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Life and Health Insurance Producer Exam

Replacement (IN): 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 · Indiana

An existing insurer decides to try to keep a policy that is being replaced. What must it give the policyowner, and when?

  1. A signed comparison prepared by its actuary within 30 days after the new policy is delivered
  2. A refund of last year's premium within 10 days
  3. A copy of the original application
  4. An Essential Policy Information Summary within 20 days of receiving the notice
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D. An Essential Policy Information Summary within 20 days of receiving the notice — 760 IAC 1-16.1-8(A).

Question 2 · Indiana

Within what time must an Indiana replacing insurer send the existing insurer a copy of the replacement notice?

  1. 3 working days after receiving the application or issuing the policy, whichever is sooner
  2. 10 days after delivery
  3. Only on written request
  4. 30 days after the application is signed, unless the agent has already mailed a copy to the existing insurer
Show the answer

A. 3 working days after receiving the application or issuing the policy, whichever is sooner — 760 IAC 1-16.1-6(C)(3).

Question 3 · Indiana

When must an Indiana agent give the applicant the 'Important Notice Regarding Replacement of Life Insurance'?

  1. Within three working days after policy delivery
  2. Only if the applicant asks for it; the agent keeps a signed copy in the file
  3. At the end of the free-look period, signed by the existing insurer as well as the agent
  4. By the time the application is taken; the signed original stays with the applicant
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D. By the time the application is taken; the signed original stays with the applicant — 760 IAC 1-16.1-5(B)(1).

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