Section 11 Flashcards
Insurance crimes which affect interstate commerce are prosecuted by the…
US attorney general
An ensurer wishing to conduct business in Arizona must obtain a
Certificate of authority
Per consumer, who has been recently denied insurance, credit, or employment based on an unfavorable consumer report, must be advised as such. What statute does this originate from?
Fair credit reporting act
If replacement was involved in the sale of a life insurance policy, a producer must provide a replacement notice no later than the
Application date
Which statement best defines what a policy title means on an insurance policy?
Every policy must have a title on the face and on the back of the policy, briefly describing the policy.
Which of the following actions may result in a producers license being suspended?
Misappropriation of premiums
An annuity contract may be returned for a full refund during the
Free look period
A licensee or applicant who is ordered into active military service may request that the license or application be placed on inactive status by sending the department a
Written statement
The genetic information, non-discrimination act of 2008 bars, all of the following, except
Prohibits the use of genetic information in health insurance, unless the applicant signs a waiver
If dividend option choices are offered, and a whole life insurance policy, the policy must
Contain a statement that dividends are not guaranteed
A _____ insurer restricts the exposures, it writes to those of its owners.
Captive
A policy owner decides to surrender the cash value of a whole life insurance policy. The insurer has up to _____ months to delay this payment
6
A licensee, whose name or address changes must notify the department of insurance within _____ days.
30 days
What is the best way to define life insurance replacement?
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered
What year was the mental health parody and addiction equity act established?
2008
The application is part of the annuity contract according to the
Entire contract clause
A life insurance applicant is tested for HIV. The applicant must be informed that the testing
Helps determine the insurability of the applicant
A statement must be signed by the _____ for any illustrations used in the sale of a life insurance policy.
Producer
Director
Beneficiary
Governor
Producer
Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?
14 days
21 days
30 days
31 days
31 days
To protect the information systems, producers, brokers, and insurance companies must implement and maintain a(n)
Cloud-based storage policy
Cybersecurity policy
Information superhighway policy
Biometrics recognition security policy
Cybersecurity policy
Which of the following may be considered an act of misrepresentation?
Misleading or failing to adequately disclose the title and true nature of a policy offered to a client.
Which of the following is not a valid reason for an insurer to contest a life insurance policy during the policy’s first two years of existence?
Misstatement of age
Fraud
Material misrepresentation
Material concealment
Misstatement of age
Which entity is responsible for regulating claims settlement practices of insurers?
BBB
State insurance departments
NAIC
Attorney general
State insurance departments
Telemarketing calls may ONLY be received between the hours of:
7am-8pm
8am-9pm
9am-10pm
10am-8pm
8am-9pm
