Insurance

Which policy writer added to a disability income policy may require that I benefit be paid as a "capital" sum?

Accidental death and dismemberment

An individual is approaching retirement age and is concerned about having proper coverage should he have to be placed in a long-term care facility. His agent told him that the long-term care policies would provide necessary coverage at all the following levels except

Acute

And insured and his spouse recently had a child. Which of the following riders would allow the couple to ensure the child for a limited period of time at a specified amount?

Children term rider

All the following are true about key person insurance except

Death benefit is taxable to the business

A new homeowner wants to purchase A life insurance policy that would protect his family again to losing the home, should he die before the mortgage was paid. The most inexpensive type of policy that would accomplish this need would be

Decreasing term

Dividends receive on participating life insurance policies are

Not taxable because they are return of unused premiums

What is another term for health insurance policy subscriber

Participant

Which of the following is a true statement about contributory group life insurance?

Participating employees will contribute towards the payment of premiums

And equity index annuity will grow based on

Performance of a recognized index

In group insurance, the primary purpose of the coordination of benefits provision is to

Prevent over insurance

And I knew he would normally be purchased by an individual who wants to

Provide income for retirement

The guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following except

Purchase of a new home

And a shirt is anxious to get treatment for a health condition and is convinced to the specialist is needed to cure the condition. If the insured has a PPO plan which of the following is true?

The insured can select any specialist but non-network specialist will have higher out-of-pocket costs.

All the following are true of credit life except

The insured names the beneficiary

And illumination. May not have to be satisfied for a disability in which case

And insured suffers a lapse of a prior disability within six months of initial coverage

Which of the following is not true of long-term care for employer group health insurance?

Any premium paid by the employer if not use can be pocketed at the end of the year as gross income by the employee

Which of the following terms of first to nontaxable portion of each annuity benefit payment

Cost base

Which of the following is not a crucial factor in health insurance underwriting?

Income

Which of the following is a provision found in life insurance policies?

Reinstatement

And insured was canceled her health insurance policy. Which portion of the contract will explain cancellation right?

Renewability provision

If an employee remains on an employer group health plan within a company that has 20 employees and signs up for Medicare, which of the following coverages will be primary?

Employer group health plan

Even ensure decides to reduce the coinsurance amount on her major medical insurance what can the insured expect?

Higher monthly premium

Under which of the following conditions would life insurance proceeds be taxable by the federal government?

If there is a transfer for value

Which of the following statements is true regarding advertising that the insurance guarantee association Would ensure payments of benefits in the event of insurer insolvency

It is an unfair trade practices to mention the association in advertisements

Which of the following is not correct concerning taxation of disability income benefits?

It is paid by the individual, the premiums are tax deductible

And insured has a life insurance policy in the amount of $250,000 naming his wife as beneficiary. Upon his death his beneficiary decides not to receive the death benefit for sometime. When she finally receives the death benefit check it in the amount of $250,530. Is any portion of the proceeds that the beneficiary receives taxable?

Yes, proceeds in excess of face amount or taxable as interest.

Which of the following is a permissible reason for an insurance company to contest payment of a claim based on statements in the application?

The application contains material miss statement

How many days do producers have to report administrative actions taken against them in another jurisdiction?

30 days

What is the required notice of hearing by the director to a designate who has determined to have been engaged in an unfair business practices?

30 days

Which of the following insurance principle states that ambiguities in a policy will always be constructed in favor of the insured.

Adhesion

In order to minimize adverse selection, employer group dental plans may require employees who enroll after they initially eligible to participate in all the following except

Increase benefits for a period of one year

A last licensed may be reinstated within what maximum period of time as long as the continuing education requirement has been met and the required fees have been paid?

6 months

Under the mandatory uniform provision proof of loss, the claimant must submit proof of loss within what time period After the loss?

90 days

When filling out an application for insurance, the applicant makes a mistake. If a fresh application were not available, what could the applicant do to properly correct the mistake?

Cross the incorrect answer out, write the correct one beside it and initial the answer.

Which statement is required to be printed on the first page of a health insurance policy, which signals the ensure that the policy benefits are limited?

Limited policy notice

Which of the following used to be called Medicare + choice plans?

Medicare advantage plans

Which of the following individuals would be a likely candidate to purchase a deferred annuity?

Someone who wants to grow retirement funds tax deferred.

A person receives his Medicare supplement policy and Is not satisfied with the provisions. He can return the policy for a full premium refund if he does so within how many days?

30

An agent is hand delivering an insurance policy to a policy owner. What was the agent obtain to complete the transaction?

A sign delivery receipt

All the following could qualify as a group for the purpose of purchasing group health insurance except

An association of 35 people

An employer is no longer able to afford the group health insurance plan and the plan terminates. However one of the employees continues to receive coverage under the plan. Which of the following explains the reasons for the continued coverage?

The employee is totally disabled

What is it called when a doctor accepts the Medicare approved amount?

Assignment

The owner of a whole life policy was an accidental death right or intentionally kills himself after having a policy for 18 months. What is the insurance companies course of action?

Deny any payment of death benefit

All the following are features of a health insurance plan purchase on the health insurance marketplace except

Dollar limit on essential benefits

All of the following are characteristics of group health insurance plans except

The parties at hold a group health insurance contract are the employees and the employer

Which of the following is true regarding a joint life annuity?

The payments stop at the first death

An agent tells and in sure that if he replaces his current insurance policy with a newer one, his dividends will be higher in his premiums will be slightly lower. The policy however, would not offer either one of these things. What type of misrepresentation is being committed.

Twisting

Who determines if a particular group of employees can be excluded from grouphealth coverage

The employer

All the following are true about group life insurance except

The employer is the beneficiary

In a group policy all of the following can be the policy owner except

The insurance company

An applicant completes an application for a disability policy and pays the initial premium. The producer gives the applicant I conditioner receipt. Insurance coverage for the applicant will become effective when

The insurance company except the risk

Which of the following is not a Medicaid qualifier?

Insurability

Premiums collected on behalf of the insurance company by an agent will be held in what capacity?

Fiduciary

Jay is receiving fixed amount benefit payments from his late wife insurance policy. He was told that if he dies before the benefits are paid the remaining amount will go to the contingent beneficiary. Which settlement option is this?

Fixed amount

Which of the following is not true regarding an optionally renewable policy?

Insurer can only cancel the policy for reasons stipulated in the contract

Which of the following best describes pure life annuity?

It provides the highest monthly benefits

Which of the following types of insurance products would be appropriate for an individual with a low income and high insurance need?

Term insurance

An employee that becomes in eligible for group coverage because of termination of employment or change in status must exercise extension of benefits under cobra

Within 60 days

Which writer went added to a disability policy his income during the six month waiting period before Social Security benefits can begin?

Additional monthly benefit

What type of an interest rate is guaranteed and universal life policy's?

Contract interest rate

Which of the following is not true of long-term care for employer group health insurance?

Any premium paid by the employer, if not used, Sandy pocketed at the end of the year as gross income by the employees.

Which of the following employee benefits essentially provides the employee with a wage increase And directs that wage increase to be spent on a life insurance policy

Executive bonus

An IRA owner who is 57 years old wants to make a withdrawal from her traditional IRA. What penalty will be impose?

10% penalty

Which is policy replacement?

A policy is re-issued with a reduction in cash value

To qualify for disability income benefits under Social Security and individuals disability must be expected to result in death or last for at least

12 months

All of the following are reasons for group insurance termination for dependents except

The dependent reach his age 21