24. Producers must notify the Department of Insurance of any change of address, residence, business or email within A. 10 days B 20 days C. 30 days D 45 days 25. The life insurance clause that prevents an insurance company from denying payment of a death claim due to statements in the application is known as the A. Incontestable clause B. Misstatement of Age clause C. Reinstatement clause D. Insuring clause 26. A person who is authorized by an insurance company to solicit or negotiate insurance contracts is known as alan A. Broker B. Consultant C. Adjuster D. Agent 27. When an insurer is unable to meet its financial obligations, it is considered A. Unauthorized B. Insolvent C. Nonadmitted D. Over-Insured 28. An insurance company accepts a premium collected by a producer. This represents what type of producer authority? A. Expressed B. Apparent C. Presumed D. Implied 29. After paying premiums of $2,000 on a nonparticipating whole life policy, a client surrendered it for its cash value of $3,500. The client will be taxed on how much? A None B $2,000 C $1,500 D $3,500 30. Licenses issued to nonresidents by the Superintendent grant the same rights and privileges as resident licenses. This is called A Reinsurance B Reciprocity C Reciprocal Exchange D. Controlled Business 31. In what type of account are the funds of a fixed annuity held? A General B. Accumulation C Separate D.Variable 32. Producers are required to keep a copy of all written disclosures provided to the policyowner for at least A 1 year B. 3 years C. 5 years D. 6 years 33. Which life insurance provision states that the application and the policy are part of the contract? A. Entire Contract B. Incontestability Contract C. Right to Examine (free look) D. Policy Summary 34. All of the following are examples of a peril EXCEPT A. Accident B. Death C. Loss D. Sickness 24. Producers must notify the Department of Insurance of any change of address, residence, business or email within A. 10 days B 20 days C. 30 days D 45 days 25. The life insurance clause that prevents an insurance company from denying payment of a death claim due to statements in the application is known as the A. Incontestable clause B. Misstatement of Age clause C. Reinstatement clause D. Insuring clause 26. A person who is authorized by an insurance company to solicit or negotiate insurance contracts is known as alan A. Broker B. Consultant C. Adjuster D. Agent 27. When an insurer is unable to meet its financial obligations, it is considered A. Unauthorized B. Insolvent C. Nonadmitted D. Over-Insured 28. An insurance company accepts a premium collected by a producer. This represents what type of producer authority? A. Expressed B. Apparent C. Presumed D. Implied 29. After paying premiums of $2,000 on a nonparticipating whole life policy, a client surrendered it for its cash value of $3,500. The client will be taxed on how much? A None B $2,000 C $1,500 D $3,500 30. Licenses issued to nonresidents by the Superintendent grant the same rights and privileges as resident licenses. This is called A Reinsurance B Reciprocity C Reciprocal Exchange D. Controlled Business 31. In what type of account are the funds of a fixed annuity held? A General B. Accumulation C Separate D.Variable 32. Producers are required to keep a copy of all written disclosures provided to the policyowner for at least A 1 year B. 3 years C. 5 years D. 6 years 33. Which life insurance provision states that the application and the policy are part of the contract? A. Entire Contract B. Incontestability Contract C. Right to Examine (free look) D. Policy Summary 34. All of the following are examples of a peril EXCEPT A. Accident B. Death C. Loss D. Sickness
