If an agent is advertising a life insurance policy, the agent must disclose the Quizlet

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Which situations does NOT require an agent to provide a suitability statement to the annuity company

A) When an annuity contract is recommended and sold as a solution to a client's financial objectives

B) After evaluation of a client's retirement goals, an annuity is proposed and sold

C) When an agent advises a client to purchase a fixed annuity to provide retirement income and an application is taken

D) When an agent discusses annuities in general with a client, but no specific recommendation is made

Question 1
When selling a life insurance policy that replaces an existing policy, the agent must leave all of the following items with the applicant EXCEPT:

copies of documents used in the transaction
originals or copies of marketing communications used in the sale
-confirmation that any existing insurers have been notified of the replacement
Notice Regarding Replacement signed by the producer and applicant
The insurer, not the agent, confirms that any existing insurers are notified of the replacement. However, the insurer is not required to provide this confirmation to the applicant.
Question 2
If a person buys a new life insurance policy to replace an existing one, the agent must give the applicant the Notice Regarding Replacement form no later than when?

-when the application is taken
when the initial premium is paid
when the person is first solicited
when the policy is delivered
If a new life insurance policy will replace an existing one, the agent must give the Notice Regarding Replacement form to the applicant no later than at the time the application is taken.
Question 3
Which of the following is not likely to be permitted in a life insurance policy advertisement?

a testimonial from a person who is paid for the endorsement
statistics
identity of the insurer offering the policy
-statement that an insurer's policies are endorsed by the federal government and state insurance organizations
Advertisements cannot state or imply that an insurer or policy has been approved or endorsed by a group, society, association, or other organization unless it is true, and any relationship between the organization and the insurer is disclosed.
Question 4
Abby wishes to buy a $500,000 term life insurance policy on her husband, Al, who is the family breadwinner. Which statement is correct?

-Abby may buy the policy without Al's consent.
Abby does not have an insurable interest in Al's life.
Abby cannot buy a policy on Al's life.
Abby may buy the policy only if Al consents.
A spouse is not required to obtain the other spouse's consent when purchasing insurance on his or her life.

Question 1
The Notice Regarding Replacement provides all of the following information to the life insurance applicant EXCEPT:

-protections of the Life and Health Insurance Guaranty Association
whether an existing policy will fund the new policy
a list of any life insurance policies that will be replaced
the insurer's identity
As is the case with the sale of any life insurance policy, an insurer or producer is prohibited from using the existence of the state's Life and Health Insurance Guaranty Association for the purpose of selling a policy.
Question 2
What must a replacing insurer do when replacement is involved in a life insurance transaction?

-notify the existing insurer within three days of the proposed replacement
send a copy of the replacement notice and its premium rates to the applicant
require the agent to sign a sworn statement that replacement is in the applicant's best interests
notify the Commissioner of the proposed replacement
When replacement is involved, the replacing insurer must notify an existing insurer that may be affected by the proposed replacement within three business days of receiving the application for the replacement policy.
Question 3
Paula wants to buy a permanent life insurance policy for her 12-year-old son. Which of the following statements is correct?

She can buy the policy only if the father consents.
She does not have an insurable interest in her son's life.
-She can buy the policy without having to obtain her son's consent.
She cannot buy the policy without first obtaining her son's consent.
A parent has an insurable interest in his or her child's life. A parent may therefore buy a policy insuring the child's life without obtaining the child's consent.
Question 4
A producer is not required to deliver which of the following documents to a policyowner who buys a life insurance policy that replaces another?

-certificate of authority
Buyer's Guide
Notice of Replacement
policy summary
A certificate of authority is evidence of the Commissioner's authorization for an insurer to transact insurance business in the state.