@ have it's content approved by the Director
include the name of the Director
explain the company's specific underwriting procedures - CORRECT ANSWER: Have
its content approved by the director
A Buyer's Guide MUST
have it's content approved by the Director
include the name of the Director
explain the company's specific underwriting procedures
display year-by-year cash surrender values - CORRECT ANSWER: Have its content
approved by the director
A certificate of authority is issued by the
Department of Insurance
Governor
NAIC
U.S. Attorney General - CORRECT ANSWER: Department of Insurance
A field underwriter's main task is
assign a risk classification to the insured
report medical information to the Medical Information Bureau (MIB)
to ensure an applicant's medical information is accurate and complete
to approve or decline an applicant - CORRECT ANSWER: to ensure an applicant's
medical information is accurate and complete
A field underwriter's main task is
,Assign a risk classification to the insured
Report medical information to the medical information bureau
To ensure an applicants medical information is accurate and complete
To approve or decline an applicant - CORRECT ANSWER: To ensure an applicants
medical information is accurate and complete
A guaranteed issue insurance policy has no
initial premium requirement
Incontestable period
Waiting period
Medical underwriting - CORRECT ANSWER: medical underwriting
A guaranteed issue insurance policy has no
Initial premium requirement
Incontestable period
Waiting period
Medical underwriting - CORRECT ANSWER: medical underwriting
A licensed producer MUST be_____ by an insurer to be eligible for soliciting insurance
contracts.
Admitted
Approved
Authorized
Apppinted - CORRECT ANSWER: Appointed
, A licensee MUST notify the Department of a legal name change
upon the licensee's next license renewal
upon the licensee's next insurance transaction
Upon changing his or her legal name
Notification is not required - CORRECT ANSWER: Upon changing his or her legal name
A life insurance claim which involves a per capita distribution of policy proceeds would
be payable to the
A. Estate of the insured only
B. Estate of the deceased beneficiaries only
C. Named contingent beneficiary only
D. Named living primary beneficiaries - CORRECT ANSWER: Named primary
beneficiaries
A life insurance company has transferred some of its risk to another insurer. The insurer
assuming the
risk is called the
A life insurance policy normally contains a provision that restricts coverage in the event
of death under
all of the following situations EXCEPT
fare paying passenger
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