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Life License-Test#2

Part 3

QuestionAnswer
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