readiness exam questions Flashcards
when an insured terminates membership in the insured group, the insured can convert to :
whole life without proof of insurability within 31 days
the mechanism used to pay covered claims and prevent financial losses to claimants and policyowners when an insurance company becomes insolvent is :
Guaranty Association
unfair claims practices will be assumed to be intentional if :
they occur with such frequency as to indicate a general business practice
Guaranteeing future dividends is considered to be an unfair or deceptive act known as
misrepresentation
in replacement of life insurance policies who must sign the notice regarding replacement?
the applicant and the producer
Life insurance and Annuity Replacement regulation applies to all of the following types of life products EXCEPT
The Replacement Regulation does not apply to credit life, group life and group annuities
What is INCORRECT regarding insurance advertisements?
Testimonials used in advertisements may or may not apply to the policy advertised.
What is TRUE regarding SIMPLE plans?
Contributions and earnings are tax-deferred until funds are withdrawn.
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