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Life and Health Insurance Producer Exam

Replacement (CT): practice questions

Our Life & Health Insurance bank has 4 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 · Connecticut

An applicant says yes to having existing policies. What must the producer do with the Notice Regarding Replacement, no later than when the application is taken?

  1. File it with the Insurance Department along with a replacement fee
  2. Mail it to the existing insurer within 30 days after the policy is issued
  3. Give it to the applicant only if the new insurer asks for a signed copy
  4. Present and read it aloud unless the applicant waives reading; both sign it
Show the answer

D. Present and read it aloud unless the applicant waives reading; both sign it — Regs. Conn. State Agencies 38a-435-3(b).

Question 2 · Connecticut

In a replacement, what right to return must the replacing insurer give the owner of a new fixed policy or contract?

  1. 20 days after the application, with a refund of half the premium
  2. 10 days after receipt, with an unconditional full refund of premiums
  3. 30 days after receipt, with a refund less any surrender charge that applies
  4. No return right, since a replacement is a voluntary exchange
Show the answer

B. 10 days after receipt, with an unconditional full refund of premiums — Regs. Conn. State Agencies 38a-435-5(a)(4).

Question 3 · Connecticut

Using values of an existing policy to pay premiums on a new policy from the same company is prima facie evidence of a financed purchase if it occurs within what window?

  1. From 4 months before to 13 months after the new policy's effective date
  2. Only on the same day that the new policy's application is signed and dated
  3. From 1 month before to 6 months after the new policy's effective date
  4. From 12 months before to 24 months after the new policy's issue date
Show the answer

A. From 4 months before to 13 months after the new policy's effective date — Regs. Conn. State Agencies 38a-435-2(6).

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