Illinois state life and health insurance exam
- ANS-Insurers that break rules regulating the advertising of health insurance are
-$300k in life insurance death benefits but not more than $100k in net cash sunder and net cash
withdraws value for life insurance
-$300k in health insurance benefits
-250k in present value annuity benefits
-5M in benefits irrespective of the number of contracts with respect to contract owners or plan
sponsors - ANS-The association liability will not exceed the lesser of the contractual obligation
for which the insurer is liable or would have been liable if it were not impaired or insolvent or
with respect to any one life
-a company may not require a polygraph test as a condition for paying a claim
-reasonable promptness in settling a claim is defined as a maximum of 15 working days from
the time a communication is reduced from a claimant or insured
-if a claim remains unresolved fore 30 working days from the date it is filled the company must
provide the claim with a reasonable written explanation for the delay
-companies may not i fluency an insured to se a dis willful claim on a lump sum basis -
ANS-Regarding company claims practice all of the following are correct
-a description of the principles benefits and courage provided by the policy
-a description of the principle exclusion, reductions, and limitations contained in the policy
-a description of the policy term for renewal
-a description of the terms under which the policy or group cerificsre may be returned and
premiums may be refunded
-as tanner that outlines of coverage is a summary only and not a contract
-a brief description of the relationship between cost of care and policy benefits - ANS-An outline
of coverage and policy summary must present to prospective applicants at the time of initial
solicitation they must include
-after being licensed insurance producers must satisfy complete 24 hours of approved,
continuing education study during each compliance period
-all continuing education courses must be approved by the direct before they can be offered to
producers for credit
-the licenses any person who fails to meet continue education will be automatically revoked or
terminated
NOT CORRECT:
-only continuing education courses offered in a classroom setting are approved for credits -
ANS-What is correct regarding Illinois requirements for education
, -annuities
-Credit life insurance
-Group life insurance
-Franchise life insurance
-policies issued in connection with pensions and welfare plants that are subject to the federal
employment, retirement, income securities act up 1974 ERASA
-variable life insurance - ANS-The solicitation regulation, which implies to issues of life
insurance contracts, including fraternal, benefits, societies, does not apply to certain types of
policies or contracts, including the following exemptions
-Credit life insurance's
-Group, life, insurance, and group annuities
-Policies issued and connection with pension, profit, sharing, or other benefit plans that qualifies
for tax deductibility of premiums
-Registered contracts exempt, that the appropriate perspectives or offering circulates shall be
given to the applicant
-non-convertible term life insurance that expires in five years or less. I cannot be renewed
-transactions where the replacing insure and existing insure are the same or substitution are
under common ownership or control although producers proposing replacements must complete
their replacement duties
-Transactions where the total surrender value of all existing policies affected by the
replacement, or less than $500 in the sum of their face amount is less than $5000 - ANS-The
replacement registration does not apply to the following
-description of the benefits and coverage
-a statement of the exclusions restrictions and limitations of coverage
-a statement that the group master policy controls the terms of the insurance contract - ANS-An
insurer that issues a group long term care insurance policy must include the following
information in the certificate it provides to member of the group
-employees in the office of a license producer whose role is to settle claims
-registered firms
-nonresident producers who hold the CLU designation
NOT REQUIRED:
Salaried employees in the office of a licensed producer whose compensation does not vary by
amount of premiums received - ANS-All of the following individuals are required to become
license or regular in order to practice in the insurance business
-guarantee and reinsure covered policies of an impaired insurer
-provide funds and guarantees to honor the policies of an impaired or insolvent insurer
-assure payment of the insurer contractual obligations
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