Rhode Island life and health practice exam

1. How many CE credit hours must a Rhode Island resident producer complete during each biennial license period?

1. 12 hours, including 2 hours of ethics
2. 24 hours, including 3 hours of ethics
3. 24 hours, with no ethics requirement
4. 30 hours, including 6 hours of ethics

2. A Rhode Island producer earns more CE credits than required in one biennial period. How many excess credits may carry forward to the next renewal period?

1. Up to 6
2. Up to 24
3. Up to 12
4. None

3. A Rhode Island producer earned 2 extra ethics hours last cycle. How do those hours count in the next cycle?

1. Only as general credits; the 3 ethics hours must be earned in the cycle they are required
2. As double credit toward general hours
3. As ethics credits, fully satisfying the next cycle's ethics requirement
4. They do not carry forward at all

4. Which Rhode Island resident producer is exempt from the CE requirement?

1. A producer who holds only a life line of authority
2. Any producer age 65 or older
3. Any producer licensed for 10 years
4. One continuously licensed for 25 years who is age 55 at renewal

5. A Rhode Island producer let the license expire for nonpayment. What is the latest point the license can be reinstated without a new written exam?

1. Within 24 months, with no penalty
2. Within 12 months of the renewal fee due date, by paying double the unpaid renewal fee
3. Within 30 days, by paying the regular renewal fee
4. Never; a new exam is always required

6. How soon must a Rhode Island producer tell the insurance commissioner about a change of name or address?

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

1. A Rhode Island producer is charged with a crime in another state. When must this be reported to the insurance commissioner?

1. At the next license renewal
2. Within 30 days of conviction only
3. Within 30 days of the initial pre-hearing date
4. Within 10 days of the arrest

2. A Rhode Island applicant is notified that the license has been denied. How long does the applicant have to make a written demand for a hearing?

1. 15 days
2. 60 days
3. 10 days
4. 30 days

3. What does Rhode Island require of holders of resident producer licenses that many states do not?

1. Errors and omissions coverage of at least $250,000 per claim and $500,000 annual aggregate
2. A $50,000 surety bond
3. Annual re-examination
4. Fingerprinting at every renewal

1. What grace period must a Rhode Island individual life policy provide for premiums after the first?

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

2. A Rhode Island policyowner added coverage that required evidence of insurability. When does the added amount become incontestable?

1. Immediately
2. 1 year after the increase took effect
3. 2 years after the increase took effect, measured during the insured's lifetime
4. 2 years after the original issue date

3. If a Rhode Island insured dies by suicide during the initial exclusion period, what must the insurer pay at minimum?

1. Nothing
2. Double the premiums paid
3. The full face amount
4. A refund of premiums paid, less dividends, indebtedness, and partial withdrawals

4. For individual life policies and annuities delivered in Rhode Island after January 1, 2008, the free look period is at least:

1. 10 days from delivery
2. 7 days from delivery
3. 20 days from delivery
4. 30 days from delivery

5. If a Rhode Island life policy uses a fixed maximum policy loan rate, the rate may not exceed:

1. 6 percent per year
2. 8 percent per year
3. 10 percent per year
4. 5 percent per year

6. In Rhode Island, interest on a life insurance death claim runs at what rate, and from when?

1. 9 percent per year from the date of death until payment
2. 6 percent per year from the date proof of death is received
3. No interest is required
4. The policy's dividend rate, starting 30 days after proof of death

7. When must a Rhode Island life insurer tell an applicant about the right to designate a third party to receive lapse notices?

1. Only after a premium is missed
2. Only if the applicant is over 65
3. At the first policy anniversary
4. At the time of application

1. In a Rhode Island replacement, when must the producer present and read the replacement notice?

1. Within 5 days after policy delivery
2. No later than the time the application is taken
3. Only if the applicant asks for it
4. Within 10 days after the application

2. In a Rhode Island replacement, how soon must the replacing insurer notify the existing insurer?

1. Within 10 days of the free look ending
2. Within 30 days of the application
3. Within 3 business days of policy delivery
4. Within 5 business days of receiving a completed application indicating replacement

3. How long is the free look period on a replacement policy or annuity in Rhode Island?

1. 60 days from delivery
2. 10 days from delivery
3. 30 days from delivery
4. 20 days from delivery

4. A Rhode Island existing insurer is told its policy is being replaced. When must it notify the owner of the right to receive information about the existing policy's values?

1. Within 5 business days of receiving the replacement notice
2. Within 30 days of receiving the replacement notice
3. Only if the owner asks
4. Within 10 days of the new policy's delivery

1. The Rhode Island Life and Health Insurance Guaranty Association covers basic hospital, medical, and surgical insurance up to:

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

2. What is the Rhode Island guaranty association limit for annuity present value, including cash surrender and withdrawal values?

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