What will the soliciting insurance producer say? A. The proceeds will be split evenly between the two beneficiaries. … The owner may name more than one individual, in which case the individual beneficiaries will split the benefit by the percentage specified in the policy.
How long will the beneficiary receive payments under the single life settlement option?
The Single Life Option can provide a single beneficiary income for the rest of his/her life. Upon the death of the beneficiary, the payments stop. 4.
What must be disclosed when a producer advertises a life insurance policy?
Advertisements must be truthful and not misleading in fact or by implication. … -An advertisement will not use as the name or title of a life insurance policy any phrase that does not include the words “life insurance” unless accompanied by other language clearly indicating it is life insurance.
When must a producer provide disclosure?
When must a producer provide disclosure about information practices to an applicant? A producer must give a disclosure notice about information practices to an applicant prior to or at the time of signing the application.
Is selling insurance soliciting?
“Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company. “Solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.
What type of policy that can be changed from one that does not accumulate cash value to the one that does is a?
The type of policy that can be changed from one that does not accumulate cash value to one that does, is a: Convertible Term Policy.
When an insurer makes a lump sum payment?
Lump sum, where the life insurance company pays the total amount of the benefit in one single payment at the death of the insured.
What is the best way to define life insurance replacement?
A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed …
Which of the following is an example of an unfair claims settlement practice?
Sign 1) Refusal to Pay a Claim Without a Reasonable Basis. Sign 2) Refusal to Properly Investigate Your Claim In A Timely Manner. Sign 3) The Insurance Company Tries to Settle for Less than You Deserve. Sign 4) Your Insurer Demands a Stupid Amount of Paperwork or Evidence.
What Cannot be included along with illustrations used to sell life insurance?
Illustrations used to sell life insurance cannot use the term “vanishing premium” – or any similar term – that implies the policy becomes paid up.
Which of these is considered an unfair trade practice?
Some examples of unfair trade methods are: the false representation of a good or service; false free gift or prize offers; non-compliance with manufacturing standards; false advertising; or deceptive pricing.
Under what circumstances should the producer obtain a statement of good health?
The producer must also get a Statement of Good Health from the applicant/insured at the time of policy delivery that verifies that the insured has not suffered injury or illness, had any surgeries, or been admitted to a hospital since the application date.
What action should a producer take?
What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is “Forward the application to the insurer without the initial premium“. In this situation, the producer should submit the application to the insurance company without the premium.
What is required after a life agent sells an insurance policy?
What is required after a life agent sells an insurance policy to an applicant without being appointed by the insurer? If a life agent sells an insurance policy on behalf of an insurer without an appointment, the insurer must submit a notice of appointment to the Commissioner within 14 days.
What is the price of insurance for each exposure unit?
A rate is the price per unit of insurance for each exposure unit, which is a unit of liability or property with similar characteristics. For instance, in property and casualty insurance, the exposure unit is typically equal to $100 of property value, and liability is measured in $1,000 units.
What license do you need for soliciting insurance?
1. An individual can apply for only one licence which will entitle him to solicit or procure insurance business of any class and to act as an insurance agent for one life insurer, one general insurer, or both.