last chance to get it right before the big day

What percentage of individually owned disability income benefits is taxable?

0%

Insurers must screen all marketing plans to ensure that an advertisement does NOT use as the name of any kind of an annuity contract any phrase that

Does not include the word annuity unless accompanied by other clear language indicating it is an annuity

As it pertains to group health insurance, COBRA stipulates that

Group coverage must be extended for terminated employees up to a certain period of time at the employee's expense

The MIB was created to protect

Insurance companies from adverse selection by high risk persons.

Variable insurance and variable annuities are regulated by

SEC, FINRA and Dpartments of insurance

Basic Medical Expense does not cover

Surgeon's Services

In adjustable life policy, the policyowner can not change

The type of investment

what happens when a policy is surrendered for its cash value

coverage ends and the policy can not be reinstated

with Equity index annuities , the annuitant

does not receive a fixed amount of return

Contract of Adhesion

policies are submitted to the insurer on a take it or leave it basis

The longer the elimination period

the lower the cost of coverage.

For how long are insurers required to maintain records pertaining to life insurance solicitation?

3 Years

If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary?

A full death benefit

Which of the following would have an IRS required corridor or gap between the cash value and the death benefit

Universal life- option A

is it true that equity indexed annuities

earn lower interest rates than fixed annuities

An adjustable life policy can assume the form of

either term insurance or permanent insurance

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

if there is a transfer for value

Define twisting

is when the producer makes an unfair policy comparison in order to get the insured to lapse 1 policy and purchase a new policy with another insurer

Why is an equity indexed annuity considered to be a fixed annuity?

it has a guaranteed minimum interest rate

An insured is involved in a car accident. In addition to general, less serious injuries, 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?

no benefits

What is the best reason to purchase life insurance rather than an annuity?

To Create an Estate

what is incorrect about the required provisions of a health insurance policy?

A Reinstated policy provides immediate coverage for an illness

If an applicant intends to replace any existing accident and sickness policy with a Medicare supplement policy, what must the agent furnish to the applicant?

A notice regarding replacement

When an insured selects the extended term nonforfeiture option, the cash value will be used to purchase term insurance with what face amount?

Equal to the original policy for as long as the cash values will purchase

Aleatory

Exchange of unequal value

a policy will pay the death benefit if the insured dies during the 20 year premium paying period, and nothing if death occurs after the 20 year period. what type of policy is this?

Level Term

Which of the following settlement options in life insurance is known as straight life?

Life Income

The interest credited under accumulation at interest is

TAXABLE

Under a health insurance policy, benefits, other than death benefits, that have not otherwise been assigned, will be paid to

The Insurer

The annuitant dies while the annuity is still in the accumulation stage. what is going to be true?

The beneficiary will revive the greater of the money paid into the annuity or the cash value

Tax advantage of qualified retirement plan

The earnings in the plan accumulate tax deferred

What is not a feature of a noncancelable policy

The insurer may terminate the contract only at renewal for certain conditions

Under a Key Person disability income policy, premium payments

are made by the business and are not tax deductible

The payment of premium is considered what of the applicant

payment of premium is considered the consideration given from the applicant

What best details the underwriting process for life insurance?

select, classification and rating of risk

The Term " Illustration" in a life insurance policy refers to

A presentation of nonguaranteed elements of a policy

Under workers compensation, which of the following benefits are NOT included? -legal benefits , medical and rehabilitation benefits, income benefits, death benefits

Legal Benefits

What is the key distinction between variable whole life and variable universal life products?

Variable whole life has a guaranteed death benefit

Medicaid is funded by

federal and state governments

cash surrender nonforfeiture option

funds exceeding the premium paid are taxable as ordinary income

What is the purpose of requiring licenses for persons who transact insurance

Protect the general public

Standard risk is representative of the majority of people.

The yare the average risk

Unilateral Contract

only one party being legally bound by the contract

the annuitant dies while the annuity is still in the accumulation stage

the beneficiary will receive the greater of the money paid into the annuity or the cash value

Group accident and sickness policies in Georgia have a grace period of

31 days

What happens to the face amount of a whole life policy if the insured reaches the age of 100

The face amount is paid to the insured

Corridor of Insurance

protection to keep the policy from endowing

Which of the following is true regarding taxation of accelerated benefits under a life insurance policy?

they are tax tree to terminally ill

Which health insurance provision describes the insured's right to cancel coverage?

Renewal provision

Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report

must be informed of the course of the report

The relation of earnings to insurance provision allows the insurance company to limit the insured's benefits to his/her average income over the last

24 months

an insured recently discovered that the interest rate on his policy loan once again increased. what is the shortest amount of time that could have passed since the last change in the insured's interest rate?

3 months

what is not a requirement for life insurance illustrations

They must be part of the contract

If the proposed insured makes the premium payment on a new insurance policy.. and the insured should die, the insurer will pay the death benefit to the beneficiary if the policy is approved. this is an example of what kind of contract?

Conditional

The term "fixed" in a fixed annuity refers to all of the following EXCEPT

Death Benefit

to be eligible for a health savings account, an individual must be covered be a

High Deductible health plan

Basic Medical expense coverage offers a wide range of limited benefits that

result in high out of pocket costs

HMOs are known as what type of plans?

service

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

In order to maintain coverage under cobra, how soon from termination of employment must an employee exercise extension of benefits?

60 days

What type of insurance would be used for a Return of Premium rider?

Increasing Term

Which of the following terms will be permissible in describing a life insurance policy in company advertisements?

Variable Plan

If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?

immediately

The life income option, also known as straight life, provides the recipient with an

income that he or she can not outlive

what is not a Medicaid qualifier

insurability