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Life License-Test#3
Part 1
| Question | Answer |
|---|---|
| 1. In CA after January 1, 2002, the definition of health insurance includes all of the following types of coverages, except: | accidental death and dismemberment coverage |
| 2. of items listed below, which are requirements for a Life and Disability Insurance Analyst license? | applicant must have good general reputation an good business rep, must be 18 years of age minimum, must have a thorough knowledge of life and disability insurance |
| 3. in Accidental Death and Dismemberment insurance, which of following would NOT be considered accidental? | employee requires abdominal surgery after food poisoning in the lunch room |
| 4. type of healthcare provider that provides both the healthcare services and healthcare coverage is called: | Health Maintenance Organization |
| 5. what does Insurance Commissioner have the right to do if an agent lacks authority from an insurer named on a binder for coverage? | suspend or revoke the license of the agent |
| 6. what is the written instrument called in which the insurance contract is set forth? | the policy |
| 7. a group health plan Third Party Administrator might do any of the following, except: | pay policyholder premiums |
| 8. a significant benefit to the insured in group life underwriting verses individual is: | the cost of coverage is lower |
| 9. when a corporation ceases to exist entirely, their insurance license: | terminates |
| 10. what is the transplant donor benefit in a Disability Income Policy? | a provision that considers the insured to be disabled if donating a body organ |
| 11. viatical settlements are accomplished through the use of: | absolute assignment |
| 12. what is the tax treatment for individual Disability Income policies? | non-deductible premiums and tax-free benefits |
| 13. all of following statements about qualified pension plans are true, except: | employer contributions are taxable to employees in the year they are contributed |
| 14. self-funding of employee benefit plans cannot be used for: | death benefits |
| 15. the additional premium charged by an insurer for adding the accidental death benefit to a Whole Life policy: | does not affect the policy's cash value |
| 16. the commonly used 30, 60, 90 and 180 disability terminology refers to the: | number of days for which no benefits are payable |
| 17. a life agent's records must include all of following except: | printed material in general use which has been distributed by the insurer |
| 18. a worker dies while he is credited with 6 quarters of the last 13 quarter period. What status does the worker have under Social Security? | currently insured |
| 19. an agent's appt with an insurer will be discontinued if all of the following circumstances exist, except: | another insurer submits an employment application |
| 20. which non-forfeiture option uses an existing policy's cash value to purchase a paid-up policy with a lower face value than the original policy? | reduced paid-up insurance option |
| 21. which retirement plan utilizes non-deductible contributions? | Roth IRAs |
| 22. all of occurrences listed below are examples of an insurable event as defined by the CA Insurance Code, except: | an insured suffers a financial loss in the state lottery |
| 23. the Social Security normal retirement age depends upon: | the worker's year of birth |
| 24. the complete transfer by the existing owner of all rights in an insurance policy to another person is: | absolute assignment |
| 25. which retirement plan was designed for employees of public school systems? | TSA |
| 26. in the absence of a coordination of benefits clause, all of following circumstances might result in recovery of more than 100% of actual health care expense, except: | a worker's medical plan includes carryover deductible provision |
| 27. all of following apply to the life insurance Cost-of-Living Rider, except: | the face value of the policy raises or lowers as the cost of living index increases or decreases |
| 28. Social Security provides protection against the financial consequences of all of the following, except: | poor investments |
| 29. the Social Security blackout period ends when the surviving spouse reaches the age of: | 60 |
| 30. Marge participates in an ESOP (Employee Stock Ownership Plan) at her work. All of following are correct about Marge's ESOP, except: | there are no tax deduction incentives for the company in an ESOP |
Created by:
jennyhqs2
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