Exam (elaborations)
Illinois Life Insurance Practice Exam fully solved & updated.
- Course
- Institution
Illinois Life Insurance Practice Exam fully solved & updated.
[Show more]
Content preview
Illinois Life Insurance Practice Exam fullysolved & updated
A producer is circulating incorrect information about the benefits of a policy. This
producer may be found guilty of
misrepresentation
How often must an insurance producer's license be renewed?
every two years
Which of the following is NOT considered rebating?
sharing commissions with other licensed and appointed producers
The free-look period for life insurance policies issued in Illinois is ______ days.
10
A(n) ______________ lines producer may sell Travel Accident insurance in
Illinois.
limited
Q the producer has recently replaced one insurance policy with another. In
Illinois, replacement is
regulated and requires full disclosure
How is the Illinois Life and Health Insurance Guaranty Associated funded?
from member companies
Within how many days must a license notify the Director of a change in address?
30
All of these MUST be included on an insurance producer's license EXCEPT
appointing insurance company
Which of these contracts are affected by replacement regulations?
ordinary life insurance
, During the course of an insurance transaction, if a producer makes a false or
incomplete statement he/she could be found guilty of
misrepresentation
All of these statements concerning a license's responsibility for premiums
received are true EXCEPT
the license must hold them in a separate account before transmitting them to the
insurance company
A policyowner decides to cancel an insurance policy within 90 days of the issue
date. As a result of this cancellation, the producer is REQUIRED to refund a
prorated portion of any fee charged within ____ days of receiving the cancellation
notice.
30
An accelerated (living) benefit is payable based upon the occurrence of a
qualifying event. This qualifying event is certified by a(n)
physician
Which licensee faces possible license revocation by the Director?
licensee who commingles monies belonging to policy holders with personal
funds
____________ could have claim to viatical settlement proceeds.
creditors
An example of unfair discrimination would be
offering different terms of coverage for different policyowners having the same
risk classification
Which of these actions by a licensee would NOT likely result in license
suspension or revocation?
sharing a commission with another similarly-licensed agent
The Director is NOT permitted to
set insurance rates within the State
Which of these actions fall under Illinois' definition of rebating?
discounting insurance premium by the producer
Illinois insurance law specifically allows the Director to issue a temporary license
to which of the following individuals?
a surviving spouse of a deceased producer
Who negotiates viatical settlements between a policyowner and a viatical
settlement provider?
viatical settlement broker
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85443 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now