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Section 19.3 Quiz

1
Section 19.3 Review

Each insurance agency is required to have an Agent in Charge.

a)
b)
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2

The insurance agent is the legal representative of a principal within an agency relationship and as such, they are considered:

a)
b)
c)
d)
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3

is defined as the practice by which policy values in an existing life insurance policy or annuity contract are used to purchase another policy or contract with that same insurer for the purpose of earning additional premiums or commissions under certain conditions. is the practice of inducing a policyowner with one company to lapse, forfeit or surrender a life insurance policy for the purpose of taking out a policy with another company.


Word bank: Churning, Twisting

Churning is defined as the practice by which policy values in an existing life insurance policy or annuity contract are used to purchase another policy or contract with that same insurer for the purpose of earning additional premiums or commissions under certain conditions. Twisting is the practice of inducing a policyowner with one company to lapse, forfeit or surrender a life insurance policy for the purpose of taking out a policy with another company.

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4

Agents are required to give insurance applicants a buyer's guide and policy summary in addition to disclosing the free look allocation.

a)
b)
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