Exam Prep
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | No benefits
🗑
|
||||
| Who is protected by an Interim Insuring Agreement | show 🗑
|
||||
| Which of the following is INCORRECT concerning taxation of disability income benefits, | show 🗑
|
||||
| show | Estimate market conditions for the life of the policy.
🗑
|
||||
| show | A producer's retirement
🗑
|
||||
| All of the following would NOT be considered eligible expenses under an ICHIA policy EXCEPT | show 🗑
|
||||
| The Waiver of Cost of Insurance rider is found in what type of insurance | show 🗑
|
||||
| show | The Commissioner.
🗑
|
||||
| show | $50000.
🗑
|
||||
| Which of the following would NOT be eligible for a health insurance policy from the Indiana Comprehensive Health Insurance Association | show 🗑
|
||||
| A long-term care shopper's guide must be presented at what point | show 🗑
|
||||
| An insured was involved in an accident and could not perform her current job for 3 years If the insured could reasonably perform another job similar skills after 1 month for how long would she be receiving benefits under an OWN OCCUPATION disability plan | show 🗑
|
||||
| show | The insured may choose to convert to term or permanent individual coverage - When group coverage is converted to an individual policy the insurer will determine the type of coverage usually permanent insurance.
🗑
|
||||
| The Probationary Period is | show 🗑
|
||||
| show | There is no current income taxation upon the growth in the annuity.
🗑
|
||||
| Which statement regarding insurable risks is NOT correct | show 🗑
|
||||
| A hospital indemnity policy will pay, | show 🗑
|
||||
| A corporation is the owner and beneficiary of the key person life policy If the corporation collects the policy benefit then | show 🗑
|
||||
| Which of the following riders would NOT cause the Death Benefit to increase | show 🗑
|
||||
| show | 30 days
🗑
|
||||
| What is a standard time limit for a pre-existing condition period in an ICHIA policy | show 🗑
|
||||
| Under the Fair Credit Reporting Act if the consumer challenges the correctness of the information contained in his/her report the reporting agency must | show 🗑
|
||||
| All of the following apply to defined benefit plans EXCEPT | show 🗑
|
||||
| show | The members eligible for insurance under the policy must be all the members of the union or organization
🗑
|
||||
| In the transaction of insurance which of the following is considered to be representing the client | show 🗑
|
||||
| When a producer is trying to reinstate a lapsed license what kind of fees would he be required to pay, | show 🗑
|
||||
| In a defined contribution plan | show 🗑
|
||||
| n case of a loss the indemnity provision in insurance policies, | show 🗑
|
||||
| What type of annuity can be purchased with a single premium and provides benefit payments immediately | show 🗑
|
||||
| The insurer may suspect that a moral hazard exists if the policyholder | show 🗑
|
||||
| show | Taxation on accumulation---Taxation on accumulation is deferred in both types of plans
🗑
|
||||
| Which of the following is NOT true regarding a business entity, Business entity does not need an insurance license- | show 🗑
|
||||
| An association could buy group insurance for its members if it meets all of the following requirements EXCEPT, | show 🗑
|
||||
| Under the Accidental Death and Dismemberment (AD&D) coverage what type of benefit will be paid to the beneficiary in the event of the insured’s accidental death, | show 🗑
|
||||
| What required provision protects against unintentional lapse of the policy, | show 🗑
|
||||
| What is a major problem with naming a trust as the beneficiary of a life insurance policy, | show 🗑
|
||||
| show | The annuitant assumes the risks on investment.
🗑
|
||||
| show | The producer must conduct a reasonable investigation to determine if a replacement will take place.
🗑
|
||||
| Who is responsible for making sure that agents are properly trained in the use of the suitability standards for LTC policies, | show 🗑
|
||||
| show | Lower than individual policies but higher than group policies.
🗑
|
||||
| Which of the following is NOT an example of controlled business, | show 🗑
|
||||
| show | The policy will not be affected
🗑
|
||||
| The classification Small Employer means any person actively engaged in a business that on at least 50% of its working days during the preceding year employed, | show 🗑
|
||||
| Equity Indexed Annuities, | show 🗑
|
||||
| An insured has an Accidental Death & Dismemberment policy with a principal value of $50,000 He loses sight in both eyes in a hunting accident How much will he receive | show 🗑
|
||||
| Installments for a fixed account | show 🗑
|
||||
| show | any premium paid by the employer is deductible as a business expense However premiums provided by the employee are only deductible if certain conditions are met Group medical and dental expense benefits are received income tax free by the employee.
