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Life License-Test#2
Part 3
| Question | Answer |
|---|---|
| 61. which of the following is NOT true regarding qualification for residual disability benefits? | the insured must qualify for Social Security disability benefits |
| 62. An insurer organized under the laws of the State of CA is a: | domestic insurer |
| 63. which of the following applies to the social insurance program known as Social Security? | contributions are compulsory for most workers |
| 64. a Probationary Period in a group health policy is intended for people: | who joined the group after the effective date |
| 65. which of following categories of benefits are NOT covered in a LTC policy? | acute care coverage in a hospital |
| 66. an insurer owned by policyholders is: | Mutual insurer |
| 67. the amt paid for residual disability benefits in a Disability Income Policy is based on: | a loss of at least 20% of pre-disability income |
| 68. all of following are valid reasons for Insurance Commissioner to deny the applicant for an insurance license, except: | applicant does not have a CA business address |
| 69. why should a contingent beneficiary be named in a life insurance policy? | to determine who receives the policy benefits if the primary beneficiary is deceased |
| 70. all of following are true regarding recurrent disability benefits in a Disability Income Policy, except: | a new elimination period will apply |
| 71. which is NOT an example of cost sharing in a health insurance policy? | coordination |
| 72. under the Consolidated Omnibus Budget Reconciliation Act (COBRA), which of the following is a qualifying event? | divorce |
| 73. which is NOT a physician? | optometrist |
| 74. all would be considered unfair trade practices, except: | committing an act of discrimination whether it be fair or unfair |
| 75. which is a feature of regular IRAs? | deductible contributions and taxable distributions |
| 76. senior citizens are given a 30 day right to return a life insurance policy: | at age 60 or older |
| 77. which is a feature of Roth IRAs? | non-deductible contributions and tax free distributions |
| 78. if an insurance agent or broker receives a commission for arranging a premium finance agreement they must do what? | disclose to the client the amt of commission received for arranging the financing agreement |
| 79. which following expenses is never covered by a LTC insurance policy? | hospital acute care unit |
| 80. which is NOT ordinary life insurance? | a 30 year decreasing term policy |
| 81. which is correctly listed from lowest to highest initial premium? | modified premium, continuous premium, single premium |
| 82. a failure to communicate info which a party to an insurance contract knows and should communicate is called an act of: | concealment |
| 83. deductibles, coinsurance, and co-payments in a health insurance policy are cost-effective choices that have the effect of: | cost sharing |
| 84. under the COBRA, a qualifying event insures that an employee who is covered can: | elect to continue coverage |
| 85. an insurer's violation of state rules regarding the transaction of insurance can result in imprisonment for any of the following, except: | 10 to 15 years |
| 86. an insurer's violation of the federal laws regarding the transaction of insurance can result in fines up to: | $50,000 |
| 87. which party has rights in a life insurance policy only after the death of the insured? | the beneficiary |
| 88. a person spends $10000 in a single premium annuity, and another $10000 in a Certificate of Deposit (CD). Both pay 10% interest annually. The person is in a 31% income tax bracket. For 40 years, this person does not touch his annuity, and reinvests | all income from the CD at 10%. which statement is true? The annuity would be worth several hundred thousand more because of the tax deferral of the earnings |
| 89. listed below are descriptions of four types of policies. Which is the Term policy? | the policy has a face amt of $100,000. Every five years, the premium paid increases. After 10 yrs, the policyholder stops paying premiums and the coverage stops. The policy has no cash value |
| 90. all are true concerning the treatment of income tax on life insurance, except: | annuity death benefit proceeds are exempt from all taxation |
Created by:
jennyhqs2
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