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Chapter Exam - Indiana Laws and Rules (3). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Chapter Exam - Indiana Laws and Rules (3). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Chapter Exam - Indiana Laws and Rules (3). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter exam indiana laws and rules 3

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  • Chemistry 141
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Chapter Exam - Indiana Laws and Rules
Life insurance coverage will frequently contain an Accelerated Benefits rider attached to the
policy. What would be considered a "qualifying event" under these riders?

A. seasonal unemployment
B. Short-term disability
C. Medical condition resulting in a significantly shortened lifespan
D. Divorce - ANS-C

When a life insurance application is completed, a Policy Summary must be given to the
applicant. The Policy Summary MUST include.

A. the insurers's AM Best rating
B. the producer's address
C. cash value rate
D. the premium cost for basic coverage applied for - ANS-D

Which of the following is an example of false advertising?

A. an insurer advertising in an insurance trade journal
B. An insurance company publishing misleading information about its policy's provisions
C. A producer spending more than $25 on marketing gifts for a client
D. Paid testimonials from celebrity endorsements. - ANS-B

An insurer that terminated a producer's appointment must notify the commissioner within __
days of the date of termination

A. 10
B. 20
C. 30
D. 40 - ANS-C

What is Indiana's definition of Life insurance replacement?

A. a transaction in which coverage on an existing policy is increased
B. a transaction in which group life coverage is converted to an individual policy
C. a transaction in which a new policy is bought and an old policy is terminated
D. a transaction in which a policy owner reinstates a lapsed policy - ANS-C

When an existing Life insurance policy is terminated so that a new life insurance policy can be
purchased, this transaction is referred to as:

, A. twisting
B. replacement
C. coercion
D. rebating - ANS-B

In Indiana, the MAXIMUM fine that the Commissioner can impose on a producer or company
who violated a cease and desist order is _____ per violation

A. $10,000
B. $15,000
C. $20,000
D. $25,000 - ANS-D

Why would the Insurance Commissioner issue a temporary license?

A. to allow a person who failed the state exam to conduct insurance business
B. to allow a nonresident producer to conduct business in in Indiana
C. to allow the personal representative of a deceased producer to provide service to existing
policyowners
D. to allow a producer to sell for an unauthorized insurer - ANS-C

Insurance companies that are organized in countries the United States are referred to as:

A. domestic
B. alien
C. international
D. foreign - ANS-B

An Indiana resident insurance producer must perform which of the following actions to continue
with their license

A. retake the state examination
B. complete a pre-licensing course
C. meet continuing education requirements
D. maintain a sales quota - ANS-C

An individual covered under a Group Life Insurance policy is considered to be an:

A. annuitant
B. policyowner
C. certificate holder
D. contingent - ANS-C

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