🗑
|
||||
| Under which circumstance can a producer receive a commission and a consultant’s fee for the same transaction | show 🗑
|
||||
| typical maximum benefit offered by major medical plans | show 🗑
|
||||
| In forming an insurance contract when does acceptance usually occur | show 🗑
|
||||
| show | Reduction of premium
🗑
|
||||
| show | Legal Benefits
🗑
|
||||
| An insured is involved in a car accident. he permanently loses the use of his leg and is rendered completely blind The blindness improves a month later To what extent will he receive Presumptive Disability benefits | show 🗑
|
||||
| What type of insurance would be used for a Return of Premium rider | show 🗑
|
||||
| show | Coercion.
🗑
|
||||
| show | Copayment.
🗑
|
||||
| show | Disability insurance can be written as occupational or nonoccupational.
🗑
|
||||
| show | FINRA
🗑
|
||||
| show | Contracts of adhesion
🗑
|
||||
| show | They must be part of the contract. Not altered by an agent and must clearly state that it is not part of the contract It is legal to list nonguaranteed values in the contract but they must be specifically labeled as projected not guaranteed values.
🗑
|
||||
| show | The individual mandate
🗑
|
||||
| show | Amount paid with the accelerated benefit plus the earnings lost by the insurance company in interest income from the accelerated benefit
🗑
|
||||
| show | Rated
🗑
|
||||
| show | MEWAs are groups of at least 2 employers who pool their risks to self-insure MEWAs can be sponsored by an insurance company an independent administrator or another group established to provide group benefits for participants.
🗑
|
||||
| show | Survivor protection
🗑
|
||||
| show | Money borrowed from the cash value is not taxable Policy loans can be repaid at any time including surrender and death An insurer can charge interest on outstanding policy loans
🗑
|
||||
| show | LTC policies are marketed effectively to prospective insureds--- Additionally companies must have marketing guidelines to insure that excessive insurance is not sold or issued.
🗑
|
||||
| show | Universal Life
🗑
|
||||
| show | Spendthrift provision
🗑
|
||||
| An insured pays a monthly premium of $100 for her health insurance What would be the duration of the grace period under her policy | show 🗑
|
||||
| Premium payments for personally-owned disability income policies are | show 🗑
|
||||
| show | Group Coordination of Benefits
🗑
|
||||
| show | Joint and survivor
🗑
|
||||
| In Indiana controlled business is | show 🗑
|
||||
| Which of the following is NOT a term for the period of time during which the annuitant or the beneficiary receives income? | show 🗑
|
||||
| show | The interest credited under this option is TAXABLE, whether or not the policy owner receives it.
🗑
|
||||
| show | 60 days
🗑
|
||||
| show | An individual who holds both the producer’s and consultant’s license.
🗑
|
||||
| show | The Medicare Part A deductible.
🗑
|
||||
| show | Medical Exam
🗑
|
||||
| What type of benefit helps to pay for accidental injuries that are not severe enough to qualify as disabilities | show 🗑
|
||||
| Which of the following will be included in a policy summary | show 🗑
|
||||
| Under SIMPLE plans participating employees may defer up to a specified amount each year and the employer then makes a matching contribution up to an amount equal to what percent of the employee’s annual wages | show 🗑
|
||||
| What is the elimination period for Social Security disability benefits | show 🗑
|
||||
| Viatical settlement regulations in Indiana | show 🗑
|
||||
| show | Client
🗑
|
||||
| show | Receive a Lower Premium with proof of Insurability.
🗑
|
||||
| Under an individual disability policy the MINIMUM schedule of time in which claim payments must be made to an insured is | show 🗑
|
||||
| show | Any premium amounts not required to pay for mortality and expenses create the cash account.
🗑
|
||||
| What is the benefit of choosing extended term as a nonforfeiture option | show 🗑
|
||||
| A participating insurance policy may do which of the following | show 🗑
|
||||
| Living Rider | show 🗑
|
||||
| An insured owes his insurer a premium payment Since then he incurs medical expenses The insurer deducts the unpaid premium amount from the claim amount and pays the insured the difference What is the name of this provision | show 🗑
|
||||
| The factor added to the net premium to cover the costs of the insurer in obtaining and maintaining the business is called | show 🗑
|
||||
| Qualifications for Cobra | show 🗑
|
||||
| Which of the following will be EXEMPT from continuing education requirements | show 🗑
|
||||
| Noncontributory group plan | show 🗑
|
||||
| show | The same amount as a Participating Provider
🗑
|
||||
| show | Per Capita
🗑
|
||||
| show | Under certain circumstances the Commissioner may waive examination of foreign and alien companies however all domestic companies are subject to examination at any time (but at least every 5 years).
🗑
|
||||
| An insured has a primary group health plan and an excess plan each covering losses up to $10,000 The insured suffered a loss of $15,000 Disregarding any copayments or deductibles how much will the excess plan pay? | show 🗑
|
||||
| show | Fixed Annuity
🗑
|
||||
| show | Equity Indexed Universal Policy
🗑
|
||||
| Interest Sensitive whole life policy is appropriate for which group of individuals | show 🗑
|
||||
| Insurance policy with a key feature that allows an insured to take premium dollars and invest it in multiple types of investment options (most expensive cash life Policy) | show 🗑
|
||||
| The cash value from investments in Universal grows at what rate | show 🗑
|
||||
| show | Universal life.
