Indiana Life and Health Insurance Study Exam (xcelsolutions)Correct 100%EXAM BUNDLE

Participating Insurance Policy - ANSWER may pay dividends to the policyowner Material Misrepresentation - ANSWER misstatement to a question asked in the application process; death benefit claim will likely be denied Law of Large Numbers - ANSWER the larger a group becomes, the easier it is to ...

How many days is a temporary producers license valid? 30 60 90 180 - ANSWER 180 In Indiana, the maximum fine the the commissioner can impose on a producer or company who violates a cease and desist order is___per violation? $10,000 $15,000 $20,000 $25,000 - ANSWER $25,000 Which of ...

An individual applies for a life policy. Two years ago he suffered a head injury from an accident, so he cannot remember parts of his past, but is otherwise competent. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. The insurer issues the policy ...

Which of the following is NOT a characteristic of a Variable Annuity? A. Premium Payments may be level or flexible or single premium B. The cash values are invested in securities. C. The non-forfeiture values will provide for the return of the cash value should the annuitant die during the accu...

Insurance Commissioner - ANSWER • Appointment by Governor • Member of NAIC Insurance commissioner Duties - ANSWER responsible for overseeing the Department of Insurance, which regulates insurance companies operating in Indiana. works to promote improvements to insurance laws and the enforce...

Individual disability income policies typical include an elimination period (t/f) - ANSWER True A producer's license may be denied, suspended, or revoked if the licensee: - ANSWER is found guilty of misrepresentation in obtaining the license Which of the following actions is NOT possible with...

J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value? -Life paid-up at age 70 -20 pay life -increasing Term to age 65 -Straight Line - ANSWER 20 Pay Life Which of the following type...

An architecture firm would stand to lose a lot of money in the event of the death of its project manager. Which type of policy should the firm purchase on its project manager? - ANSWER Universal life insurance Key Person insurance Graded insurance Executive insurance Correct. Key person insuranc...

Commissioner must examine insurer's every... - ANSWER 5 years Commissioner must notify a producer of a hearing on unfair trade practice within... - ANSWER 5 days

Which of these is NOT considered to be a violation of the Unfair Competition Law in Indiana? monopolize or restrain trade making unsubstantiated criticisms about an insurance company pay insurance commissions to an unlicensed individual paying a finder's fee to an individual who provides a ...

Which of these is NOT considered to be a violation of the Unfair Competition Law in Indiana? monopolize or restrain trade making unsubstantiated criticisms about an insurance company pay insurance commissions to an unlicensed individual paying a finder's fee to an individual who provides a ...

Insurance - ANSWER A contract that transfers the risk of financial loss from an individual or business to an insurer Risk - ANSWER Uncertainty about whether a loss will occur Speculative Risk - ANSWER Possibility of a loss or gain. Not insured. Pure Risk - ANSWER Possibility of experiencing...

Which of these is NOT considered to be a right given to a policyowner? - ANSWER Modify a provision in the insurance contract M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect, EXCEPT: - ANSWER Fr...

An underwriter evaluation of information on a life insurance application is also known as : - ANSWER risk classification An example of a Limited-Pay Life policy is: - ANSWER Life Paid- Up at Age 65 The signed document that starts the free look period is the: - ANSWER delivery receipt Under ...