Mi Life Insurance Exam Questions And Answers With Complete Solutions

An insured has recently joined the Marine Corp and their insurance company has indicated to the insured that an increase in premium will result from this action. The insurance company A: is well within their rights to raise premium based on induction to military service as this represents a greater risk to the insurer. B: is allowed to increase rates based on military service in certain policy types. C: may face action by the Director because this is an example of an unfair claims practice. D: may face action by the Director because this is an example of unfair discrimination. {Ans: D: may face action by the Director because this is an example of unfair discrimination.}Selling insurance without a license without misappropriating premium funds is a A: Class A misdemeanor B: Class C misdemeanor C: Class 4 felony D: not a crime {Ans: A: Class A misdemeanor}Under Illustration Regulation, an illustration must be provided at: A: application B: delivery C: premium payment D: None of the Above {Ans: A: application}Under Life Solicitation Rule, the definition that applies to a consumer that is most concerned about death benefit proceeds to be paid upon death is referred to as: