Exam (elaborations)
Connecticut Life Insurance Exam
- Course
- Institution
Connecticut Life Insurance Exam
[Show more]
Content preview
CONNECTICUTLIFE INSURANCE
EXAM
What is the purpose of the Connecticut Life and Health Insurance Guaranty
Association?
Protects policyowners against insolvent insurance companies
If an employer decides to cancel a group life insurance plan, it must give at least ---
days notice to the employees prior to the date of cancellation or discontinuation.
15
Rebating is
an illegal practice in Connecticut
G purchased a Family Income policy at age 40. The policy has a 20-year rider period. If
G were to die at age 50, how long would G's family receive income?
10 years
,Which provision prevents an insurer from changing the terms of the contract with the
policyowner by referring to documents not found within the policy itself?
Entire Contract provision
A statement made by an insured in an insurance application that must be true to the
best of one's knowledge and which becomes a part of the contract is known as
a representation
An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This policy may be issued with a(n)
extra premium
Which of these is an element of a Variable Life policy?
A fixed, level premium
All of these Settlement options involve the systematic liquidation of the death proceeds
in the event of the insured's death EXCEPT
Interest only
Which type of life insurance beneficiary requires his/her consent when a change of
beneficiary is attempted by the policyowner?
Irrevocable beneficiary
Which of these terms accurately defines an underwriter's assessment of information on
a life insurance application?
Risk classification
S, age 40, is looking to buy a Life Insurance policy that will allow for increases or
decreases in coverage as his needs change. The policy best suited for S would be
, Universal Life
An example of rebating would be
returning a portion of a premium as inducement to purchase insurance
How are policyowner dividends treated in regards to income tax?
Interest on accumulations is taxed
D owns a Whole Life policy that was purchased 10 years ago. If the premium payments
suddenly stop and D takes no additional action, which Nonforfeiture Option will the
insurer likely proceed with?
Extended term
B owns a Whole Life policy with a guaranteed insurability option that allows him to
purchase, without evidence of insurability, stated amounts of
additional whole life coverage at specified times
What is the underlying concept regarding level premiums?
The early years are charged more than what is needed
P is the insured on a participating life policy. Which statement is true if P's premiums are
waived due to a disability?
P will still receive declared dividends
All individuals covered under a group contract will receive a
certificate
Why must an insurance applicant answer all questions on the application?
Statements and representations on the application are part of the consideration for
issuing a policy
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Greaterheights. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now