An insurer's authorization to transact business in a given state, issued by that state's insurance department, is known as a:
A. Binder
B. Certificate of authority
C. Producer appointment
D. Reinsurance treaty
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
An insurer owned by its policyholders, who share in dividends and voting rights, is organized as a:
A. Stock insurer
B. Mutual insurer
C. Reciprocal exchange
D. Risk retention group
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
A producer who deceives a client into believing a policy has different benefits than it actually provides has likely engaged in:
A. Twisting
B. Misrepresentation
C. Rebating
D. Coinsurance
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Insurance Regulation
A statement made by an applicant on an insurance application that is guaranteed to be literally true is called a:</br>
A. Representation
B. Warranty
C. Waiver
D. Estoppel
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, General Insurance
Which type of life insurance provides coverage for a specified period, with no cash value accumulation?
A. Whole life
B. Term life
C. Universal life
D. Variable life
Source: NH Insurance Dept./PSI Candidate Bulletin, Life Producer Exam 12-61, Life Insurance Basics