life insurance

On a disability income policy that contains the "own occupation" definition of total disability, the insured will be entitled to benefits if they cannot perform Any job that they are suited for by prior experience. Their regular job. Any job that they are suited for by prior education. Any job that they are suited for by prior training.

thier regular job

A 403(b) plan, commonly referred to as a TSA, is available to be used by Postal employees. Self-employed persons. Teachers and not-for-profit organizations. Government workers.

teachers and non for profit

All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT It will pay the benefit only for a designated period of time. The payments are not guaranteed for life. The insurer determines the amount for each payment. It is a life contingency option.

it is the life contingency option

In major medical insurance policies, when the insured's share of coinsurance reaches a certain amount, the insured is no longer obligated to pay it. This feature is known as Coordination of benefits. Stop-loss. Maximum benefits. Deductible.

stop-loss

Which of the following is TRUE regarding variable annuities? The company guarantees a minimum interest rate. A person selling variable annuities is required to have only a life agent's license. The annuitant assumes the risks on investment. The funds are invested in the company's general account.

annuitant assumes the risk on investment

Which of the following types of insurance policies would perform the function of cash accumulation? Increasing term Whole life Term life Credit life

whole life

In order to collect Social Security disability benefits, the claimant must be able to demonstrate that the disability will last at least For life. 12 months. 24 months. Until age 65.

12 months

At what point must an Outline of Coverage be delivered? Upon delivery of the policy only At the time of application or upon delivery of the policy At any point up to 30 days after policy delivery At the time of application only

at the time of application or upon delveriy of policy

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client? Limited pay whole life Interest-sensitive whole life Life annuity with period certain Increasing term

limited pay whole life

Who guarantees a conventional fully-insured group plan? The insured The annuitant The employer The insurer

the insurer

Which of the following is another name for a primary care physician in an HMO? Subscriber Referring physician Specialist Gatekeeper

gatekeeper

Attempting to determine how much insurance an individual would require based upon their financial objectives is known as Human Life Value Approach. Estate Planning. Viatical Approach. Needs Approach.

need approach

Which of the following is an example of a peril covered in an accident and health insurance policy? Smoking Death Sickness Alcoholism

sickness

Workers Compensation benefits are regulated by which entity? State government Employer Insurer Federal government

state govt

Your client is planning to retire. She has accumulated $100,000 in a retirement annuity, and now wants to select the benefit option that will pay the largest monthly amount for as long as she lives. As her agent, you should recommend Joint and survivor. Straight life. Life income with period certain. Installment refund.

straight life

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? Partial benefits Full benefits until the blindness lifts No benefits Full benefits

No benefits

All of the following are TRUE statements regarding the accumulation at interest option EXCEPT The annual dividend is retained by the company. The interest is credited at a rate specified by the policy. The policyholder has the right to withdraw the accumulations at any time. The interest is not taxable since it remains inside the insurance policy.

The interest is not taxable since it remains inside the insurance policy. `

A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then The benefit is subject to the exclusionary rule. IRS has no jurisdiction. The benefit is received as taxable income. The benefit is received tax free.

the benefit is recieved tax free

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? 7 days 10 days 3 days 5 days

5 days

To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? 4 credits 6 credits 10 credits 40 credits

6 credits

All of the following are correct about the required provisions of a health insurance policy EXCEPT A reinstated policy provides immediate coverage for an illness. Proof-of-loss forms must be sent to the insured within 15 days of notice of claim. A grace period of 31 days is found in an annual pay policy. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract.

A reinstated policy provides immediate coverage for an illness.

Who can make a fully deductible contribution to a traditional IRA? Anybody: all IRA contributions are fully deductible regardless of income level Someone making contributions to an educational IRA A person whose contributions are funded by a return on investment An individual not covered by an employer-sponsored plan who has earned income

an individual not covered

Which of the following is a feature of a variable annuity? Securities license is not required. Benefit payment amounts are not guaranteed. Payments into the annuity are kept in the company's general account. Interest rate is guaranteed.

benefit payments amounts are not

What is the tax consequence of amounts received from a Traditional IRA after the money was left in the tax-deferred account by the beneficiary? Income tax on distributions plus 10% penalty. Capital gains tax on distributions and no penalty. Capital gains tax on distributions plus 10% penalty. Income tax on distributions and no penalty.

