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2-15 Practice Exam
| Question | Answer |
|---|---|
| Which of the following is NOT usually excluded from life insurance policies? | Death because of a plane crash for a fare-paying passenger |
| Which of the following would NOT be covered under basic medical expense coverage? | Surgeon's services |
| In decreasing term insurance, which policy component decreases? | Face amount |
| On an application for health insurance, a signature is required from all of the following EXCEPT | The policyowner's spouse |
| Which provision specifies that the insurer is required to pay Medical Expense claims immediately? | Time of Payment of Claims |
| Regarding the Change of Beneficiaries Provision, which of the following statements is FALSE? | The policyowner has the right to change beneficiaries in any circumstances |
| What type of health policy gives an employer the necessary funds to train a replacement employee if a valued employee becomes diabled? | Key Person Disability |
| With respect to a noncancelable policy, which of the following is NOT a feature? | The insurance provider can terminate the contract only at renewal for certain conditions. |
| Who has to pay for the cost of a medical exam that is required in the underwriting process? | Underwriters |
| An insurance provider would pay accelerated benefits under which of the following circumstances? | An insured is diagnosed with cancer and needs assistance paying for medical treatment. |
| When is the earliest a policy can go into effect? | When the application is signed and a check is given to the producer. |
| An insured is hospitalized with a neck injury. Upon checking her disability income policy, she discovers that she will not be eligible for benefits for at least 30 days. This indicates that her policy is written w/ a 30 day | Elimination period |
| An insured owns a $50,000 whole life policy. At age 47, the insured cancels her policy and exercises the extended term options for the policy's cash value, which is currently $20,000. What would be the new term policy's face amount? | $50,000 |
| In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurance provider is legally required to pay losses covered by the policy. What contract element does this describe? | Unilateral |
| Which of the following allows the insurance provider to relieve a minor insured from premium payments if the minor's parents have become disable or died? | payor benefit |
| Under a disability income insurance policy, if the insured changes to a more hazardous occupation after the policy has been issued, and a claim is filed, the insurer should do which of the following? | Adjust the benefit according to the increased risk |
| What is the best way to change an application for insurance? | Start over with a new application |
| Which of the following can make a fully deductible contribution to a traditional IRA? | A person not covered by an employer-sponsored plan who has earned income |
| During the formation of an insurance contract, when does acceptance typically occur? | When an insurance provider's underwrite approves coverage |
| Which of the following characteristics does NOT describe managed care? | Unlimited access to providers |
| In health insurance policies, which of the following will vary the length of the grace period? | The premium payment mode |
| Insurance is the transfer of | risk |
| Jeff (agent) delivered the life insurance policy to Susan on 1/1/2014. Under the free-look provision, how many days does Susan have to return the policy for a full refund: | 14 days |
Created by:
mmonta