Illinois life and health practice exam

1. In Illinois, the official who heads the Department of Insurance and can suspend or revoke a producer license is called the:

1. Commissioner
2. Secretary of State
3. Director
4. Superintendent

2. How many CE hours must an Illinois resident producer complete to renew a license?

1. 30 hours, including 3 hours of ethics
2. 24 hours, including 3 hours of ethics that may be taken by any method
3. 20 hours, including 2 hours of ethics
4. 24 hours, including 3 hours of ethics taken in a classroom or by webinar

3. An Illinois producer's CE must be complete and on record at least how long before the renewal date?

1. 1 business day
2. 10 business days
3. 90 days
4. 30 business days

4. If an Illinois producer is late completing CE, what happens?

1. No extension is given, and a penalty fee of double the unpaid license fee is assessed
2. The producer may carry the shortfall into the next period
3. An automatic 90-day extension is granted
4. The producer pays a flat $25 late fee

5. For each cause for denial, suspension, or revocation of a producer license, the Illinois Director may impose a civil penalty of up to:

1. $25,000, with no total cap
2. $1,000, with a total of no more than $10,000
3. $5,000, with a total of no more than $50,000
4. $10,000, with a total of no more than $100,000

6. An Illinois insurance producer must notify the Director of a change of email address within:

1. 60 days after the change
2. 30 days after the change
3. 10 days after the change
4. At the next license renewal

1. Illinois requires a life insurance grace period for premiums after the first of:

1. 60 days
2. 10 days
3. 30 days or one month
4. 31 days

2. In Illinois, a life policy must become incontestable, except for nonpayment of premium, no later than:

1. 2 years from its date
2. 5 years from its date
3. 3 years from its date
4. 1 year from its date

3. If an insured's age is misstated on an Illinois life policy, the amount payable will be:

1. A refund of premiums
2. The amount the premium would have purchased at the correct age
3. Nothing, because the policy is void
4. The full face amount

4. In Illinois, a life policy must make policy loans available after it has been in force for:

1. 3 full years
2. 2 full years
3. 5 full years
4. 1 full year

5. In Illinois, a lapsed life policy may be reinstated within:

1. 5 years from default
2. 1 year from default
3. 3 years from default, with evidence of insurability
4. 2 years from default

6. In Illinois, a death claim must be settled upon receipt of due proof of death and no later than:

1. 10 days after receipt of the proof
2. 30 days after receipt of the proof
3. 6 months after receipt of the proof
4. 2 months after receipt of the proof

1. Under Illinois's replacement rule, a replacing insurer must notify the existing insurer within:

1. 10 working days after policy issue
2. 5 business days after receipt of the application
3. 3 working days after receipt of the application
4. 30 days after policy delivery

2. Illinois replacing insurers must keep replacement notices for at least:

1. 5 years
2. 3 years
3. 1 year
4. 10 years

1. The Illinois Life and Health Insurance Guaranty Association covers life insurance death benefits up to:

1. $300,000
2. $100,000
3. $500,000
4. $250,000

2. The Illinois guaranty association covers the present value of annuity benefits up to:

1. $300,000
2. $500,000
3. $100,000
4. $250,000

3. The Illinois guaranty association covers disability income and long-term care insurance up to:

1. $300,000
2. $250,000
3. $500,000
4. $100,000