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Accounting > Life Exam > Flashcards

Life Exam Flashcards

1
Q

The fee for a business entity license

A

150

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2
Q

Maximum civil penalty for license suspension revocation or denial

A

10000

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3
Q

Regulation 919

A

Made to help director decide which insurance companies should be examined

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4
Q

Director must give how many days for a non financial conduct examination

A

10

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5
Q

Pfta how many days must funds be credited to insured

A

15

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6
Q

How many years must advertising files be held

A

4

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7
Q

Maximum fee of death benefit claim

A

250

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8
Q

Limited lines car rental license

A

180 every 2 yrs

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9
Q

Amount of time of continuing education required after 2 years of renewal

A

24

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10
Q

Written defamation

A

Libel

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11
Q

How many days to stop viatical if no payment has been made

A

30 days 15 days of paid

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12
Q

How long must a company keep replacement forms

A

3 yes

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13
Q

When must the director tell the guaranty association of company bankruptcy

A

3 days

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14
Q

Producer violation of cease and desist for unfair competition what is the fine

A

1000

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15
Q

Producer violated order pertaining to market conduct activities

A

20000 fine and revocation suspension

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16
Q

Who holds authority to grant license

A

Director

17
Q

What is maximum number of CE earned for a single course

A

12

18
Q

If director hires auditor who bears expense

A

The company audited

19
Q

How many days must producer notify when moving

A

30

20
Q

Smallest largest dollar value for misrepresentation

A

200-10,000

21
Q

Fee for temp license

A

50

22
Q

How many units must you have to be insured under social security

A

40

23
Q

What is a legal change that is part of a contract

A

Endorsement

24
Q

If producer charges service fee in addition to commission what is required

A

If compensation exceeds 10% of annual premium there producer and applicant must agree in writing

25
Q

How man temp license in IL

A

2

26
Q

Insured survivors receive how much social security death benefit

A

255

27
Q

Length of incontestability clause

A

2 years from the policy ISSUE

28
Q

Of the War exclusions under a life policy, which is the most restrictive?

A

Status

29
Q

What is composed of the entire contract

A

the policy, copy of the application, riders and endorsements.

30
Q

Under Life Solicitation Rule, the definition that applies to a consumer that is most concerned about cash value buildup is referred to as

A

Policy Summary

31
Q

Under Life Solicitation Rule, the definition that applies to a consumer that is most concerned about death benefit proceeds to be paid upon death is referred to as

A

Life Insurance Net Payment Cost Index

32
Q

when must you issue a buyers guide

A

before excepting initial premium

33
Q

when must policy summary be delivered

A

prior to delivery

34
Q

what are the required documents given to life APPLICANTS

A

Buyers guide and policy summar

Accounting (19 decks)

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