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Life Insurance > WI Life Insurance Law Test > Flashcards

WI Life Insurance Law Test Flashcards

1
Q

True or False
Stranger-oriented life insurance in WI is legal if a WI resident

A

False

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2
Q

True or False
In order to sell variable products you must have your intermediaries license, WI Variable Life and Annuities license & a securities license

A

True

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3
Q

True or False
Any variable universal product sold in WI must state that the dollar amount of benefits may decrease or increase

A

True

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4
Q

True or False
In a variable universal life insurance contract, the individual must make yearly payments until the stated age of 100

A

False

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5
Q

True or False
If a group life insurance policy is being replaced, replacement forms do not need to be completed

A

True

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6
Q

True or False
The maximum amount of life insurance available from the State Life Insurance fund is $1,000

A

False

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7
Q

True or False
A policy summary is given to the applicant for insurance before the application is written

A

False

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8
Q

True or False
If an insurance company has paid a dividend for the past 10 years, they may state that dividends are guaranteed in their projection

A

False

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9
Q

True or False
If an Average Annual Rate of Return Index needs to be included in the sales presentation, it must show the figures for 10 & 20 years

A

True

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10
Q

True or False
An insurance intermediary must keep transactions with clients for 3 years

A

True

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11
Q

What must be given to the individual when the policy is delivered?

A

A policy summary

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12
Q

What life insurance policy offers flexibility of the investment cash values, death benefit & premium?

A

A variable universal life policy

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13
Q

If a life insurance policy is being replaced in WI, the new contract, when delivered must provide a how many day right to return policy?

A

30 days

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14
Q

What will show a return on an individual’s money if it was invested outside of the policy and was earning a set percentage of interest on that money?

A

Time value of money

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15
Q

The only difference between what and a the cash surrender value is a surrender charge?

A

Cash value

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16
Q

When the premium is due, the insured has an additional 31 days in which to pay the premium, this is called what?

A

Grace period

17
Q

Under the incontestability provision, no life insurance policy may be contested if the policy has been in force for over how many years?

A

2 years

18
Q

If age is misstated in a life insurance application, what will the insurance company do?

A

Adjust the benefits

19
Q

When a life insurance policy is sold, the applicant must be given a copy of what?

A

Buyers Guide to Life Insurance

20
Q

In life insurance, an overpayment of a premium is called what?

A

Dividend

21
Q

Which of following terms may not be used by an individual who solicits only life insurace?
A. Insurance agent
B. Intermediary
C. Financial Planner

A

C. Financial Planner

22
Q

A policy summary must contain Surrender Cost Indexes for:
A. 1 & 5 years
B. 5 & 10 years
C. 10 & 20 years
D. 25 & 50 years

A

C. 10 & 20 years

23
Q

If replaced, replacement forms must be filled out for all of the following EXCEPT:
A. Annuities
B. Credit Life
C. Variable Life
D. Variable Universal Life

A

B. Credit Life

24
Q

Replacement forms only need to be kept for how many years by the agent for the OCI?
A. 5 years
B. 4 years
C. 3 years
D. 1 year

A

C. 3 years

25
Q

All of the following are considered characteristics in determining the suitability of a policy for an individual EXCEPT:
A. Current arrangement of assets
B. Income
C. Race
D. Risk planning philosophy

A

C. Race

26
Q

According to WI law regarding AIDS, what can the insurance company do?

A

In individual life insurance, the insurance company may require an AIDS test

27
Q

The State Life Fund offers which of the following maximum amounts of life insurance?
A. $1,000
B. $5,000
C. $10,000
D. $25,000

A

C. $10,000

28
Q

All of the following are considered to be advertisements EXCEPT:
A. Rate Charts
B. Billboards
C. Sales Talks
D. Packaging

A

A. Rate Charts

29
Q

How many days does WI require as far as days for right to return if replacement is involved?

A

30 days

30
Q

If this is designated, no policy loans may be taken out, or a change of beneficiary may not take place unless we have written permission from the:
A. Beneficiary
B. Irrevocable Beneficiary
C. Insurance Commissioner
D. Estoppel

A

B. Irrevocable Beneficiary

31
Q

In a variable life policy, the general marketing plan is designed to protect the:
A. Insurance company
B. FDIC
C. Policyholder
D. Insurance Commissioner

A

C. Policyholder

32
Q

When an insurance company receives an application from the agent, and replacement is involved, that insurance company has how many days to notify the company being replaced that their policy might be or is going to be replaced?
A. 5 days
B. 10 days
C. 20 days
D. 30 days

A

A. 5 days

33
Q

Who is the individual that has the final decision on whether a policy is suitability for a client or not?
A. Individual Applicant
B. Insurance Commissioner
C. Insurance Company
D. Insurance Agent

A

D. Insurance Agent

34
Q

Who was the 13th president of the United States?
A. Millard Fillmore
B. James Polk
C. Andrew Jackson
D. Teddy Roosevelt

A

A. Millard Fillmore

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