🗑
|
||||
| show | Do not require additional purchase of coverage or cancellation when life event change.
🗑
|
||||
| Newly married 33 year old and doesn't know what future holds What type of policy would be good for him, | show 🗑
|
||||
| show | Limited pay life insurance either 10 15 or 20 years Coverage continues till death of insured.
🗑
|
||||
| show | The insured would collect part of the premium already paid to carrier- Traditional policies contain cash surrender which allows cancellation.
🗑
|
||||
| Traditional whole life policies are a type of insurance policy that will provide coverage under what circumstance | show 🗑
|
||||
| show | Buy-sell agreements are normally funded with a life insurance policy. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. policy.
🗑
|
||||
| The authority granted to an agent through the agent's contract is referred to as | show 🗑
|
||||
| show | Viator
🗑
|
||||
| Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? | show 🗑
|
||||
| Which of the following is TRUE regarding a policy issued to a labor union insuring members of the organization for the benefit of persons other than the union or organization? | show 🗑
|
||||
| show | The contributions are tax deductible
🗑
|
||||
| An insurance company assures its new policyholders that their premium costs will not increase for a period of at least five years. They plan on raising them due to financial strain? | show 🗑
|
||||
| show | Agent's contract with the principal
🗑
|
||||
| All other factors being equal, the least expensive first-year premium payment is found in | show 🗑
|
||||
| What is the purpose of a fixed-period settlement option? | show 🗑
|
||||
| Which of the following health care plans would most likely provide the insured/subscriber with comprehensive health care coverage? | show 🗑
|
||||
| A small hardware store owner is involved in a car accident that renders him totally disabled for half a year. Which type of insurance would help him pay for expenses of the company during the time of his disability? | show 🗑
|
||||
| An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT? | show 🗑
|
||||
| show | Up to 365 days in jail
🗑
|
||||
| ABC insurance company receives an incomplete application and issues the policy anyway. Six months later ABC realizes the missing information. What term is used that prevents ABC from forcing the policyowner to answer further questions? | show 🗑
|
||||
| show | Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant.
🗑
|
||||
| An insured becomes disabled at age 22 and can no longer work. She meets the definition of total disability under Social Security. What other requirement must the insured have met to receive Social Security disability benefits? | show 🗑
|
||||
| If an insurer becomes insolvent, which of the following would pay benefits to policyholders? | show 🗑
|
||||
| Which of the following is INCORRECT concerning taxation of disability income benefits? | show 🗑
|
||||
| show | It will continue because it is owned by Sue, not her employer
🗑
|
||||
| Which of the following is an example of a peril covered in an accident and health insurance policy? | show 🗑
|
||||
| An expired license can be reinstated within 12 months without the requirement of an examination if | show 🗑
|
||||
| Maximum benefits for a major medical plan are usually lifetime | show 🗑
|
||||
| show | Misrepresentation
🗑
|
||||
| If a death benefit is not paid out in a timely manner, the interest begins to accrue | show 🗑
|
||||
| What is the goal of the HMO? | show 🗑
|
||||
| A person buys an individual long-term care policy and is not satisfied with the provisions. Within how many days will the insured be able to return the policy for a full premium refund? | show 🗑
|
||||
| show | The insurer credits the cash value in the policy with a current interest rate.
🗑
|
||||
| In a defined contribution plan, | show 🗑
|
||||
| After the elimination period, a totally disabled insured qualified and started receiving benefits from disability income policy that has a waiver of premium rider. What will happen to the premiums paid into the policy during the elimination period? | show 🗑
|
||||
| show | A statement that is sufficiently clear to identify the insured and the nature of the claim.
🗑
|
||||
| show | 5 days
🗑
|
||||
| An insurer invests the money it receives from premiums paid by its insureds. Which of the following is TRUE regarding the interest earned on these investments? | show 🗑
|
||||
| If an annuitant dies before annuitization occurs, what will the beneficiary receive? | show 🗑
|
||||
| Which of the following statements about the reinstatement provision is true? | show 🗑
|
||||
| In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the insurer have in order to balance this? | show 🗑
|
||||
| show | The Guaranty Association.
🗑
|
||||
| If the insured is several days late in filing proof of loss form, the claim cannot be denied if the insured can show good cause. | show 🗑
|
||||
| How much time does the insurer have to pay the death benefit to the beneficiary of a life insurance policy after the receipt of proof of death? | show 🗑
|
||||
| If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
mick1121
Popular Standardized Tests sets