Exam Practice
Quiz yourself by thinking what should be in
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| show | Life income
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| Kathy pays a monthly premium on her health insurance policy. How long is her grace period? | show 🗑
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| show | Root canal
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| show | Replacement
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| show | 30 days
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| show | A persons health claim information
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| David submits a $500 claim for medical expenses. There is a past-due amount owed for insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This deduction came as a result of which provision? | show 🗑
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| The open enrollment period for Medicare Supplements begins at age | show 🗑
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| If an insurer terminates a producer's appointment, it must notify the Commissioner within ___ days of the termination. | show 🗑
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| show | 20
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| Which of the following types of deductibles would apply a single deductible to both medical and dental insurance coverage? | show 🗑
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| show | an initial made by the applicant
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| What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? | show 🗑
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| Which of these individuals would require continuing education? | show 🗑
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| Rob has a benefit at work which enables him to defer his current receipt of income and have it paid at a later date, when he will probably be in a lower tax bracket. Which benefit fits this description? | show 🗑
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| show | liable for loss
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| A whole life insurance policy accumulates cash value that becomes | show 🗑
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| show | Surrender charge
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| show | A minimum of 12 months after date of purchase
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| show | Declarations
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| show | the Face amount
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| Bob and Tom start a business. Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Eventually, they retire and dissolve the | show 🗑
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| show | Benefits
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| show | when the recipient pays the premiums
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| show | MEWA (multiple employer welfare association)
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| show | 65
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| show | decreasing term life
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| show | illegal discrimination
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| Bryce purchased a disability income policy with a rider that guarantees him the option of purchasing additional amounts of coverage at predetermined times without requiring to provide evidence of insurability. What kind of rider is this? | show 🗑
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| show | to a licensed producer who is appointed with the insurer
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| show | It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill
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| What kind of life insurance policy covers two or more people with the death benefit payable upon the last person's death? | show 🗑
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| show | demonstrate full and truthful disclosures to the public
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| show | the MEC tends to be an investment vehicle
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| When a decreasing term policy is purchased, it contains a decreasing death benefit and | show 🗑
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| A single premium cash value policy can be described as | show 🗑
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| Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid? | show 🗑
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| show | completing application and collecting initial premium
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| show | 30 days
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| Which type of disability would be less than total impairment and equal to permanent impairment? | show 🗑
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| show | concurrent review
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| Which of the following statements is NOT true regarding a Critical Illness Plan? | show 🗑
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| Insurance companies determine risk exposure by which of the following? | show 🗑
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| Who assumes the investment risk with a fixed annuity contract? | show 🗑
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| Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? | show 🗑
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| A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n) | show 🗑
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| show | revoke an absolute assignment
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| show | tax-free
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| show | 12
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| show | to the children born of my union with Ned Jackson
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| show | frequency of the premium payment
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| show | limited health insurance policy
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| Which of the following is an example of a producer's fiduciary duty? | show 🗑
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| A policyholder's unmarried child is incapable of self support due to a physical disability. The child is provided medical care coverage under the parent's policy | show 🗑
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| In an insurance contract, the element that shows each party is giving something of value is called | show 🗑
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| show | risk avoidance
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| show | 100% of his health insurance costs can be deducted from his gross income
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| show | 1
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| An attending physician's statement would be appropriate for which life insurance purpose? | show 🗑
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| show | responsible third party
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| show | guaranteed
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| Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? | show 🗑
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| show | 24
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| show | increases
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| show | US Attorney General
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| Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes? | show 🗑
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| show | acute care
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| A waiver of premium rider allows an insured to waive premium payments if the insured is | show 🗑
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| show | 25 employees
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| The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? | show 🗑
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| Fixed annuities provide each of the following EXCEPT | show 🗑
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| The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? | show 🗑
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| show | fraud
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| show | Index whole life insurance contains a securities component that acts as a(n)
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| show | producer
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| This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes | show 🗑
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| show | the insurers name
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| What is issued to each employee of an employer health plan? | show 🗑
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| show | defamation
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| show | hospital indemnity plan
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| What does the Group Life underwriting risk selection process help protect insurance companies from? | show 🗑
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| Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy? | show 🗑
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| show | 10
