Idaho Exam Bundle Questions and Answers 100% Accurate

Accidental Death Benefits - ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - ANSWER-An insurance policy that provides payment if the insured's death is the result o...

How long is the grace period for an individual life insurance policy? - ANSWER-1 month In this state the owner gets a "free look" of a specified number of days from - ANSWER-Delivery of the policy Which of the following would be likely to establish a SEP? - ANSWER-Smalls employers If a so...

Key difference between variable life and variable universal life insurance - ANSWER-Variable life insurance require a fixed premium payable for the life of the policy while variable universal life permits premium flexibility. Survivorship life insurance policies - ANSWER-Insure more than one pers...

Two kinds of risk - ANSWER-Pure risk (situation that can only result in a loss or stay the same) & Speculative risk (gambiling) **Pure risk is the only type that insurance companies will accept What is the definition of hazard? What are the three kinds? - ANSWER--Conditions or situations that i...

Required notice for a Director to revoke a Producer's license - ANSWER-20 days Notification of address change - ANSWER-Producer must notify within 30 days. Director may fine anyone transacting insurance without a license how much? - ANSWER-Up to $15,000 Who can an Idaho Producer share comm...

How many days is the grace period for payment of premiums in individual life insurance policies? - ANSWER-30 According to the Idaho Insurance Code, which of the following MUSt a producer do when replacing a Life Insurance policy? - ANSWER-Submit to the replacing insurer a list of all Life Insuran...

Which of the following would NOT fall into the category of costs associated with death? A The expense of a vacation for surviving family members B Funeral expenses C Final medical expenses of the insured D Day to day expenses of maintaining the family - ANSWER-A The expense of a vacation for s...

Which of the following is True regarding the insurance amount in a credit life policy> - ANSWER-The creditor can only insure the debtor for the amount owed. Joint life policies pays on the 1st or the second death? - ANSWER-First death only. Variable universal life policy includes the follow...

Which of the following must have an appointment? - ANSWER-A Producer who represents an insurance company as an agent. Funds in the account payable to the Insurer must be disbursed within: - ANSWER-21 days A temporary producer license is effective for: - ANSWER-180 days. An Idaho producer wa...

Reciprocity - ANSWER-A mutual interchange of rights and privileges Solvency - ANSWER-Ability to meet financial obligations Statute - ANSWER-A formal written law enacted by legislature Statutory - ANSWER-Regulated by a law Locations of Incorporation - ANSWER-Domestic, foreign, or alien ...

Applican or proposed insured - ANSWER-a person who requests or seeks insurance from an insurer Death benefit - ANSWER-the amount paid when a claim is issued against a policy of insurance insurance policy - ANSWER-a contract between a policyowner and an insurance who may or may not be the appli...

FRAUD AND FALSE STATEMENTS (18 USC Sections 1033 and 1034) - ANSWER-Under federal statutes it is a felony for any insurance company officer or employee to engage in fraud, embezzlement, theft, or deceit in any insurance transaction. In addition to a $50,000 civil fine, such a person may be subject t...

Which of the following describes the coverage of the Extra Expense Coverage Form? A It covers the loss of business income during the period of restoration B It covers the expense of disposing of spoiled merchandise caused by a power outage C It covers the necessary additional expenses incurred...

A temporary license is valid for a maximum of __________ days. - ANSWER-180 The fair Credit Reporting Act protects consumers - ANSWER-With guidelines regarding credit reporting and distribution A non-admitted insurance company - ANSWER-Is not protected by the guaranty fund An example of mis...