Life Exam

Question 1

The fee for a business entity license

Answer 1

150

Question 2

Maximum civil penalty for license suspension revocation or denial

Answer 2

10000

Question 3

Regulation 919

Answer 3

Made to help director decide which insurance companies should be examined

Question 4

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

Answer 4

10

Question 5

Pfta how many days must funds be credited to insured

Answer 5

15

Question 6

How many years must advertising files be held

Answer 6

4

Question 7

Maximum fee of death benefit claim

Answer 7

250

Question 8

Limited lines car rental license

Answer 8

180 every 2 yrs

Question 9

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

Answer 9

24

Question 10

Written defamation

Answer 10

Libel

Question 11

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

Answer 11

30 days 15 days of paid

Question 12

How long must a company keep replacement forms

Answer 12

3 yes

Question 13

When must the director tell the guaranty association of company bankruptcy

Answer 13

3 days

Question 14

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

Answer 14

1000

Question 15

Producer violated order pertaining to market conduct activities

Answer 15

20000 fine and revocation suspension

Question 16

Who holds authority to grant license

Answer 16

Director

Question 17

What is maximum number of CE earned for a single course

Answer 17

12

Question 18

If director hires auditor who bears expense

Answer 18

The company audited

Question 19

How many days must producer notify when moving

Answer 19

30

Question 20

Smallest largest dollar value for misrepresentation

Answer 20

200-10,000

Question 21

Fee for temp license

Answer 21

50

Question 22

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

Answer 22

40

Question 23

What is a legal change that is part of a contract

Answer 23

Endorsement

Question 24

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

Answer 24

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

Question 25

How man temp license in IL

Answer 25

2

Question 26

Insured survivors receive how much social security death benefit

Answer 26

255

Question 27

Length of incontestability clause

Answer 27

2 years from the policy ISSUE

Question 28

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

Answer 28

Status

Question 29

What is composed of the entire contract

Answer 29

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

Question 30

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

Answer 30

Policy Summary

Question 31

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

Answer 31

Life Insurance Net Payment Cost Index

Question 32

when must you issue a buyers guide

Answer 32

before excepting initial premium

Question 33

when must policy summary be delivered

Answer 33

prior to delivery

Question 34

what are the required documents given to life APPLICANTS

Answer 34

Buyers guide and policy summar