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CH 11 VA State Life and Health Insurance Exam (1).
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CH 11 VA State Life and Health Insurance Exam (1).
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CH 11 VA State Life and Health Insurance ExamB) The insurer
All marketing communications, regardless of their source, are the responsibility of the insurer. -
ANS-The content of a sales presentation written by a company's insurance agent is considered
the responsibility of
A) The agent
B) The insurer
C) The agent's office manager
D) The Commission
D) Company memos
Marketing practice regulations apply to any communication disseminated in the state of Virginia
that is intended to market a company's product. - ANS-Marketing practice regulations apply to
all of the following EXCEPT
A) Television commercials
B) Internet advertisements
C) Radio commercials
D) Company memos
C) Is this investment suitable for the client based on her situation
While it is important for a client to provide the truthfully provide the need information to an agent,
an agent is responsible for making a determination of suitability based on the information
provided by the client. - ANS-Sammie is an agent with an insurer who markets numerous
annuity products. Sammie is hoping to sell a certain product because the commissions are very
lucrative. the client called Sammie an all that Sammie knows is the client has "a lot of money to
invest". Which of the following BEST describes what Sammie should consider in this situation
prior to taking any application from the client?
A) The client's knowledge of how annuity commissions are paid.
B) Is this product going to guarantee the client the result she needs?
C) Is this investment suitable for the client based on her situation
D) Will the client refuse to provide the correct and needed suitability information?
D) Make a file copy of any marketing materials used with the public.
An insurer must maintain a file of any marketing communications that are used with the public
and make it available to regulators for inspection at their request. - ANS-An insurance company
has 30 agents that represent the company in its Northwest region. The agents each have their
own satellite office in which they perform the agent duties. Numerous offices have developed
, marketing campaigns to increase sales. What is the company's duty regarding marketing
communications in this example?
A) Maintain a client file for each of its insured parties
B) Have the agent terminate all marketing campaigns immediately
C) Ask the Commission for a temporary approval for the use of any disapproved ads
D) Make a file copy of any marketing materials used with the public.
A) 5 years
Insurers must maintain a file of any life insurance marketing communications used with the
public, subject to the inspection by the Commission. These materials must be kept for either 5
years or until the filing of the next regular report on the insurer's examination, whichever is
longer. - ANS-How long must an insurer keep the records of marketing communication
pertaining to life insurance for each year?
A) 5 years
B) Until the report on the insurer's examination 2 years from now
C) 7 years
D) Until the Commission inspects that communication
B) The insurer
Insurers are responsible for implementing a supervisory system for agent recommendations.
The system must have written procedures for agents to follow and methods of periodic review
for individual agents. Although insurers are responsible for such a system, they may contract
the supervisory role to a third party. - ANS-Who is responsible for implementing a system that
monitor and supervises agent recommendations regarding annuity suitability?
A) The Insurance Commissioner
B) The insurer
C) The Virginia Insurance Guaranty Association
D) Individual agents
C) Printed brochures that are used with existing clients to explain policy provisions.
Materials sent to existing clients that do not have a new sales focus are not considered
"marketing communication" - ANS-The term "marketing communication" is commonly used to
describe all of the following sales materials EXCEPT
A) Media pieces designed to generate public interest in the company
B) Materials used to recruit and train sales personnel for the insurer.
C) Printed brochures that are used with existing clients to explain policy provisions.
D) Printed advertisement in the Wall Street Journal about a new policy being offered.
C) The client
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