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Life Insurance: The Insurance Marketplace Practice Questions and Answers | 100% Pass
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Life Insurance: The Insurance Marketplace Practice Questions and Answers | 100% Pass An insurance company and its agents must notify all applicants and policyholders of information-gathering processes utilized for written application transactions - Answer️️ -At the time of delivery of the ...

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  • September 1, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance the insurance marketplace practice

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  • Life insurance
  • Life insurance

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance: The Insurance
Marketplace Practice Questions and
Answers | 100% Pass

An insurance company and its agents must notify all applicants and policyholders of

information-gathering processes utilized for written application transactions -

Answer✔️✔️-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? - Answer✔️✔️-Dividends are considered a refund of unused premiums.

The insured provides a proof of claim to the - Answer✔️✔️-Insurer



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.



Page 1 of 33

,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 - Answer✔️✔️-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? - Answer✔️✔️-Direct-

response

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

cancel, lapse, or switch policies from one to another? - Answer✔️✔️-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? - Answer✔️✔️-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 - Answer✔️✔️-Never

Page 2 of 33

, 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)

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

after a loss has occurred? - Answer✔️✔️-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? - Answer✔️✔️-California

Insurance Code

What is the main difference between a life agent and a life analyst? - Answer✔️✔️-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? - Answer✔️✔️-14 days



According to CIC 1704-1705, the insurer must forward to the Commissioner a notice of

appointment no more than 14 days after the life agent submits an application for

insurance to the insurer.

An insured purchased an insurance policy 5 years ago. Last year, she received a

dividend check from the insurance company that was not taxable. This year, she did not

Page 3 of 33

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