True regarding interest on life insurance proceeds

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Reference no: EM131651492

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

A. Act to protect the best interests of authorized insurers

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

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

D. Review and approve rates and policy forms

2. Which of the following statements is true regarding interest on life insurance proceeds?

A. Interest on the proceeds must be paid at the rate of 6% per annum

B. Interest on the proceeds is payable from the date of death to the date of payment

C. The insurer may retain the proceeds and pay the beneficiary or policyholder respectively interest on those proceeds

D. Interest on the proceeds is payable from 30 days following the date of death to the date of payment

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

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

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

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

D. 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

4. With respect to Fraternal Benefit Societies, which of the following statements is NOT correct?

A. A fraternal benefit society operates for the benefit of its members and their beneficiaries

B. A fraternal benefit society is taxed only on real estate it owns and office equipment it purchases

C. The regulations that apply to producers do not apply to Society producers

D. A Society's license is continuous unless revoked or suspended\

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

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

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

Reference no: EM131651492

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