State Statues, Rules and Regulations Flashcards
Producers must complete continuing education (CE) requirements every ?
2 yrs
An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer’s classification in Wyoming?
Foreign.(Domiciled is the key word)
A foreign insurer is domiciled in one state and transacts insurance in another.
Domestic insurer
transacts insurance in the domicile state.
alien insurer
is domiciled in one country and transacts insurance in another.
A producer who has allowed his or her license to lapse may reinstate the license without retaking the examination within what maximum time period?
12 months.
Which of the following is a characteristic of a Reciprocal Insurance Exchange?
CThe chief administrator of the insurer is called an “attorney-in-fact”.
Which of the following is NOT true regarding the Notice Regarding Replacement?
A copy must be sent to existing insurer.
Which of the following riders added to a life insurance policy can pay part of the death benefit to the insured to cover expenses incurred in a nursing or convalescent home?
Long term care keyword( nursing)
Connecticut, what is the maximum interest rate that may be charged by an insurance company on a policy loan
8%
Which of the following is an acceptable term to use when referring to a life insurance policy in an advertisement
Indeminity
Supplemental illustrations
Supplemental illustrations may be used as long as they are preceded by basic illustrations.
Under what circumstance may a creditor of an insured, not named as beneficiary, seek entitlement to the proceeds of a life insurance death benefit
If the policy was purchased with the intent to defraud the creditor.
Which of the following dates must be contained in a policy summary?
Date the policy was summarized.
An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured’s interest rate?
3 months
Which of the following is another term for an authorized insurer?
Admitted
