GUARANTY LIFE PRODUCER EXAM |
QUESTIONS AND CORRECT
ANSWERS | GRADED A+ | VERIFIED
ANSWERS | LATEST VERSION
An insurer must notify the consumer in writing that an investigative
consumer report has been requested, within how many days of the initial
request? ------CORRECT ANSWER---------------Within 3 days
What happens to the face amount of a whole life policy if the insured
reaches the age of 100? ------CORRECT ANSWER---------------The face
amount is paid to the insured
J's retirement plan meets all federal requirements and entitles him to
certain tax benefits as the owner of the plan. What term best describes J's
retirement plan? ------CORRECT ANSWER---------------Qaulified
Which of the following is a permissible reason for an insurance company to
contest payment of a claim based on statements in the application? ------
CORRECT ANSWER---------------The application contains material
misstatements.
Because of an injury, an insured has been unable to work for 7 months.
When his life insurance premium came due, he was unable to pay, yet the
policy remained in force. The policy includes ------CORRECT ANSWER-----
----------Waiver of premium
,In whole life insurance, when is the policy cash value scheduled to equal
the face amount? ------CORRECT ANSWER---------------At the insured's age
100
What effect will the long-term care (LTC) rider have on the death benefit of
a life insurance policy if LTC benefits were paid to the insured? ------
CORRECT ANSWER---------------Reduce the death benefit
Which of the following would NOT be eligible for coverage under key
person? ------CORRECT ANSWER---------------The owner of a shop
In contrasting stock insurers with mutual insurers, which statement is true?
------CORRECT ANSWER---------------Stock insurers are owned by the
shareholders and issue nonparticipating policies.
Under which of the following conditions would life insurance proceeds be
taxable by the federal government? ------CORRECT ANSWER---------------If
there is transfer if value
Which of the following bears the investment risk in a variable life insurance
policy? ------CORRECT ANSWER---------------The policy owner
What guarantees that the information explained in the insurance contract is
true? ------CORRECT ANSWER---------------A warranty
, During policy solicitation, an insurer exaggerates the financial condition of
one of its competitors, and makes it sounds worse than it is. This is an
example of an unfair trade practice of ------CORRECT ANSWER---------------
Defamation
Which of the following is NOT a duty of the existing insurer when
replacement is involved? ------CORRECT ANSWER---------------Provide
notice to the policy owner the right to return the policy within 30 days of
delivery and receive a full refund
An insurer decided to terminate a producer. The insurer just notified the
Commissioner of this decision. How long does the insurer have to mail a
copy of the notification to the producer? ------CORRECT ANSWER------------
---15 days
All of the expenses of an examination must be paid for by the insurer being
examined. To which fund are payments remitted ------CORRECT
ANSWER---------------Insurance regulation fund
Which of the following types of life insurance policies include a conversion
of termination provision? ------CORRECT ANSWER---------------Whole life
An insurer must notify the consumer in writing that an investigative
consumer report has been requested, within how many days of the initial
request? ------CORRECT ANSWER---------------3 days
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