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Life License-Test#3

Part 1

QuestionAnswer
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