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Chapter Exam - Indiana Laws and Rules (2) 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 (2) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • Chemistry 141

Chapter Exam - Indiana Laws and Rules (2) 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 2

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  • Chemistry 141
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Chapter Exam - Indiana Laws and Rules
A group life insurance policy can be converted to an individual whole life policy under which
circumstance?

A. employment terminations
B. nonpayment of premiums
C. policy reinstatement
D. decrease in employer revenue - ANS-A

A hearing must be held before a producer's license can be suspended or revoked. Prior to the
hearing, the Insurance Commissioner is required to:

A. give oral notice to the producer
B. give written notice to the producer
C. give notice to the producer's insurance company - ANS-B

A license must notify the Commissioner within ___ days of an address change - ANS-30

A policy loan in Indiana cannot charge a fixed rate of interest higher than

A. 7%
B. 8%
C. 9%
D. 10% - ANS-B

a producer inducing an insured to lapse, forfeit, or surrender insurance through
misrepresentation is committing the illegal act of - ANS-twisting

A producer must notify the commissioner within ___ days of a felony conviction - ANS-30

ABC Insurance Company fails to pay death proceeds after satisfactory proof of loss was
submitted. ABC must then begin paying interest on the death proceeds after ___ days of
receiving proof of loss

A. 10
B. 30
C. 40
D. 60 - ANS-B

According to Indiana law, group life insurance conversion privileges must NOT:

, A. allow the converted policy to exceed 75% of the original group life amount
B. allow a time period to convert group life coverage to an individual life policy
C. require a rate increase
D. require evidence of insurability - ANS-D

An ___ license may be issued in cases where a producer has become disabled or dies,
requiring a replacement to service the producer's business - ANS-C

An ___ of authority permits an insurance company to transact business in Indiana?

A. award
B. stamp
C. document
D. certificate - ANS-D

An example of an Unfair Claims Settlement Practice would be:

A. requesting a third-party arbitrator to resolve a disagreement
B. failing to effectuate prompt, fair, and equitable settlements of a claim
C. paying a claim promptly after receiving proof of loss
D. requiring the insured to give a statement under oath - ANS-B

An example of false advertising would be:

A. paid testimonials from celebrity endorsements
B. an insurer exaggerating its dividends in a magazine advertisement
C. a producer spending more than $25 on marketing gifts for a client
D. an insurer advertising in an insurance trade journal - ANS-B

An example of rebating would be:

A. offering temporary insurance coverage
B. splitting commissions with a policyholder
C. reducing the premiums across the board for a specific risk class
D. a mutual insurance company paying dividends to its policyowners - ANS-B or

returning a portion of a premium as inducement to purchase insurance

offering a client something of value not stated in the contract in exchange for their business

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

A. retake the state examination

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