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| A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called | show 🗑
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| show | doctor's charges
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| The entire contract includes the actual policy and the | show 🗑
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| show | universal life
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| show | guaranty
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| show | business overhead expense policy
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| show | Provide money for living expenses
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| show | Hazard
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| The IRS allows a taxpayer to deduct medical expenses that exceed 7.5% of their adjusted gross income. Which of the following is considered a tax deductible medical expense under this rule? | show 🗑
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| What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc)? | show 🗑
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| Which of these factors would an insurer consider when determining whether to accept a group life plan? | show 🗑
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| During the accumulation period, who can surrender an annuity? | show 🗑
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| Over the course of a year, which premium payment mode is most expensive? | show 🗑
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| show | temporary
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| show | liquidity
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| show | providing commission information to the applicant
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| show | An individual who has a hobby racing cars once a month
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| In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? | show 🗑
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| An example of replacement is | show 🗑
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| Maria is a Preferred Provider Organization (PPO) subscriber and received care from an out-of-network provider. Which of the following is the likely result? | show 🗑
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| show | temporary relief to the patient's primary caregiver
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| show | the premiums paid plus interest earned will be given to the beneficiary
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| show | temporary annuity certain
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| show | enforce state insurance laws
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| show | provide evidence of insurability to the insurer
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| show | Change must be initialed by the applicant
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| show | provide coverage for a home mortgage
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| Pierre is covered by his employer's group major medical plan. His employer pays for 75% of the premium and he pays for 25%. How much would a $10,000 benefit be taxable as income under this plan? | show 🗑
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| A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the | show 🗑
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| In Washington, a Medicare Supplement policy must be _______ renewable. | show 🗑
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| Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this? | show 🗑
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| An insurance applicant with a below-average likelihood of loss is typically considered to be a | show 🗑
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| Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium? | show 🗑
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| show | interest only
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| show | gatekeeper
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| show | retirement income
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| show | association or labor group
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| An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. The provision that allows this is called | show 🗑
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| show | statements made in the application and the premium
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| A producer is meeting with a client to determine whether an annuity would be suitable for purchase. Which of the following topics needs to be discussed with the client? | show 🗑
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| show | a stock insurer
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| An employee under a group insurance policy has the right to name a beneficiary and the right to | show 🗑
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| Which type of multiple protection policy pays on the death of the last person? | show 🗑
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| show | mandatory
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| James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? | show 🗑
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| A life insurance producer is required to give a disclosure notice about information practices to an applicant or proposed insured | show 🗑
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| show | "defined contribution plan". A defined contribution plan is considered a tax-qualified plan.
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| show | Fraternal benefit society
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| Which of these would NOT be considered a presumptive disability? | show 🗑
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| show | the face and the premium will remain constant over the 10 year period
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| show | Flexible premium deferred annuity
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| The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? | show 🗑
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| An insurer has a right to screen applicants for HIV in which of the following ways? | show 🗑
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| An individual who has a contract with an insurance company to represent it is called a(n) | show 🗑
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| show | An amount the premium would have purchase
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| show | Marital status
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| Which of these is likely to occur when life or health insurance is being applied for? | show 🗑
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| show | Medicare in-hospital deductible
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| A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay | show 🗑
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| show | a paid premium
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| A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the | show 🗑
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| show | no tax payment needed
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| show | group
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| A Medicare Supplement policy can be cancelled by the insurer for | show 🗑
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| show | sickness
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| Benefits for a Medicare Supplement policy | show 🗑
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| show | individual plan upon employment termination
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| Someone needing custodial care at home would require which type of coverage? | show 🗑
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| show | guaranteed renewable policy
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| show | fixed amount
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| The statement which best describes the relationship between the premiums of a whole life policy and the premium payment period is | show 🗑
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| A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health insurance, the heart disease treatment | show 🗑
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| show | her name
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| show | variable universal life policy
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| show | rebating
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| Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated employee's benefits must | show 🗑
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| What is implied authority defined as? | show 🗑
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| A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) | show 🗑
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| Which of the following would be considered an underwriting duty of an agent? | show 🗑
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| show | Proof of insurability, One of the conditions required for an insurance policy reinstatement is proof of insurability.
