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Correct with respect to annuity suitability

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Reference no: EM131653381

1. With regard to determining annuity suitability, a producer would NOT consider the senior customer's:

A. Tax status

B. Investment objectives

C. Financial status

D. Health status

2. Which of the following is not among the powers and duties of the Commissioner?

A. Review and approve rates and policy forms

B. Conducting investigations, examinations, and hearings associated with administering the insurance laws

C. Act to protect the best interests of authorized insurers

D. Establish rules and regulations needed to enforce the insurance law's

3. Which of the following is correct with respect to annuity suitability?

A. An insurer may issue an annuity regardless of whether the annuity is suitable based on the consumer's suitability information

B. The insurer or producer must make reasonable efforts to obtain a consumer's suitability information before the annuity is purchased, exchanged or replaced

C. Contracts used to fund pension or welfare benefit plans are not exempt from the annuity suitability requirements

D. A producer still has an obligation regarding the suitability of annuity for an applicant if the applicant decides to enter into the annuity transaction not based on the insurer's or producer's recommendation

4. Which of the following are false regarding the Life and Health Insurance Guaranty Association?

A. The Association is not liable for more than $300,000 in benefits for life insurance and $500,000 for basic hospital, medical and surgical insurance

B. Other member insurers are assessed to provide money for the claims of an insolvent insurer

C. An insurer has the option of becoming a member of the Association

D. It prevents financial loss to policyholders when an insurer becomes insolvent

5. Which of the following is NOT correct concerning a producer's duties pursuant to replacement?

A. Provide premium discount

B. Provide Copy of each sales proposal

C. Provide Signed replacement notice

D. Provide Listing of all policies proposed to be replaced

6. Which of the following are true regarding the duties of insurers?

A. The replacing insurer and existing insurer must retain records relating to replacements for 3 years

B. The existing insurer must notify the replacing insurer of a policy being replaced within 7 working days

C. The existing insurer must retain records relating to replacements for 5 years

D. The replacing insurer and existing insurer must retain records relating to replacements for 5 years

7. Which of the following is NOT among the powers and duties of the Health Insurance Commissioner?

A. Make recommendations to the governor and the legislature regarding the regulations, rates, services, administrative expenses, reserve requirements, and operations of insurers

B. Analyze the impact of changing the rating guidelines and/or merging the health insurance market

C. Conducting investigations, examinations, and hearings associated with administering the insurance laws

D. Provide analysis of the Rhode Island Affordable Health Plan Reinsurance Fund.

Reference no: EM131653381

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