179-200

N is covered under an individual Disability policy with a 30-day Elimination period and a monthly benefit of $500. N is totally disabled for 3 1/2 months. N's total benefit received on this claim is:

$1,250

An insurance company can contest a life insurance contract due to application fraud within

2 years

Agents that have been licensed for less than six years must complete ___ hours of continuing education every two years.

24

Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund?

30

According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid?

31 days

What type of employee welfare plans are not subject to ERISA regulations?

Church plans

K is shopping for a permanent life insurance policy that will offer her the MOST protection per dollar of annual premium. Which of these policies best fits her needs?

Straight life

T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase?

Ten-Year Endowment

What type of life insurance are credit policies issued as?

Term

Which of the following MUST be included in a Medicare Supplement policy's Outline of Coverage?

The policy's limitations and exceptions

In order for a domestic, foreign, or alien insurance company to conduct business, it must be authorized by whom?

The state where they are conducting business

When does a life insurance contract become effective if the initial premium is not collected during the application process?

When producer delivers policy and collects initial premium

In life insurance, the needs approach is used mostly to establish:

how much life insurance a client should apply for

Under a life insurance policy, the ___ has the authority to name the beneficiary.

owner

P is a forty year old woman and would like to purchase an annuity that will provide a lifetime income stream beginning at age sixty. Which of the following did she NOT buy?

An immediate annuity

When is a Group Health policy required to provide coverage for a newborn child?

At the moment of birth

All of the following are Nonforfeiture Options EXCEPT

Automatic Premium Loan Option

Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it?

Decreasing term

How are surrender charges deducted in a life policy with a rear-end loaded provision?

Deducted when the policy is discontinued

Two partners own equal shares in a business worth a total of $1,000,000. If they both commit to the purchase of a life insurance policy that will fund a Buy-Sell Agreement, which of the following is TRUE?

Each partner owns a $500,000 policy on their partner's life

What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?

Family Maintenance Policy

Which of the following BEST describes how a Preferred Provider Organization (PPO) is less restrictive than a Health Maintenance Organization (HMO)?

More physicians to choose from

S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning:

November 1

Which of the following types of insureds are life insurance companies allowed to make policy rate discriminations against?

People that smoke

Which provision allows a portion of any used medical benefits to be restored following a particular amount of benefit has been used, or after the policy has been in effect for a particular period of time?

Restoration of used benefit

Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year Term coverage for his wife on the same policy. Which of these policies did Y purchase?

Whole Life policy with an Other Insured Rider

A statement made by an insured in an insurance application that must be true to the best of one's knowledge and which becomes a part of the contract is known as:

a representation

A Business Overhead Expense policy:

covers business expenses such as rent and utilities

An agent takes an individual Disability Income application, collects the appropriate premium, and issues the prospective insured a conditional receipt. The next step the insurance company will take is to:

determine if the applicant is an acceptable risk by completing standard underwriting procedures

The amount of coverage on a group credit life policy is limited to:

the insured's total loan value

According to Florida's life insurance replacement laws, a policyowner must be provided with a written Comparison and Summary Statement when it's requested by

the policyowner