income tax on dis and no penality

What is the benefit of choosing extended term as a nonforfeiture option? It matures at age 100. It allows for coverage to continue beyond maturity date. It can be converted to a fixed annuity. It has the highest amount of insurance protection.

it has the highest amount of insurance protection

Under a pure life annuity, an income is payable by the company For a guaranteed period of time, whether or not the annuitant survives to the end of that period. For as long as either the annuitant or a named beneficiary is alive. Only for the life of the annuitant. Until the principal and interest are exhausted.

only for the life of the annuitant

An individual buys a flexible premium deferred life annuity with 20 year period certain. What would his beneficiary receive if he died 5 years after beginning the annuity phase? Payments for 15 years Payments for 20 years Payments for life Nothing

payments for 15 years

Which of the following allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disabled? Waiver of Premium Payor Benefit Jumping Juvenile Juvenile Premium Provision

payor benefits

A husband and wife are insured under group health insurance plans at their own places of employment, and as dependents under their spouse's coverage. If one of them incurs hospital expenses, how will those expenses likely be paid? The benefits will be coordinated. Neither plan would pay. Each plan will pay in equal shares. The insured will have to select a plan from which to collect benefits.

the benefits will be coordinated

The Waiver of Cost of Insurance rider is found in what type of insurance? Joint and Survivor Juvenile Life Universal Life Whole Life

universal life

Under the Affordable Care Act, a special enrollment period allows an individual to enroll in a qualified health plan within how many days of a qualifying event? 10 days 30 days 60 days 90 days

60 days

An insurance company sells an insurance policy over the phone in response to a TV ad. Which of the following best describes this act? Independent agency marketing Illegal Insurance telemarketing Direct response marketing

direct reponse marketing

To be eligible for a Health Savings Account, an individual must be covered by a Health plan with no deductible. High-deductible health plan. Low-deductible health plan. Nonqualified plan.

high deductible health plan

A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits? Variable annuity Flexible payment annuity Deferred interest annuity Immediate annuity

immediate annuity

The Patient Protection and Affordable Care Act includes all of the following provisions EXCEPT a) Individual tax deduction for premiums paid. b) Right to appeal. c) No lifetime dollar limits. d) Coverage for preventive benefits.

individual tax deduction for premiums paid

Which of the following programs expands individual public assistance programs for people with insufficient income and resources? Medicare Social Security Unemployment compensation Medicaid

medicaid

Under HIPAA, which of the following is INCORRECT regarding eligibility requirements for conversion to an individual policy? The gap of coverage for eligibility is a period of 63 or less days. An individual who was previously covered by group health insurance for 6 months is eligible. An individual who was previously covered by group health insurance is eligible. An individual who doesn't qualify for Medicare may be eligible.

An individual who was previously covered by group health insurance for 6 months is eligible.

Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option? It provides a higher monthly benefit than a pure life annuity. It is a life contingency option. The beneficiary receives the remainder of the principal amount upon the annuitant's death. Payments can be made in installments and as a single cash refund.

It provides a higher monthly benefit than a pure life annuity.

Which of the following is true regarding limited health insurance policies? They cover all sickness or accidents that are not specifically excluded. They are limited to those enrolled in a group health plan. They cover every need of a health insurance policy holder. They only cover specific accidents or diseases.

They only cover specific accidents or diseases.

All of the following qualify for Medicare Part A EXCEPT Anyone who is at the end stage of renal disease. Anyone who is over 65, not covered by Social Security, and is willing to pay premium. Anyone who is willing to pay a premium. Anyone that qualifies through Social Security.

anyone who is willing to pay a premium

Which of the following is NOT true regarding an annuity certain? It is a short-term annuity. Benefits stop at the annuitant's death. It will pay until a fixed amount is liquidated. There are no life contingencies.

benefits will stop at the annitunts death

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? Life with period certain Fixed amount Interest only Fixed period

fixed period

All of the following are business uses of life insurance EXCEPT Funding business continuation agreements. Funding against general company financial loss. Compensating executives. Funding against financial loss caused by the death of a key employee.

funding aganist genreal company fincinal losses

Which of the following programs is made up of 4 parts, where the first part is paid for by FICA, and the second part is financed by premiums and payroll taxes? Blue Shield Medicaid Medicare Blue Cross

medicare

What type of benefit helps to pay for accidental injuries that are not severe enough to qualify as disabilities? Basic Accidental Injury Accidental Death & Dismemberment Medical Reimbursement Benefit Partial Disability

medical Reimbursement benefit

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy Built cash values. Required proof of insurability every year. Decreased death benefit at each renewal. Required a premium increase each renewal.

