Licensee Responsibilities (ID-L)

What is the term used to describe the selling of a life insurance policy with the intent of replacing one or more of the policyowner’s existing life insurance policies, which are simultaneously cancelled?

Which of the following means a written statement describing only the guaranteed elements of the policy, including the annual premium, guaranteed amount payable upon death, and total guaranteed cash surrender values at the end of the year?

State laws and rules require insurance companies and producers involved in the sale of a policy that replaces another to follow procedures to ensure that who understands the consequences of cancelling an existing policy?

A buyer’s guide means a document which contains, and is limited to, the language contained in the “Life Insurance Buyer’s Guide,” as adopted and amended by, and available from which organization?

In addition to a buyer’s guide, what shall the insurer provide when the life insurance policy is delivered, or prior to delivery of the policy if so requested?

Prior to making a solicitation, sale, or recommendation to purchase or terminate a variable contract, what does a producer need to be licensed as?

Which of the following statements is FALSE about life insurance advertising?

Producers are required to make sure that the consumer has been reasonably informed of various features of the annuity and that the consumer would benefit from certain features of the annuity, such as tax-deferred growth, annuitization, or death or living benefit. Which term bests describes these requirements?

Which of the following statements is FALSE about the Utah Life & Health Insurance Guaranty Association (ULHIGA)?

The net cost method and the interest-adjusted indexes method are two ways to compare the cost of different life insurance policies. Why is the interest-adjusted indexes method considered to be superior?

An illustration used in the sale of a life insurance policy shall be clearly labeled as what?

Which of the following means a written statement describing only the guaranteed elements of the policy, including the annual premium, guaranteed amount payable upon death, and total guaranteed cash surrender values at the end of the year?

A buyer’s guide means a document which contains, and is limited to, the language contained in the “Life Insurance Buyer’s Guide,” as adopted and amended by, and available from which organization?

Prior to making a solicitation, sale, or recommendation to purchase or terminate a variable contract, what does a producer need to be licensed as?

Producers are required to make sure that the consumer has been reasonably informed of various features of the annuity and that the consumer would benefit from certain features of the annuity, such as tax-deferred growth, annuitization, or death or living benefit. Which term bests describes these requirements?

Which of the following statements is FALSE about life insurance advertising?

The net cost method and the interest-adjusted indexes method are two ways to compare the cost of different life insurance policies. Why is the interest-adjusted indexes method considered to be superior?

What is the term used to describe the selling of a life insurance policy with the intent of replacing one or more of the policyowner’s existing life insurance policies, which are simultaneously cancelled?

State laws and rules require insurance companies and producers involved in the sale of a policy that replaces another to follow procedures to ensure that who understands the consequences of cancelling an existing policy?

Which of the following statements is FALSE about the Utah Life & Health Insurance Guaranty Association (ULHIGA)?

In addition to a buyer’s guide, what shall the insurer provide when the life insurance policy is delivered, or prior to delivery of the policy if so requested?

An illustration used in the sale of a life insurance policy shall be clearly labeled as what?