How much a replacing producer response to an applicant wishing to replace existing life insurance

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2. Frequently Asked Questions
3. What must an agent do when replacing a long-term care policy with a new policy quizlet?

If a new long-term care policy is replacing existing coverage, the agent should make sure that the new policy's benefits... Match or exceed the existing policy.

What must an agent do when they are replacing another policy?

The agent must indicate on the application that the proposed policy will replace existing coverage -- thus notifying the proposed insurer that new coverage is a "replacement policy".

Which of the following must an agent do when replacing a life insurance policy quizlet?

When replacing a life policy, the agent must give the applicant: A disclosure form --- The agent must give to the client a disclosure statement or notice regarding replacement on the day of application. The notice regarding replacement gives the insured pertinent information about replacement.

When replacing life insurance What are the duties of the replace of the insurance company?

Replacing insurers must receive a list of the applicant's life insurance policies to be replaced, inform their field representative about replacement regulations, and send the existing insurer a written notice advising of the proposed replacement.

When replacing an LTC policy a producer must do all the following except?

D) Leave with the applicant a notice regarding replacement and copies of all sales material prepared by the agent. When replacement is involved, a producer must do all of the following EXCEPT: A) give the applicant a notice regarding replacement of life insurance signed by the applicant and producer.

Making use of the services available from Private Health insurers

When a policy is being replaced the producer of the new policy must notify?

During policy replacement, the replacing producer must present to the applicant a Notice Regarding Replacement that is signed by both the applicant and the producer. Which of the following insureds has a right to cancel an individual life policy within 30 days?

When a policy is being replaced the replacing company notifies the?

sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. The replacing company notifies the replacement company.

When replacement of existing coverage is involved extra requirements apply the agent must?

Correct! The agent must list any existing life insurance or annuities to be replaced on the application so that the INSURER can properly notify the Department of Insurance and current insurer regarding the replacement that is being made. A 20 days.

How must a replacing producer response to an applicant wishing to replace existing life insurance quizlet?

How must a replacing producer respond to an applicant wishing to replace existing life insurance? The producer must provide the applicant with a Notice Regarding Replacement.

Which is correct about the notice regarding replacement of life insurance that agents are required to deliver to life insurance applicants?

Which is correct about the "notice regarding replacement of Life Insurance" that agents are required to deliver to life insurance applicants? It must be signed prior to taking an application. The notice of replacement form is to be signed by the applicant and the agent prior to taking an application.

When replacing an existing life insurance policy the replacing insurer must notify the existing insurer within?

The insurer shall notify any existing insurer that may be affected by the proposed replacement within five business days after the receipt of a completed application indicating replacement or, if not indicated on the application, when the replacement is identified, and send a copy of the available illustration or ...

When an agent tries to convince a policyholder to replace an existing policy to buy another one what are they practicing?

Churning usually happens when an insurance agent intentionally uses false statements or documents to convince policyholders to give up existing insurance policies in favor of a new one from the same insurer.

What documents must be provided to the policy owner or applicant during policy replacement?

Which of the following documents must be provided to the policyowner or applicant during policy replacement? During policy replacement, the replacing producer must present to the applicant a Notice Regarding Replacement that is signed by both the applicant and the producer.

Can you replace a term life insurance policy?

Replacing life insurance policies isn't unheard of. Top 9 reasons why people replace their life insurance policies with a new plan: Your current term life insurance policy is expiring and the premiums will increase if you renew it. You had a baby and now need more coverage.

When a long term care policy is replaced after it has been in effect for at least six months?

When a long term care policy is replaced after it has been in effect for at least six months, the new policy may... Not exclude pre-existing conditions that would have been covered by the original contract.

When a replacement is involved in an insurance transaction an agent must?

(2) If replacement is involved: (i) Require from the agent or broker with the application for life insurance or annuity a list of all the applicant's existing life insurance or annuity to be replaced, and a copy of the replacement notice provided the applicant under § 81.4(b)(1) (relating to duties of agents and ...

Which of the following is considered a 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.

What is a notice regarding replacement?

Notice of replacement means a document on the basis of which an insured person notifies the fund of the replacement of the insurer for mandatory pension insurance selected by the insured person and specified in the insured person's transfer application or in the insured person's early transfer application.

When an insurer tries to discourage a policyholder for replacing an existing policy?

The act of trying to discourage a policyholder from dropping his/her existing policy is called conservation. Which of the following is NOT prohibited act? Any agent who holds one type of license must complete 16 hours of continuing education.

What phase begins after a new policy is delivered?

What phases begins after a new policy is delivered? Free-look Period.

Which of the following actions is required by an insured who leaves the primary area of medical?

If an insured leaves the primary area of medical coverage and seeks medical care, the insured first needs to: contact the insurer to obtain prior approval for the medical service.

When an insurer issues an individual health insurance policy that is guaranteed renewable the insurer agrees?

An insurer issues an individual health insurance policy that is guaranteed renewable, the insurer agrees: To renew the policy until the insured has reached age 65. What are features of a non-cancellable policy? The premium cannot be increased beyond the amount stated in a policy.

How long should an individual converting to an individual health plan have been covered under the previous group plan?

Your status once you have had 18 months of continuous creditable health coverage.

What can be done with an existing policy during replacement?

You may be able to make changes to your existing policy or contract to meet your insurance needs at less cost. A financed purchase will reduce the value of your existing policy and may reduce the amount paid upon the death of the insured.

How must a replacing producer respond to an applicant wishing to replace existing life insurance quizlet?

How must a replacing producer respond to an applicant wishing to replace exisitng life insurance?

What is the act of replacing an existing insurance policy with another?

What is the minimum free look period for newly issued life insurance policies in the state?