required a premium increase each renewal

All other factors being equal, which of the following types of annuities will generally provide the highest monthly income? Installment Refund Life with a 10-year Period Certain Straight Life Joint and Survivor

straight life

Which of the following features of the Indexed Whole Life policy is NOT fixed? Cash value growth Premium Death benefit Policy period

cash value growth

At a hearing, a person has the opportunity to do all of the following EXCEPT Give evidence why an order should not be made. Obtain witnesses on his or her own behalf. File for dismissal of charges. Appear in person and by counsel.

file for dismissal of charges

What will happen if it is impossible for an injured insured to produce proof of disability in the time specified in a contract that provides disability benefits? After the deadline, benefits will be reduced by a percentage every week proof is not furnished. Claims will be paid as contracted provided the proof is furnished as soon as possible. The insured must submit to a doctor's examination before benefits will be paid. The insurance company has the right to cancel the policy.

claims will be paid as contracted provided the proof is furnished

John owns a medical expense policy that he purchased for his family. John's employer purchased a Group Disability Income policy for John and all eligible employees. John subsequently suffered an accident on the job that left him unable to work for four months. If John receives benefits from his disability income policy, which of the following would be true? John can deduct his medical expense benefits from his income tax. Benefits received that are attributable to employer contributions are fully taxable to the employee as income. Premiums John paid for his medical expense policy are normally deductible from his income. Benefits from employer contributions are not taxable.

Benefits received that are attributable to employer contributions are fully taxable to the employee as income

All of the following are ways in which a Major Medical policy premium is determined EXCEPT The coinsurance percentage. The stop-loss amount. The average age of the group. The amount of the deductible.

the average age of the group

Which of the following statements concerning group health insurance is CORRECT? Under group insurance, the insurer may reject certain individuals from coverage. The employer is the policyholder. Only the employer receives a certificate of insurance. Each employee receives a policy.

the employer is the policyholder

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? The beneficiary will receive 2/3 of the total benefit, with the final 1/3 payable when the first beneficiary dies. One of the beneficiaries will receive 1/3 and the other 2/3 of the proceeds when the insured dies. The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive. The beneficiary will receive 2/3 of the lump sum up front, and the remaining 1/3 will be paid over time.

the surviving benefit

Upon policy delivery, the producer may be required to obtain any of the following EXCEPT Payment of premium. Delivery receipt. Signed waiver of premium. Statement of good health.

signed wavier of premium

A policyowner who is also the insured wants to name her husband as the beneficiary of her life policy. She also wishes to retain all of the rights of ownership. The policyowner should have her husband named as the a) Revocable beneficiary. b) Secondary beneficiary. c) Primary beneficiary. d) Irrevocable beneficiary.

Revocable beneficiary.

Statements made by an applicant for a life insurance policy which are true to the best of one's knowledge are referred to as Warranties. Information. Representations. Facts.

representations

If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a Nonforfeiture option. Rollover. Settlement option. Nontaxable exchange.

settlement option

The Superintendent can examine an authorized fraternal benefit society and property/casualty insurance company once every 18 months. 3 years. 5 years. 12 months.

3 years

If licensees have administrative action taken against them, they must file this with the Superintendent within 50 days. 20 days. 30 days. 45 days.

30 days

How long is an open enrollment period for Medicare supplement policies? 1 year 30 days 90 days 6 months

6 months

What is a definition of a unilateral contract? If one party makes a condition, the other party can counteroffer. One-sided: only one party makes an enforceable promise Two or more parties go into a contract understanding there may be an unequal exchange of value One author: the company wrote the contract; the insured must accept it as written.

One-sided: only one party makes an enforceable promise

Which type of life insurance policy allows the policyowner to pay more or less than the planned premium? Variable life Decreasing term Straight whole life Universal life

universal life

All of the following statements are correct regarding Credit Life Insurance EXCEPT Benefits are paid to the borrower's beneficiary. The amount of insurance permissible is limited per borrower. Premiums are usually paid by the borrower. Benefits are paid to the creditor.

Benefits are paid to the borrower's beneficiary.