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Connecticut Property & Casualty Exam Questions

What is the function of the "tail" coverage found in commercial liability coverage forms?

1. Extend the claim reporting period
2. Extend the policy period
3. Allow an increase in coverage
4. Convert the policy to an occurrence basis

Connecticut Life & Health Exam Questions

Cash values for all of the following contracts would be held in the insurance company's separate account EXCEPT:

1. Variable universal life insurance
2. Variable life insurance
3. Variable annuity
4. Fixed Annuity

Connecticut Insurance Regulations

In Connecticut, 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

A claims-made policy has three extended reporting periods available. Two are built into the policy itself. These are known as the "basic extended reporting periods." The basic periods begin when the policy period ends and are activated if there is a break in coverage. Claims arising out of occurrences after the retroactive date, but before the expiration date of the policy, will be covered if they are reported during a 60 day period following the expiration date. This is known as the 60 day or "Mini" tail. The policy also covers claims communicated within 5 years of the expiration date of the policy arising out of happenings communicated to the insurer during the policy period OR within 60 days following the expiration date ("Midi" tail).

Answer: D

The word "variable" indicates that the product is a security and as required by the SEC, cash value must be held in a separate account. The separate account is where Owner of the product bears investment risk. The general is where the insurance company bears the risk.

Answer: D 

If a policy lapses, Connecticut 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.