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LIFE PRODUCER GAURANTY EXAM
NEWEST 2024 ACTUAL EXAM COMPLETE
100 QUESTIONS AND CORRE CT DETAILED
ANSWERS (VERIFIED ANSWERS )
|ALREADY GRADED A+||BRAND NEW
VERSION!!
Which of the following riders pays a beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident as defined in the policy? - ANSWER- An accidental rider
If a company that issues variable contracts is a subsidiary of another life insurance company already authorized to do variable business, - ANSWER- -The company is automatically authorized to do variable business
What can happen if a person who has been served a subpoena refuses to testify in an insurance case? - ANSWER- The individual can be found in contempt of court
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A producer licensed in only one group of insurance (such as life or accident and health or sickness) is required to complete 24 hours of continuing education every licensing period. Out of those hours, how many must be in the area of the insurance laws and rules? - ANSWER- 3
According to the life insurance replacement regulations, which of the following would be an example of policy replacement? - ANSWER- policy is reissued with a reduction in cash value.
Which of the following reduces opportunity for misrepresentation, protects the interests of the policyholders by establishing minimum standards, and establishes penalties for failure to comply with requirements? - ANSWER- Replacement— Replacement rules reduce opportunity for misrepresentation, protect the interests of the policyholders by establishing minimum standards, and establish penalties for failure to comply with requirements
All the following are true regarding qualifications for licensing in Hawaii EXCEPT - ANSWER- The applicant can apply if he or she has been convicted of a felony
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all of the following are true of credit life EXCEPT - ANSWER- The insured names the beneficiary
Guaranteeing future dividends is considered to be an unfair or deceptive act known as - ANSWER- Misrepresentation
During policy solicitation, an insurer exaggerates the financial condition of one of its competitors, and makes it sounds worse than it is. This is an example of an unfair trade practice of - ANSWER- Defamation
Which of the following is NOT a duty of the existing insurer when replacement is involved? - ANSWER- Provide notice to the policy owner the right to return the policy within 30 days of delivery and receive a full refund
An insurer decided to terminate a producer. The insurer just notified the Commissioner of this decision. How long does the insurer have to mail a copy of the notification to the producer? - ANSWER- 15 days
All of the expenses of an examination must be paid for by the insurer being examined. To which fund are payments remitted - ANSWER- Insurance regulation fund
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