South Dakota life and health practice exam

1. A South Dakota resident producer who holds only the Life/Health lines must complete how many hours of continuing education each two-year period?

1. 10 hours
2. 24 hours
3. 20 hours
4. 4 hours

2. How often does a South Dakota resident producer license renew?

1. Every year on January 1
2. Every two years, based on the producer's birth month
3. Every three years on the license issue date
4. Every four years on June 30

3. For how long may the South Dakota Director of Insurance issue a temporary producer license without an examination?

1. 30 days
2. 90 days
3. A period not to exceed 180 days
4. One year

4. A South Dakota producer's license lapsed because the renewal fee was not paid on time. Without retesting, the producer may reinstate the same license if they apply within:

1. 30 days and pay a $25 late fee
2. 6 months and pay a $100 penalty
3. 24 months and repeat prelicensing education
4. 12 months of the renewal due date and pay a penalty of double the unpaid renewal fee

1. A licensed South Dakota insurance producer moves to a new address. The producer must notify the director within:

1. 30 days
2. 10 days
3. 60 days
4. Only at the next license renewal

2. To appoint a producer as its agent in South Dakota, an insurer must file a notice of appointment within how many days after the agency contract is executed or the first application is submitted?

1. 30 days
2. 15 days
3. 45 days
4. 5 business days

1. A South Dakota life policy has been in force for five years and is now incontestable. Which of these may the insurer still raise when a claim is made?

1. A defense based on a policy provision that excludes or restricts coverage
2. A misstatement in the application about the insured's health
3. Any material misrepresentation discovered after death
4. None; an incontestable policy cannot be challenged on any basis

2. Under South Dakota's rule on permissible life insurance exclusions, a foreign travel exclusion is allowed only on policies with a face value of at least:

1. $250,000
2. $500,000
3. $2 million
4. $5 million

1. When a replacing insurer receives a completed application indicating replacement, it must notify any affected existing insurer within:

1. 24 hours
2. 5 business days
3. 10 calendar days
4. 30 days

2. In a South Dakota life or annuity replacement, when must the producer present and read the replacement notice to the applicant?

1. Within 10 days after the policy is delivered
2. Only if the applicant asks for it
3. After the replacing insurer approves the application
4. No later than at the time of taking the application

1. For one insured life, the South Dakota Life and Health Insurance Guaranty Association covers life insurance death benefits up to:

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

2. What is the South Dakota Life and Health Insurance Guaranty Association limit for the present value of annuity benefits (non-structured settlement)?

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

1. A South Dakota health policy ends coverage at age 65, but the insurer keeps accepting premiums after the insured turns 65. What is the result?

1. Coverage continues until the end of the period for which premium was accepted
2. Coverage ends at 65 and the insurer keeps the premium
3. Coverage becomes permanent for life
4. The insurer must refund double the premium

1. How long does the owner of an individual variable annuity issued in South Dakota have to surrender it for cancellation after receiving the contract?

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