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Insurance State Exam

State Exam

QuestionAnswer
Under the payment of claims provision, when are benefits typically payable after proof of loss is received? IMMEDIATELY
Which of the following types of information is NOT required for a life insurance application>? ETHNICITY
Who acts as a gatekeep in a Health Maintenance Organization (HMO)? PRIMARY CARE PHYSICIAN
If a health care provider is considered to be a "service provider," what does this mean? PAYMENT FOR SERVICES GOES DIRECTLY TO THE PROVIDER
An individual that has 40 quarters of coverage, for social security purposes is considered to be? FULLY INSURED
Who's issued a certificate of insurance with a group insurance policy? PARTICIPANT
What type of changes can be made to a guaranteed renewable health insurance policy? THE PREMIUM RATES OF THE POLICYHOLDER
Buy-Sell plans are typically funded by which two types of Insurance? LIFE AND DISABILITY INSURANCE
Which of the following isn't a benefit of Insurance? LOSSES DUE TO FRAUD ARE ELIMINATED
Which type of jurisdiction required an insurer to have its rates accepted by the Insurance Department prior to using them? PRIOR APPROVAL
Non-Deductible contributions are typically associated with a? ROTH IRA
Which is the following does Specified Disease Insurance NOT Cover? COSTS COVERED BY MEDICAL EXPENSE INSURANCE
The problem of over insurance i addressed in which Health Insurance Provision? COORDINATION OF BENEFITS
Which of the following type of life Insurance combines a savings element along with a flexible premium option? UNIVERSAL LIFE
A life insurance policy where the insured can choose where the cash value can be invested. Is called? VARIABLE LIFE
Which of the following would NOT be accomplished with the purchase of an insurance policy? RISK ELIMINATED
Individuals age 65 or older are exclusively for which optional program? MEDICARE PART B
Who are the parties to the master contract in a group life insurance policy? INSURER AND EMPLOYER
A terminated employee that has exercised the conversion privilege is able to convert? TERM INSURANCE INTO PERMANENT INSURANCE
In what order are people on the MARMIP waiting list allowed to enroll? BASED ON THE DATE AN INDIVIDUAL'S APPLICATION IS RECEIVED
Allen has a disability income policy with a $2500.00 monthly benefit and a 30-day elimination period. He's unable to work 90 days following an automobile accident. What will the policy pay? $5000.00 and the 30-day elimination period is 60 days (2-months) 2 x $2,500.00 = $5,000.00
Employee participation in a noncontributory group life plan must be? 100%
Coverage for care received from a network provider pays more than care received from a non-network provider in what type of health care plan? PPO (preferred provider organization)
Which of the following is NOT considered to be an act of insurance solicitation? Publishing a magazine where one of the advertisers is an insurer.
Which statement regarding Medicare is TRUE? BENEFITS FOR DIAGNOSTIC TESTS & X-RAYS PERFORMED ON AN OUTPATIENT BASIS ARE PROVIDED BY PART B.
An insurer having a large number 9if similar exposure units is considered important because? THE GREATER THE NUMBER INSURED, THE MORE ACCURATELY THE INSURER CAN PREDICT LOSSES AND SET APPROPRIATE PREMIUMS.
Which principle is accurately described with the statement "insureds are entitled to recover an amount NOT greater than the amount of their loss?" INDEMNITY
What are members of the Medical Information Bureau (MIB) required to report? Medical ailments discovered during the underwriting process.
Which must an applicant do to authorize the release of an attending Physician report? SIGN A CONSENT FORM
Express power given to an agent in an agency agreement is? THE AUTHORITY TO REPRESENT THE INSURER (AGENT ACTS ON BEHALF OF INSURER).
Which of the following risk classification charges the lowest premium? PREFERRED
An agent has advertised that the insurer to which the agent is appointed with is a member of the Insurance Guarantee Association. This agent has committed a(n)? UNFAIR METHOD OF COMPETITION (UNFAIR FOR AGENT TO ADVERTISE THE INSURER).
Which if the following statements about aleatory contracts is NOT true? THE INSURED AND THE INSURER CONTRIBUTE EQUALLY TO THE CONTRACT ALEATORY CONTRACT HAS POTENTIAL FOR THE UNEQUAL EXCHANGE OF VALUE OR CONSIDERATION FOR BOTH PARTIES.
What are residual disability income insurance payments based on? THE AMOUNT OF THE INSURED'S INCOME IS REDUCED BY THE DISABILITY.
Which of the following is NOT considered a definition of risk? CAUSE OF LOSS (SUCH AS AN EARTHQUAKE OR TORNADO REFERRED TO AS A PERIL NOT A RISK.
What does the term "illustration" mean when used in the phrase "Life insurance policy illustration," according to the California Insurance Code? PRESENTATION OF POLICY FEATURES THAT INCLUDES CODE DEFINES "ILLUSTRATION" AS A PRESENTATION OF POLICY THAT INCLUDES NON-GUARANTEED ELEMENTS.
Which is the following is a life insurance policy that does NOT require a physical exam? NON-MEDICAL
