California Laws and Ethics Pertinent to Insurance Questions and Answers with complete solution
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California Laws and Ethics Pertinent to Insurance
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California Laws And Ethics Pertinent To Insurance
What does not have to be included on life insurance policy illustration? - Answer-Statements that all
values and benefits are guaranteed
Life insurance surplus must be distributed to policy owners at what frequency? - Answer-Annually
The free-look period for life insurance policyowners age 60 or...
California Laws and Ethics Pertinent to Insurance What does not have to be included on life insurance policy illustration? - Answer -Statements that all values and benefits are guaranteed Life insurance surplus must be distributed to policy owners at what frequency? - Answer -Annually The free -look period for life insurance policyowners age 60 or older is - Answer -30 days in California What prevents a life insurance policy from being rescinding by the insurer after being in force for two years? - Answer -Incontestability clause An agent's attempt to stop the replacement of an existing life insurance policy is known as - Answer -
conservation Paul has an existing annuity and is sold a new one, in which the new policy holds no greater financial benefit to him than the existing contract. This is considered a(n) - Answer -unnecessary replacement Why is a life insurance policy's delivery date important? - Answer -the free look period begins on the policy delivery date What does the term "illustration" mean when used in the phrase "life insurance policy illustration", according to the California insurance code? - Answer -presentation of policy features that includes non-guaranteed elements The California insurance code allows an individual how many days to cancel a life policy for a full -
refund? - Answer -Shall not be less than 10 days nor more than 30 days Who does a life settlement broker represent? - Answer -Individual wanting to sell their life policy to a third party A representation may be altered or withdrawn - Answer -only before the insurance is in effect According to the California Insurance Code, what term is used to describe a fact so important it could affect the policy premium? - Answer -Materiality What is NOT a primary objective of insurance regulation? - Answer -Interpret policy provisions Insurance agents and brokers must make their insurance records available to the commissioner - Answer -at all times What is required after a life agent sells an insurance policy to an applicant without being appointed by the insurer? - Answer -Notice of appointment must be subm,itted to the commissioner Which type of jurisdiction requires an insurer to have it's rates accepted by the insurance Department prior to using them? - Answer -Prior approval According to the California Insurance Code, how is the word "may" interpreted? - Answer -permissive What is NOT considered to be an unfair claims settlement practice? - Answer -Advising a claimant to hire an attorney Before an insurer is allowed to test an individual for HIV, what must be completed? - Answer -Consent form What is not protected under the California Life and Health Guarantee Association? - Answer -Insurers What is NOT considered to be an act of insurance solicitation? - Answer -Publishing a magazine where one of the advertisers is an insurer An individual who transacts life, disability or life and accident and health insurance on behalf of the insurer is called a(n) - Answer -life agent An agent has advertised that the insurer to which the agent is appointed with is a member of the Insurance Guarantee Association. This agent has committed a(n) - Answer -unfair method of competition
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