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TN LIFE EXAM REVIEW 2024 MARKING SCHEME

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Tennessee health and life

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tn life exam review 2024

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TN LIFE EXAM REVIEW 2024
MARKING SCHEME
"Certain riders allow the insured to add people to the policy as additional insureds. Type of additional
insured rider? - CORRECT ANSWER Family term rider\"n

"A waiver of premium rider can be added to a____ - CORRECT ANSWER term policy\"n

"Sometimes an insurer will cancel a life policy. What happens to all unearned premiums? - CORRECT
ANSWER They will be returned\"n

“Steven provided misleading information on his license application. best fits the penalty the
Commissioner might impose on Steven? - CORRECT ANSWER The insurance Commissioner may refuse
to issue Steven a license\"n

"All of following are violations that may lead the insurance Commissioner to suspend or revoke a license
EXCEPT:

** Improperly withholding or misappropriating any property received in the course of doing insurance
business

**Intentionally misrepresenting the terms of an insurance policy

**Having been convicted of a misdemeanor

**Having an insurance producer license denied, suspended, or revoked in another jurisdiction -
CORRECT ANSWER **Having been convicted of a misdemeanor\"n

"An individual's license can be suspended or revoked if they do business with unlicensed individuals and
- - CORRECT ANSWER Companies that are not authorized to transact the business of insurance in
Tennessee\"n

"How many days does the Commissioner have to notify an individual that their application for a license
is being denied? - CORRECT ANSWER 30 days\"n

"All of the following are duties of the Commissioner EXCEPT:

** The Commissioner may put a person in jail for violating insurance regulations

1|Page

,**The Commissioner may conduct investigations

**The Commissioner may be empowered to subpoena witnesses and examine them under oath

**The Commissioner may choose to place a person on probation, suspend, revoke or refuse to issue or
renew an individual's license - CORRECT ANSWER **The Commissioner may put a person in jail for
violating insurance regulations

The Commissioner may do all of the above except put a person in jail.\"n

"Any action by the Commissioner to put on probation, suspend, revoke or deny the renewal of a license
is governed by the _________ - CORRECT ANSWER Uniform Administrative Procedures Act\"n

"Who has the authority to enforce the insurance laws of Tennessee and impose any penalty or remedy
authorized against any person who is under investigation for or charged with a violation of insurance
laws or regulations? - CORRECT ANSWER The Commissioner\"n

"____________ is a person required to be licensed under the laws of this state to sell, solicit or
negotiate insurance. - CORRECT ANSWER A Producer\"n

"_____________means a person, who sells, solicits or negotiates one or more forms of limited line
credit insurance coverage to individuals through a master, corporate, group or individual policy. -
CORRECT ANSWER Limited Lines Producerr\"n

"Kevin sold insurance for an insurance company not authorized to do business in Tennessee. Who is
liable for any premiums paid for, or valid claims made on, all contracts of unlawfully sold insurance? -
CORRECT ANSWER Kevin will be personally liable\"n

"Which of the following answers best describes the compensation an unlicensed individual may receive
from an insurer or insurance producer for conducting insurance business for which a license is required?
- CORRECT ANSWER The unlicensed individual may not receive any compensation for conducting the
business of insurance if they are required to be licensed for that business\"n

"What is the term used to describe the commissions that may be paid to an unlicensed individual who
was licensed at the time of the sale, solicitation or negotiation of insurance for which they are being
paid? - CORRECT ANSWER Renewal or deferred commissions\"n

"Mary is an unlicensed individual. Joe is a licensed insurance producer. All of the following are true
regarding referrals Mary makes to Joe EXCEPT:

**Mary will only be paid for her referral if the customer purchases an insurance product from Joe

2|Page

, **Mary may make a referral to Joe; provided that Mary does not discuss the specific insurance policy
terms and conditions

**If Mary is not employed by Joe, her compensation must be a fixed dollar amount not to exceed $25
per referral

**If Mary is employed by Joe, her compensation must be a fixed nominal dollar amount - CORRECT
ANSWER **Mary will only be paid for her referral if the customer purchases an insurance product from
Joe

Whether Mary works for Joe or not, the referral compensation shall not depend on whether the
customer she refers purchases an insurance product from Joe.\"n

"All money a producer receives for conducting insurance business shall be held in a__________. -
CORRECT ANSWER Fiduciary Capacity\"n

"best describes the penalty the Commissioner will impose for mishandling any money that an insurance
producer receives for soliciting, negotiating, or selling insurance? - CORRECT ANSWER The producers
license may be denied, suspended or revoked\"n

"A producer______ whether or not they have an agency contract, agreement or an appointment with an
insurer; or is appointed or employed by a health maintenance organization (HMO) and who engages in
solicitation for membership in such organization. - CORRECT ANSWER will need a license\"n

"All of the following are requirements of an applicant for a license to be approved by the Commissioner
EXCEPT:

**The applicant must complete the minimum prelicensure education requirements

**The applicant has passed the exam and paid the application fee

**The applicant is at least 21 years of age

**The applicant has not committed any acts that would be grounds for denial, suspension, or
revocation of a license - CORRECT ANSWER **The applicant is at least 21 years of age

The applicant need to be 18 years of age. All the other criteria are requirements for approval of the
license application.\"n

3|Page

, "David would like to appoint Mary as his insurance agent for the ABC Insurance Company. All of the
following are true regarding that appointment EXCEPT:

**David must file a notice of appointment within 15 days from the date the contract is executed

**David must file with Mary's employer who will determine if Mary is eligible for appointment

**David and Mary will be notified within 30 days if Mary is eligible for appointment

**If David wishes to terminate the contract with Mary he must notify the Commissioner within 30 days
of the effective date of termination - CORRECT ANSWER **David must file with Mary's employer who
will determine if Mary is eligible for appointment

David must file the notice appointment with the Commissioner, whose duty it is to determine if Mary is
eligible for that appointment.\"n

"Larry has applied for a nonresident producer license in Tennessee. The Commissioner must issue a
license to Larry if all of the following conditions have been met EXCEPT:

**The application and procedures for Larry's home state are different from the terms and procedures in
Tennessee.

**Larry is currently licensed and in good standing in the home state

**Larry has paid a fee

**Larry has submitted an application - CORRECT ANSWER **The application and procedures for
Larry's home state are different from the terms and procedures in Tennessee.

The terms of application and procedures for nonresident licensees in Larry's home state are similar to
the terms and procedures in Tennessee.\"n

"A nonresident producer has ___ to file a change of address and provide certification from the new
resident state. - CORRECT ANSWER 30 days\"n

"A resident insurance producer in Tennessee has___to file a change of address and provide certification
from the new resident state. - CORRECT ANSWER 30 days\"n

"All of the following people would be exempt from being required to have a license EXCEPT:

4|Page

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