Illinois Insurance Exam PreLicense Video Course

Illinois Insurance Exam Virtual Text Book

Illinois Insurance License Exam Audio Course

Learning Games for the Illinois Insurance Exam

Mind Mapping Graphics--Illinois Insurance Test Prep

Online Illinois Insurance Exam Flash Cards 

Illinois Insurance Test Practice Questions & Exam Simulator 

Glossary of Insurance License Exam Terms

Personal Coach--Illinois Insurance Exam Expert

Illinois Property & Casualty Exam Questions

Tony owns an office building that is currently furnished and held for rent. What may it be described as?

1. Unoccupied
2. Partially occupied
3. Vacant
4. Uninsurable

Illinois Life & Health Exam Questions

Cory has a life insurance policy with a waiver of premium rider, she was disabled for 4 years, during which time the insurer paid over $3,200 in premiums. When Cory recovers she must?

1. Resume paying the premiums as they become due
2. Repay $3,200 premiums plus interest
3. Show evidence of insurability
4. Because the disability lasted over 3 years, the insurer will be responsible for premiums indefinitely

Illinois Insurance Regulations

In Illinois, a lapsed policy may be reinstated:

1. within 1 year of policy lapse
2. up to 90 days after the grace period expires
3. never
4. within 3 years of policy lapse

Answer: A

Vacancy means that a building, residence or insured premises is empty or unfurnished and there is no intent to return to the property by the insured, as interpreted by the insurer. Unoccupied means that no one is present but the building is furnished in some capacity; there may be an intent to return on the part of the insured.

Answer: A

When a disability does occur, the policy owner must keep the policy in force. The waiver of premium rider exempts the policy owner from having to make premium payments while he or she is disabled. Without this rider in effect, if the insured ceased making premium payments while disabled, he or she would receive benefit payments while disabled, but the policy would terminate when the disability ended. This rider specifies that premiums will be waived retroactively to the beginning of the disability if the disability lasts more than six consecutive months.

Answer: D 

If a policy lapses, Illinois insurance law allows the policy owner may apply to have the policy reinstated. The insured must provide evidence of insurability; and pay past-due premiums, any outstanding policy loans, and interest on the outstanding loan and past-due premiums. Reinstatement must be applied for within 3 years.