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2024 INDIANA LIFE, ACCIDENT, & HEALTH INSURANCE LAW EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE, ACCIDENT, & HEALTH INSURANCE LAW EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE, ACCIDENT, &HEALTH INSURANCE LAW EXAM
WITH CORRECT ANSWERS
All of the following statements about a temporary license are correct
EXCEPT...
A) The Indiana Insurance Commissioner can issue a temporary license to any
person when it will be in the public's best interest.
B) It's valid for 180 days.
C) It will be issued only after a person passes a special licensing
examination.
D) It can be issued to help a person (such as a spouse or estate
administrator) wind down the affairs of a producer who has died. - CORRECT
ANSWERS-C) IT WILL BE ISSUED ONLY AFTER A PERSON PASSES A SPECIAL
LICENSING EXAMINATION.
A nonresident license holder in Indiana must notify the Commissioner if they
move to another address or state within how many days? - CORRECT
ANSWERS-30.
Which one of the following statements regarding insurance laws and
regulations is NOT correct?
A) The Commissioner overseas the insurance business to ensure it's
conducted in accordance with state law and the best interests of the public.
B) The Commissioner writes rules and regulations to enforce insurance laws.
C) The state legislature enacts insurance laws.
D) The Commissioner writes insurance laws. - CORRECT ANSWERS-D) THE
COMMISSIONER WRITES INSURANCE LAWS.
For how many days must a replacing insurer allow the applicant to review
the policy, during which time the policy may be returned for a full premium
refund? - CORRECT ANSWERS-20 DAYS.
,In Indiana, an insurance producer's license normally is subject to renewal
every... - CORRECT ANSWERS-24 MONTHS.
Newborns are covered on group health insurance policies from birth. How
long after birth does the insured have to notify the insurer of the child's birth
and pay the first premium? - CORRECT ANSWERS-31 DAYS.
In Indiana, all life insurance policies must contain a provision limiting the
interest rate on policy loans to a maximum of... - CORRECT ANSWERS-8%
PER YEAR.
A producer may write controlled business insurance as long as it does NOT
exceed what percentage of commissions earned in a 12-month period? -
CORRECT ANSWERS-25%.
With few exceptions, annuity contracts must provide that the purchaser may
return the contract for a full refund within... - CORRECT ANSWERS-10 DAYS.
All of the following actions by an insurance producer are prohibited by
Indiana's insurance law EXCEPT...
A) Giving an applicant any special advantage in dating the application.
B) Returning one month of a premium payment to a new applicant or
policyowner.
C) Sharing up to 10% the producer's commission with a policyowner.
D) Pay bonuses fairly to all nonparticipating policyholders out of surplus. -
CORRECT ANSWERS-D) PAY BONUSES FAIRLY TO ALL NONPARTICIPATING
POLICYHOLDERS OUT OF SURPLUS.
Which of the following statements regarding an insurance producer's license
is CORRECT?
A) The license expires every four years and must be renewed.
B) The license remains in effect indefinitely, with fees paid annually.
C) The license remains in effect until revoked or suspended, with fees paid
and continuing education completed every two years.
D) The renewal fees must be paid every year. - CORRECT ANSWERS-C) THE
LICENSE REMAINS IN EFFECT UNTIL REVOKED OR SUSPENDED, WITH FEES
PAID AND CONTINUING EDUCATION COMPLETED EVERY TWO YEARS.
, For renewals that occur after June 30, 2014, all resident insurance producers
licensed with Life, Health, Variable Life & Annuity, and Life, Accident &
Health lines of authority must have... - CORRECT ANSWERS-3 HOURS (OF
THE 24) OF CONTINUING EDUCATION IN ETHICS.
All of the following statements about group life insurance are correct
EXCEPT...
A) Proceeds are exempt from the claims of creditors.
B) Any life insurance company may issue group life insurance.
C) Retroactive rate adjustments are prohibited.
D) A group life insurance plan may not cover dependents or spouses. -
CORRECT ANSWERS-D) A GROUP LIFE INSURANCE PLAN MAY NOT COVER
DEPENDENTS OR SPOUSES.
All of the following statements concerning long-term care policies that are
advertised or solicited in Indiana are correct EXCEPT...
A) Long-term care policies must include a 30-day reinstatement privilege for
policies that have lapsed because of nonpayment of the premium.
B) The policy must express maximum benefit amounts as dollars and not as
days of care.
C) Long-term care policies don't have to pay benefits in excess of the actual
charges.
D) The owner must be able to reduce coverage at least once during the
policy's lifetime. - CORRECT ANSWERS-A) LONG-TERM CARE POLICIES MUST
INCLUDE A 30-DAY REINSTATEMENT PRIVILEGE FOR POLICIES THAT HAVE
LAPSED BECAUSE OF NONPAYMENT OF THE PREMIUM.
Which one of the following individuals would be safe from having their
license suspended, revoked, or denied by the Commissioner?
A) Allison was cited for having an open alcohol container in her vehicle and
convicted of a misdemeanor.
B) Jeremy violated just one of the Indiana insurance laws.
C) Angela submitted a fraudulent license application.
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