Exam (elaborations)
Illinois Life Insurance Practice Exam Questions and Answers
- Course
- Medical-Surgical Nursing
- Institution
- Broward Community College
Illinois Life Insurance Practice Exam Questions and Answers
[Show more]
Content preview
Illinois Life Insurance Practice ExamQuestions and Answers
1. A producer is circulating incorrect information about the
benefits of a policy. This producer may be found guilty of:
misrepresentation
2. How often must an insurance producer's license be
renewed?: every two years
3. Which of the following is NOT considered rebating?:
sharing commissions with other licensed and appointed
producers
4. The free-look period for life insurance policies issued in
Illinois is
days.: 10
5. A(n) lines producer may sell Travel
Accident insurance in
Illinois.: limited
6. Q the producer has recently replaced one insurance policy
with another. In
Illinois, replacement is: regulated and requires full disclosure
,7. How is the Illinois Life and Health Insurance Guaranty
Associated funded?-
: from member companies
8. Within how many days must a license notify the Director of
a change in address?: 30
9. All of these MUST be included on an insurance producer's
license EXCEPT-
: appointing insurance company
10. Which of these contracts are affected by replacement
regulations?: ordi- nary life insurance
11. During the course of an insurance transaction, if a
producer makes a false or incomplete statement he/she could
be found guilty of: misrepresentation
12. 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
13. 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
, 14. An accelerated (living) benefit is payable based upon the
occurrence of a qualifying event. This qualifying event is
certified by a(n): physician
15. Which licensee faces possible license revocation by the
Director?: licensee who commingles monies belonging to policy
holders with personal funds
16. could have claim to viatical settlement
proceeds.: creditors
17. An example of unfair discrimination would be: offering
different terms of coverage for different policyowners having the
same risk classification
18. 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 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 Yuniss. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now