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.
What must be included in all life insurance advertisements?
Which of the following must be included in all life insurance advertisements? Correct! The identity of the actual insurer must be stated in all advertisements .
Which of the following must be disclosed in an advertisement for an individual health insurance policy?
Advertisements must be truthful and not misleading in fact or by implication . The form and content of an advertisement of a policy will be sufficiently complete and clear so as to avoid deception. It will not have the capacity or tendency to mislead or deceive.
What must an insurance agent do when using statistics in an advertisement?
If statistics are used in an advertise- ment, they must be recent and relevant, with sources clearly identified . While it is tempting, one should not rely solely on a specified website or the Internet in general as the source. Instead, you should seek out and disclose the actual, credible source.
When replacing a life insurance policy a producer must provide the applicant with a?
When replacement occurs, the existing insurer must provide the policyowner with a policy summary for the existing life insurance within ten days of receiving the written communication advising of the proposed replacement and the replacement notice.
Which of the following is the best reason to purchase life insurance rather than annuities?
Based on those very simplistic explanations, the best reason for purchasing life insurance rather than annuities would be to provide for your loved ones if you do not have much saved up . ... With life insurance, you gain an instant legacy. After that first premium is paid, should you die, your heirs have an instant estate.
Which is an example of an unfair claims settlement practice?
Typical Example of Unfair Claims Practice
The insurance company delays payment , rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment. For example, the claims representative keeps “forgetting” to send the claim forms.
What is an example of rebating?
An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale . Rebates can be made in the form of cash, gifts, services, payment of premiums, employment, or almost any other thing of value.
Which of the following types of insurance policies is most commonly used in credit life insurance?
| Question Answer | Which of the following types of insurance policies is most commonly used in credit life insurance? Decreasing term | Both Universal Life and Variable Universal Life have a AFlexible premium. | Which of the following would be the beneficiary in credit life insurance? Creditor |
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Who is not covered by the privacy Rule?
Organizations that do not have to follow the government's privacy rule known as the Health Insurance Portability and Accountability Act (HIPAA) include the following, according to the US Department of Health and Human Services: Life insurers . Employers . Workers' compensation carriers .
How long must insurers keep records of advertisements?
The regulation requires records to be kept for at least six years after their filing date . advised that insurance policy records for employees be kept at least six years to ensure federal compliance. Retaining the right documents can make life much easier if a claim is filed.
Who regulates most health insurance advertising?
The laundry list of side effect warnings featured in pharmaceutical ads—which typically account for two-thirds of healthcare marketing expenditures—is the result of the Food and Drug Administration's (FDA) regulatory authority over the pharmaceutical industry.
What is the replacement rule in insurance?
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 ...
What is an example of life insurance policy replacement?
Policy replacement is “...an action which eliminates the original policy or diminishes its benefits or values.” Examples of this are policy loans, taking reduced paid-up insurance, or withdrawing dividends .
How long must an insurer keep a policy summary?
The insurer must retain copies until 3 years after client terminates policy .
When must a claim on a life insurance policy be paid after proof of loss?
Under this and similar provisions, three things must occur before an insurer is obligated to pay: (1) a proof of loss must be submitted to the insurer; (2) ascertainment of the loss or damage must be made by agreement between the insured and the insurance company or by appraisal or judgment; and (3) 30 days (60 or 90 ...
