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Life Insurance: The Insurance Marketplace Questions & 100% Correct Answers- Latest Test | Graded A+ | Passe $13.49   Add to cart

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Life Insurance: The Insurance Marketplace Questions & 100% Correct Answers- Latest Test | Graded A+ | Passe

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An insurance company and its agents must notify all applicants and policyholders of information-gathering processes utilized for written application transactions -:- At the time of delivery of the policy when personal information is only collected from the applicant, an insured under the poli...

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  • September 6, 2024
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  • 2024/2025
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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance: The Insurance Marketplace
Questions & 100% Correct Answers- Latest
Test | Graded A+ | Passed
An insurance company and its agents must notify all applicants and policyholders of

information-gathering processes utilized for written application transactions


✓ -:- At the time of delivery of the policy when personal information is only collected

from the applicant, an insured under the policy, or public records.




&




At the time of application for the policy when information is collected from sources other

than the applicant, persons under the policy, or public records.




Your client wants to buy a par policy to supplement his retirement savings program. Which

of the following does your client need to understand about insurance policy dividends?


✓ -:- Dividends are considered a refund of unused premiums.




The insured provides a proof of claim to the


✓ -:- Insurer




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

An insured can submit a proof of claim to the insurer after a loss has occurred.




This helps to notify the insurer of the loss and provide information on how large or severe

the loss was.




Al tells a client that she is guaranteed to be approved for LTC insurance if she pays the full

year's premium at the time of application. The client applies for LTC insurance and writes a

check for the annual premium to Al's agency. Al issues a Binder of Insurance but does not

send the application to the insurer, and intentionally uses the premium for personal

expenses instead. Al is guilty of


✓ -:- Fraud




When an agent intends to secure an unlawful gain at the expense of a client, he has

committed fraud.




Additionally, special regulations apply to LTC insurance transactions. (CIC 790 and CIC

10234.8)




What is the term for a sales campaign conducted through the mail?




2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- Direct-response




Which type of misrepresentation persuades an insured, to his or her detriment, to cancel,

lapse, or switch policies from one to another?


✓ -:- Twisting




A person applying for an insurance license in California was previously found guilty in a trial

in which he entered a plea of "nolo contedere." What does "nolo contendere" mean?


✓ -:- No contest




In California, even if a person pleads no contest, or "nolo contedere," to charges, if the

person is found guilty, they will be considered convicted.




Applications for insurance may contain information about a person's race, religion,

ancestry, or color


✓ -:- Never




It is prohibited by law for any application for insurance to identify race, color, religion,

national origin, or ancestry as a basis for underwriting insurance risks. (CIC 10141)




3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Which of the following entities or individuals evaluates requests for payment by insureds

after a loss has occurred?


✓ -:- Claims department




In order to become an admitted, authorized insurer, what is the primary body of law about

which an applicant company must be concerned?


✓ -:- California Insurance Code




What is the main difference between a life agent and a life analyst?


✓ -:- The way each is compensated




A primary difference between a life agent and a life analyst is how each receives payment: a

life analyst is not paid a commission by a life insurer either directly or indirectly for any

insurance transacted by an analyst. An agent, on the other hand, acts on behalf of an

insurer and received commission for insurance transactions.




An agent has how many days in which to receive an appointment after the issuance of an

insurance contract?


✓ -:- 14 days




4|Page | Grade A+| 2024/2025

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