LIFE INSURANCE PRACTICE EXAM Qs & Ans A+ Score Solution. 2025
UPDATED
Class 4 Felony - (answers)Q the producer knowingly misappropriated fiduciary money in the
amount of $150. This is his second offense. Q will likely be charged with
Replace coverage written by another producer - (answers)Which of these is NOT an unfair
method of competition?
Ensures that claim filed against insolvent insurance companies will be paid - (answers)The
guaranty fund
The soliciting producers name - (answers)Insurance applications MUST contain which of these
disclosure requirements?
Insurer's mortality table - (answers)All of these are required to be included in a life insurance
illustration EXCEPT
Misrepresentation - (answers)Stating that dividends are guaranteed is considered to be
30 - (answers)Producers must report felony convictions to the Director within ____ days after the
entry date of the judgement
Policy summary and buyers guide - (answers)I'm Illinois, which of the following MUST be
delivered to a policy owner upon the sale of an Individual life insurance policy?
Failing to effectuate prompt, fair, and equitable claim settlements - (answers)An example of an
unfair claims would be
, Different classes - (answers)It is acceptable to discriminate the amount of benefits for life and
health policies between individuals of
A signed statement by the applicant regarding the replacement - (answers)A producer is
attempting to replace an existing life insurance policy with a new one. What must this producer
submit as part of the application?
30 - (answers)A producer must notify the commissioner of a change in address within ___ days
180 - (answers)How many days is a temporary producer's license valid?
3 - (answers)A producer must complete ___ hours of ethic per continuing education reporting
period
Prior to any services being rendered - (answers)A producer charged an insurance applicant an
administration fee. At what point must the producer give a written disclosure for this fee?
Maintain public confidence in the promises of insurers - (answers)One role of the life and health
guaranty association is to
31 - (answers)According to Illinois insurance law, life insurance claim payments made after ____
days from receipt of satisfactory proof of loss must receive the insurer's current interest rate
Industrial life - (answers)Which of the following types of insurance may a limited lines producer
sell?
Misrepresentation - (answers)____ can be defined as "making an unfair comparison of two
insurance policies"
Creditors - (answers)_____ could have claim to viatical settlement proceeds
UPDATED
Class 4 Felony - (answers)Q the producer knowingly misappropriated fiduciary money in the
amount of $150. This is his second offense. Q will likely be charged with
Replace coverage written by another producer - (answers)Which of these is NOT an unfair
method of competition?
Ensures that claim filed against insolvent insurance companies will be paid - (answers)The
guaranty fund
The soliciting producers name - (answers)Insurance applications MUST contain which of these
disclosure requirements?
Insurer's mortality table - (answers)All of these are required to be included in a life insurance
illustration EXCEPT
Misrepresentation - (answers)Stating that dividends are guaranteed is considered to be
30 - (answers)Producers must report felony convictions to the Director within ____ days after the
entry date of the judgement
Policy summary and buyers guide - (answers)I'm Illinois, which of the following MUST be
delivered to a policy owner upon the sale of an Individual life insurance policy?
Failing to effectuate prompt, fair, and equitable claim settlements - (answers)An example of an
unfair claims would be
, Different classes - (answers)It is acceptable to discriminate the amount of benefits for life and
health policies between individuals of
A signed statement by the applicant regarding the replacement - (answers)A producer is
attempting to replace an existing life insurance policy with a new one. What must this producer
submit as part of the application?
30 - (answers)A producer must notify the commissioner of a change in address within ___ days
180 - (answers)How many days is a temporary producer's license valid?
3 - (answers)A producer must complete ___ hours of ethic per continuing education reporting
period
Prior to any services being rendered - (answers)A producer charged an insurance applicant an
administration fee. At what point must the producer give a written disclosure for this fee?
Maintain public confidence in the promises of insurers - (answers)One role of the life and health
guaranty association is to
31 - (answers)According to Illinois insurance law, life insurance claim payments made after ____
days from receipt of satisfactory proof of loss must receive the insurer's current interest rate
Industrial life - (answers)Which of the following types of insurance may a limited lines producer
sell?
Misrepresentation - (answers)____ can be defined as "making an unfair comparison of two
insurance policies"
Creditors - (answers)_____ could have claim to viatical settlement proceeds
