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Life and Health Insurance Producer Exam

Replacement (MA): practice questions

Our Life & Health Insurance bank has 5 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 · Massachusetts

Which transaction is exempt from most of Massachusetts's life insurance and annuity replacement rules?

  1. Replacing an annuity
  2. Replacing a policy issued in another state
  3. Group life insurance or group annuities
  4. Replacing whole life with individual term
Show the answer

C. Group life insurance or group annuities — 211 CMR 34.03(1)(b).

Question 2 · Massachusetts

When must a Massachusetts agent give the applicant the replacement notice in a life or annuity replacement?

  1. At policy delivery, signed only by the applicant and returned to the insurer
  2. Only if the applicant asks for it after receiving the replacement policy
  3. No later than taking the application, signed by both and left with the applicant
  4. Within 10 days after the replacement policy is issued, mailed to the applicant's home address
Show the answer

C. No later than taking the application, signed by both and left with the applicant — 211 CMR 34.04(2)(a).

Question 3 · Massachusetts

What unconditional refund right must a Massachusetts replacing insurer give the applicant?

  1. A full refund of all premiums if exercised within 20 days of policy delivery
  2. A refund only if the old insurer won't reinstate
  3. A refund of premiums minus any agent commission within 10 days of issue
  4. A refund of half the first-year premium within 30 days of delivery
Show the answer

A. A full refund of all premiums if exercised within 20 days of policy delivery — 211 CMR 34.06(1)(d).

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