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7 Cards in this Set

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Which of the following istrue regarding a policy with a face value less than $10,000 ?

If it is returned during the free look peroid, the agreement will be viod

Any Insurance agent who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation ?

be fined a sum of $1,000

An insurer has been found guilty of a Code violation regarding replacement. The insurer then RPEATS the violation. What will be the minimum penalty ?


Additional violations of the replacement article by the insurer will result in increased fines ($30,000 to $300,000.00). The Comissioner my suspend or revoke the license of any person or entity this article.

During the free-look peroid, the premium for a variable annuity may be invested in all of the following EXCEPT ?

Value funds

During the 30-day cancellation (free-look) peroid, the premium foar a variable annuity may only be invested in fixed-income investments and money-market funds, unless the investor specifically request that the premiums be invested in the mutual funds.

What is the minimum free-look peroid for NEWLY issued life insurance policies in this state ?

10 days

The free-look peroid for all individual life insurance contracts must be no less than 10 days and not to exceed 30 days from the date the policy is delivered to the insured.

To which of the following situations dose the Replacement Regulation apply ?

Whole Life insurance

The Replacement Regulation dose not apply to credit life and group annuitits, or transactions with the same insurer.

A legally accepted attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called ?


Conservation means any attempt by the existing insurer or its producers, or by a broker to dissuade a current policyowner from the replacement of existing life insurance or annuity