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| All of these are valid options for an Adjustable Life Policy EXCEPT | show 🗑
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| show | A MEWA is an arrangement where a group of employers pool their contributions together to purchase group health and other insurance benefits for their employees. By pooling their contributions together, these smaller employers are better positioned to offe
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| show | 60%
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| How do interest earnings accumulate in a deferred annuity? | show 🗑
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| All of the following are included as part of a contract in the entire contract provision EXCEPT the | show 🗑
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| Which of these statements regarding the annuitant is CORRECT? | show 🗑
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| All of the following are considered appropriate uses of life insurance for business purposes EXCEPT | show 🗑
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| show | appointment
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| All of the following are functions of an insuring clause EXCEPT | show 🗑
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| An example of a primary care physician would be a(n) | show 🗑
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| show | duplicate Medicare benefits
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| Within how many days must a rollover be completed in order to avoid being taxed as current income? | show 🗑
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| Which of the following would be a valid reason why a policy premium would be higher than the standard premium? | show 🗑
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| All of these are valid policy dividend options for a life insurance policyowner EXCEPT | show 🗑
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| show | insurer
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| A disability elimination period is best described as a | show 🗑
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| Joe has a life insurance policy that has a face amount of $300,000. After a number of years, the policy's cash value accumulates to $50,000 and the face amount becomes $350,000. What kind of policy is this? | show 🗑
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| show | reinsurance
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| show | 1-50 employees
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| Fraternal Benefit Society has each of the following characteristics EXCEPT | show 🗑
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| show | prepare the insured to return to employment
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| A tax-free Section 1035 Exchange of a life insurance policy to a different policy is permitted if it occurs | show 🗑
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| A policyholder has a major medical plan with a 80%/20% coinsurance and a deductible of $75. If the insured has previously met her deductible and receives a bill for $175, how much will the insurer pay? | show 🗑
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| A producer who is licensed in Washington but resident in another state is called a | show 🗑
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| show | Annuities are intended to create an estate
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| A Medicare Supplement policy's outline of coverage MUST include a(n) | show 🗑
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| Which of the following does restorative dental treatment cover? | show 🗑
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| Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called? | show 🗑
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| show | insured
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| show | Medical insurance
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| show | Child term rider
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| A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) | show 🗑
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| show | How to take legal action against an insurance company
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|
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| The Life and Disability Guaranty Association provides funds to carry out its powers and duties by assessing | show 🗑
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| show | Medicare Parts A and B
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| show | group HMO
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| show | Presumptive disability
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| People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called | show 🗑
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| Ron has a new employer and wishes to enroll in the company's group health plan. In determining whether his pre-existing health condition applies, Ron cannot have more than a ___ day gap without previous health insurance. | show 🗑
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| When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? | show 🗑
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| show | Waiver of Premium
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| show | 2
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| show | buyer's guide
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| show | lower than the typical whole life policy during the first few years and then higher than typical for the remainder
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| show | March 23, 2010
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| show | prepaid
