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Life License-Test#2
Part 2
| Question | Answer |
|---|---|
| 31. a health insurance contract states that if, during the first 30 days after the policy's effective date, an illness occurs, there will be no benefits paid out of the policy. What is this period of time called? | illness waiver |
| 32. which covers costs associated with one stipulated illness? | Specified Disease |
| 33. what does a standard coinsurance clause found in a health insurance policy require? | the insured and insurer pay a percentage of medical expenses that are covered, in excess of the annual deductible |
| 34. an organization will cease to exist as an entity eligible to hold a license for all of the following except: | termination of a key employee |
| 35. all of following would be considered one of the three major types of loss exposures, except: | financial loss exposure |
| 36. A Disability Income Policy that covers injuries suffered by an insured on or off the job is called? | an occupational policy |
| 37. which of the following statements concerning the usual coordination-of-benefits provision are correct? | when the plans both have the provision, coverage as an employee is primary to coverage paid to dependents |
| 38. an agent advertising on the Internet must include all of the following in advertisement, except: | agent's business telephone number |
| 39. which settlement option allows only the death benefit earnings to be paid to the beneficiary? | interest option |
| 40. which of following is NOT provided by Hospice Care? | rehabilitation |
| 41. person paid $50,000 into fixed annuity over 20 years; decides to begin income payments the insurer calculates that he will receive $4000/yr for life, means he will receive total of $100,000; in 1st 10 years of payments how much is taxable ea. yr? | $2000 |
| 42. the Family Medical Leave Act covers all of following except: | expenses incurred due to traveling with a partner that has been transferred abroad |
| 43. when children are covered under a Family Life insurance policy: | evidence of insurability is not required if conversion is made to permanent insurance for those children |
| 44. all of following are classed by the ADA as life activities, EXCEPT: | running |
| 45. an insured bought an annuity 10 yrs ago, will retire in 5 yrs, to determine value of annuity, the # of accumulation units is multiplied by value of the separate account. what type of annuity was purchased? | variable annuity |
| 46. 12 months ago, man slipped and fell at workplace, became paralyzed and expected not to recover; 46 yr old person will probably be able to collect disability income benefits from | Worker's Compensation |
| 47. in order to be qualified to sell LTC insurance in CA, agents must comply with all of the following except: | all licensees are required to pass a LTC knowledge exam every 10 yrs |
| 48. if financial loss on a certain group of people occurring over a certain period of time defines the pricing of a disability policy, it is the pricing principle known as: | frequency |
| 49. what happens to a license after the death of a natural person who holds a valid insurance license? | it always terminates |
| 50. life insurance settlement options include all of the following except: | extended term option |
| 51. with the cost of living rider, the life insurance policy holder: | gets the automatic increase in the face value if there is an increase in the cost of living index. There is an additional premium for the additional coverage |
| 52. which of following is NOT a standard level of care for a LTC policy? | convalescent care (person recovering from illness/operation) |
| 53. when a family policy covers children, all of the following are true, except: | evidence of insurability is required if coverage for children is permanent insurance |
| 54. when a corporation uses life insurance to purchase shares through a buy-sell agreement, which is true regarding the federal income tax treatment of the transaction? | the purchase is treated as a nonregarded loss or gain if the shares are composed of common stock |
| 55. all of following is required on a life insurance application, except: | the amount of disability income insurance in force |
| 56. what info can a party to a contract of insurance be allowed NOT to communicate according to CA law? | info which the other party already knows |
| 57. according to CA Insurance Code, a judgement against an applicant who entered a plea of "nolo contendere" is considered to be: | convicted |
| 58. an association of industry specific employers who are joined together in order to qualify for, or gain premium advantages, in group insurance is: | MET |
| 59. which of following recall provisions of a disability contract is likely to change the contract least and cost the most? | noncancellable contract |
| 60. which of following gives individuals the right to purchase additional life insurance regardless of their insurability? | guaranteed insurability |
Created by:
jennyhqs2
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