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Life and Health Insurance Producer Exam

Replacement (NM): 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 · New Mexico

Under New Mexico's replacement rule, using values from an existing policy to pay premiums on a new policy from the same company within what window is prima facie evidence of a financed purchase?

  1. 4 months before to 13 months after the new policy's effective date
  2. Any time in the 5 years before the new policy is issued
  3. 30 days before to 6 months after the new policy's effective date
  4. 12 months before to 24 months after the application date
Show the answer

A. 4 months before to 13 months after the new policy's effective date — 13.9.6.7(D) NMAC.

Question 2 · New Mexico

In a New Mexico replacement, how long does the owner have to return the new life policy or annuity for a full refund?

  1. 20 days from the application date
  2. 10 days from delivery
  3. 30 days from delivery
  4. 60 days from the policy's effective date
Show the answer

C. 30 days from delivery — 13.9.6.10(A)(4) NMAC.

Question 3 · New Mexico

In a New Mexico life or annuity replacement, when must the producer present and read the notice regarding replacement to the applicant?

  1. No later than the time the application is taken
  2. Within 30 days after the existing policy is surrendered
  3. Only if the applicant asks for it in writing
  4. Within 10 days after the new policy is delivered
Show the answer

A. No later than the time the application is taken — 13.9.6.8(B) NMAC.

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