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Life and Health Insurance Producer Exam

Guaranty association (IN): practice questions

Our Life & Health Insurance bank has 3 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Indiana

What is the Indiana guaranty association's limit on the present value of annuity benefits for one life?

  1. $250,000
  2. $300,000, plus any unpaid interest credited
  3. $100,000 per contract
  4. $5 million
Show the answer

A. $250,000 — IC 27-8-8-2.3(f)(2)(A)(vi).

Question 2 · Indiana

May an Indiana producer mention the Life and Health Insurance Guaranty Association to persuade a client to buy a policy?

  1. No; using the association to sell or induce a purchase is prohibited
  2. Yes, but only for annuities that fall within the association's dollar limits of coverage
  3. Yes, if the association's summary is also delivered
  4. Only in approved ads
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A. No; using the association to sell or induce a purchase is prohibited — IC 27-8-8-18(a).

Question 3 · Indiana

What are the Indiana Life and Health Insurance Guaranty Association's basic limits for life insurance on one life?

  1. $100,000 in death benefits and $50,000 in cash values
  2. $500,000 in death benefits and $250,000 in cash surrender or withdrawal values
  3. $300,000 in death benefits, but $100,000 in cash values
  4. $250,000 death benefit only
Show the answer

C. $300,000 in death benefits, but $100,000 in cash values — IC 27-8-8-2.3(f)(2)(A)(i).

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