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| show | Making the policy effective on an earlier date than the present
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| Preferred provider organization | show 🗑
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| show | subrogation
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| show | Enrolled in a health plan with a prescription drug benefit
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| A temporary license is valid for a maximum of __ days | show 🗑
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| show | Legal purpose
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| A health care provider claim may be settled using which of the following payment methods? | show 🗑
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| Sonya applied for a health insurance policy on April 1. Her agent submitted the information to the insurance company on April 6. She paid the premium on May 15 with the policy indicating the effective date being May 30. On which date would Sonya have cove | show 🗑
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| A Modified Endowment Contract (MEC) is best described as | show 🗑
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| show | term
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|
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| Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application? | show 🗑
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| Which market index is normally associated with an indexed annuity's rate of return? | show 🗑
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| A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? | show 🗑
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| show | Whole life policy with premiums paid up after 20 years
🗑
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| show | will no longer provide insurance protection
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| show | Disclosure authorization response
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| show | pay for ongoing claims under the policy it replaces
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| Who were Keogh plans designed to provide pension benefits for? | show 🗑
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| A Roth IRA owner must be at least what age in order to make tax-free withdrawals? | show 🗑
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| A pharmacy benefit covers prescription drugs derived from a list called a(n) | show 🗑
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||||
| Which of the following is NOT a required provision in an accident and health insurance policy? | show 🗑
|
||||
| Which of the following is considered to be an alternative to a life settlement? | show 🗑
|
||||
| show | 31
🗑
|
||||
| The Right-to-Examine period is ___ days for all Long-Term Care Policies sold in Washington. | show 🗑
|
||||
| The waiting period for a disability insurance policy | show 🗑
|
||||
| Ownership of a life insurance policy may be temporarily transferred with a(n) | show 🗑
|
||||
| Coverage for newborns under an accident and health (disability) plan MUST include coverage for | show 🗑
|
||||
| All of these are standard exclusions found in a life insurance policy EXCEPT | show 🗑
|
||||
| All of the following are examples of a Business Continuation Plan EXCEPT | show 🗑
|
||||
| A form of medical health insurance covering the treatment and care of gum disease is called | show 🗑
|
||||
| Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? | show 🗑
|
||||
| show | 60
🗑
|
||||
| Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Matt's beneficiary if Matt | show 🗑
|
||||
| show | help pay off existing loans during periods of disability
🗑
|
||||
| show | without producing proof of insurability
🗑
|
||||
| show | Medicare Supplement
🗑
|
||||
| show | Family term insurance rider
🗑
|
||||
| Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? | show 🗑
|
||||
| show | at a predetermined date or age, regardless of the insured's health
🗑
|
||||
| show | It is taxable
🗑
|
||||
| show | Provide funds to help pay taxes
🗑
|
||||
| show | Refund annuity
🗑
|
||||
| show | Settling a claim by arbitration
🗑
|
||||
| show | Exclusion
🗑
|
||||
| show | benefit schedule
🗑
|
||||
| The deeds and actions of a producer indicate what kind of authority? | show 🗑
|
||||
| A producer may be disciplined by the Commissioner for which of the following actions? | show 🗑
|
||||
| show | Prosthodontics
🗑
|
||||
| show | exchanging a new policy for one already in force
🗑
|
||||
| show | provides the insured a specific dollar amount for services
🗑
|
||||
| Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. | show 🗑
|
||||
| An employer is issued a group medical insurance policy. This single contract is known as a(n) | show 🗑
|
||||
| show | Adjustable Life
🗑
|
||||
| show | When initial premium is collected and policy is issued
🗑
|
||||
| show | 60
🗑
|
||||
| An example of an unfair claims settlement practice is | show 🗑
|
||||
| Proof of loss on a health (disability) insurance claim must be submitted to an insurer within ___ days after the insured's date of loss. | show 🗑
|
||||
| Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? | show 🗑
|
||||
| Ted has a health insurance plan that requires him to pay a specific sum out of pocket before any benefits are paid in a calendar year. Which of these does his health plan have? | show 🗑
|
||||
| show | limited pay policy
🗑
|
||||
| show | 10
🗑
|
||||
| A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n) | show 🗑
|
||||
| show | On a tax-deferred basis
🗑
|
||||
| show | When a whole life policy is surrendered, income taxes may be owed
🗑
|
||||
| show | Determines what is paid by the primary and secondary insurers in the event of a claim
🗑
|
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.
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Samantha_Berk05
Popular Insurance sets