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Life and Health Insurance Producer Exam

Replacement (AZ): practice questions

Our Life & Health Insurance bank has 5 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Arizona

In a replacement, the replacing insurer must give the owner the right to return the new policy or contract for a full refund within how many days of delivery?

  1. Thirty days
  2. Ten days
  3. Twenty days
  4. Fifteen days
Show the answer

A. Thirty days — A.R.S. 20-1241.05(E).

Question 2 · Arizona

For a regulatory review, values taken from an existing policy and used to pay premiums on a new policy from the same insurer are prima facie evidence of a financed purchase if taken within what window?

  1. One year before or two years after the new policy's effective date
  2. Any time during the first five years after the new policy is issued
  3. Thirty days before or six months after the new policy's effective date
  4. Four months before or thirteen months after the new policy's effective date
Show the answer

D. Four months before or thirteen months after the new policy's effective date — A.R.S. 20-1241(6).

Question 3 · Arizona

Within what time must a replacing insurer notify the existing insurer after receiving a completed application that indicates replacement?

  1. Within five business days
  2. Within forty-eight hours of the sale
  3. Within sixty days
  4. Within twenty-one days
Show the answer

A. Within five business days — A.R.S. 20-1241.05(C).

Question 4 · Arizona

Which existing coverage is excluded from Arizona's life and annuity replacement article?

  1. Any individual whole life policy that has already been in force for more than ten years
  2. Nonrenewable, nonconvertible term life that will expire in five years or less
  3. Any policy whose existing insurer is not licensed to do business in Arizona
  4. Any annuity that is funded with after-tax money from a personal account
Show the answer

B. Nonrenewable, nonconvertible term life that will expire in five years or less — A.R.S. 20-1241.01(A)(6).

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