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2024 INDIANA LIFE, ACCIDENT AND HEALTH CH 12 EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE, ACCIDENT AND HEALTH CH 12 EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE, ACCIDENTAND HEALTH CH 12 EXAM WITH
CORRECT ANSWERS
Resident Versus Nonresident Producers - CORRECT ANSWERS-Title 27-1-
15.6-4, 5, 8 and 16 states that in order to receive an Indiana nonresident
license an individual must hold a license in good standing as a resident
licensee in another State. He or she must also provide proof to the Indiana
Department of Insurance of the existence of a current license.
reciprocity - CORRECT ANSWERS-The required fee must also be paid to the
State and the nonresident applicant's home State must allow Indiana
resident licensees to apply for and receive a nonresident license in that State
Surplus Lines Producer - CORRECT ANSWERS-This is a person who places
insurance coverage with a non-admitted insurer. An applicant for this license
must post a surety bond with the State of Indiana in the amount of $20,000.
Temporary License - CORRECT ANSWERS-Title 27-1-15.6-11 of Indiana law
describes a temporary license. The Commissioner may issue a temporary
insurance producer license for a period not to exceed 180 days without
requiring an examination
Insurance Licensing / Process - CORRECT ANSWERS-According to Title 27-1-
15.6-5,6 of Indiana law and regulations, no person or other entity may sell,
solicit, or negotiate insurance in the State for any class or classes of
insurance unless duly licensed in that line of authority.
Who Must Be Licensed - CORRECT ANSWERS-A person shall not sell, solicit or
negotiate insurance in Indiana for any class or classes of insurance unless
the person is licensed for that line of authority
Resident Producer License - CORRECT ANSWERS-Title 27-1-15.6-2(7)
describes the licensing process and producer qualifications. This statute
states that anyone seeking to secure a resident insurance license must apply
to the Commissioner on the uniform application.
All certificate holders have a conversion right and are permitted to convert
their group life coverage to an individual plan of whole life insurance. The
conversion period is generally 31 days.
, Group Life Insurance (Title 27-1-12-37 and 41) (cont.)
Dependent Coverage — - CORRECT ANSWERS-The amount of insurance for
any covered spouse or dependent child under a group life policy may not
exceed fifty percent (50%) of the amount of insurance for which the
employee or member is insured. For example, if you are the insured
employee and are covered for $40,000, then the maximum of insurance for
your spouse and for each of your dependent children would be $20,000.
Life Insurance Contracts and Policy Provisions - CORRECT ANSWERS-(1) the
right to examine provision (10 day free look);
(2) payment of claims;
(3) incontestable clause;
(4) reinstatement provision;
(5) grace period;
(6) policy loan provision (whole life only);
(7) entire contract provision.
Life Insurance Contracts and Policy Provisions (cont.)
AIDS and HIV — - CORRECT ANSWERS-Indiana law states that any person
who is required to take an HIV (blood) test by a life or health insurer, non-
profit hospital or medical service organization or non-profit health care plan
of any type must provide written permission for such tests on forms
approved by the Commissioner.
Pre-test and post-test counseling must be provided by the person or
organization requesting the testing.
any proposed insured must provide written and informed consent
Life Insurance Contracts and Policy Provisions (cont.)
Accelerated Death Benefits — - CORRECT ANSWERS-This benefit may be
added to a life insurance policy for an additional premium. It is also referred
to as a living benefits or terminal illness rider.
Consultant - CORRECT ANSWERS-Title 27-1-15.6-2 (4) states that this is a
person who holds himself or herself out to the public as being engaged in the
business of offering, for a fee, advice, counsel, opinion or service with
respect to the benefits, advantages or disadvantages promised under any
policy of insurance that could be issued in Indiana.
Limited Lines License - CORRECT ANSWERS-Title 27-1-15.6 states that the
Commissioner may issue a limited lines producer license to the following
without requiring the passing of a State examination: (1) a person who sells
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