When selling a long term care insurance ruder to an applicant, a life agent must take into consideration all of these factors, EXCEPT: ATTENDING PHYSICIANS STATEMENT
Which of the following statements do NOT apply to child coverage in a family policy? ONLY CHILDREN BORN PRIOR TO POLICIES ISSUE DATE MAY BE INCLUDED.
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years. Cindy dies. How many remaining payments will the insurer make to her beneficiary? 60 PAYMENTS = 5 YEARS
A health insurance policy paid on a quarterly basis has a grace period of? 31 DAYS
According to PPACA, what's a health benefit exchange? AN ENTITY TO WHICH INDIVIDUALS AND SMALL BUSINESS CAN HAVE ACCESS TO AFFORDABLE HEALTH COVERAGE.
What's the price of Insurance for each exposure unit? RATE (EXPOSURE UNIT)
In California, the elderly can receive information about health related issues from? HEALTH INSURANCE COUNSELING AND ADVOCACY PROGRAM (HiCAP)
When calculating life insurance premium rates, which components would an agents commission fall under? INSURERS EXPENSES
An annuitant would like to determine the amount of an annuity distribution that's exempt from taxation. What's used to calculate this? EXCLUSION RATIO (IS USED TO DETERMINE THE AMOUNT OF ANNUAL INCOME THAT'S EXEMPT FROM FEDERAL INCOME TAXES)
Medicare Part B has an initial enrollment period. How many months after an individuals 65th B-day month does this enrollment period end? 3-MONTHS
When handling premiums for an insured, an agent is acting in which capacity? FIDUCIARY
What time period allows an insured life insurance policy to remain in force even if the premium wasn't paid on the due date? GRACE PERIOD
What's the term used to describe the frequency and severity of certain illnesses and accidents? MORBIDITY
Which of the following describes a contributory group insurance plan? PART OF THE PREMIUM IS PAID BY THE EMPLOYEE.
What's considered the most common type of specified disease insurance policy? CANCER
What type of License is required for an individual who charges a fee to review an insured's existing life insurance policy? LIFE AND DISABILITY ANALYST
Tom is shopping for a policy that covers two people and would pay the face amount ONLY when the first person dies. The type of life policy he's looking for is called a? JOINT LIFE POLICY
All of. the following circumstances must be met for loss retention to be an effective risk management technique, EXCEPT? PROBABILITY OF LOSS IS UNKNOWN
When an insurance company requests an attending physicians report, the request must be accompanied by a? COPY OF SIGNED AUTHORIZATION
What does the term Co-Insurance refer to? AFTER THE DEDUCTIBLE IS SATISFIED, THE PERCENTAGE PAID BY THE INSURED FOR THE REMAINING COVERED EXPENSES.
Which of the following is NOT protected under the California life & Health Guarantee Association? INSURERS
Minimum participation standards exist for Group Health Insurance Plans in order to? PREVENT ADVERSE SELECTION (GROUP HEALTH PLANS REQUIRE A MINIMUM NUMBER OF PARTICIPANTS TO PREVENT SELECTION).
Which Social Security Status does a worker with 6 quarters of coverage during the last 13-quarter period have? CURRENTLY INSURED
All of these are common personal uses of life insurance EXCEPT? FUND A BULL-SELL AGREEMENT
Medical expense policies will typically cover which if the following? INJURIES CAUSED BY ACCIDENT
Which statement is TRUE regards Worker's Compensation Coverage? EMPLOYER PAYS THE ENTIRE PREMIUM FOR WORKER'S COMPENSATION COVERAGE.
Under a noncancellable health insurance policy, an insurer can? CANCEL THE POLICY FOR NONPAYMENT OF PREMIUM
Which of the following isn't a common life insurance policy rider? EXTENDED TERM
Retirement plans are prevented from a favoring highly compensated employees under which government regulations? NON-DISCRIMINATION
What percentage of eligible employees must participate in a noncontributory group health plan before it can be put in effect? 100%
Which of the following best describes the statement "the more times an event is repeated, the more predictable the outcome becomes? LAW OF LARGE NUMBERS
Which of the following isn't required in the content of a policy? PROBABILITY LOSS
After the annual deductible is met, the Medicare Part B pay ____ of the remaining approved charges? 80% (MEDICARE PART B PAYS 80% OF THE BALANCE APPROVED, THE INSURED PAYS 20%.
Which of the following is NOT a component of determining policy Premiums? DIVIDENDS
When handling premium for an insured, an agent is acting in which capacity? FIDUCIARY (AN GENT ACTING AS AN INSURANCE AGENT, BROKER, SOLICITOR, LIFE AGENT, OR BAIL AGENT ACTS IN FIDUCIARY CAPACITY WHEN HANDLING PREMIUM OR RETURN PREMIUM.
What does the guaranteed insurability option allow an insured to do? PURCHASE ADDITIONAL COVERAGE WITH NO EVIDENCE OF INSURABILITY REQUIRED. (The guaranteed insurability option allows insured to purchase additional coverage with no evidence of insurability required.
Created by: evabarba
 

 



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