Insurance exam

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which policy issued only to those who are indebted to a creditor

Credit Life

insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repayed in full is

Credit life insurance

social security total disability is the inability to engage in any one of these activities due to physical or mental disability

(12 months)

group long term disability benefits amount are usually limited to what percentage of the participants income

(60%)

the applicant must face the possibility of losing something of value in the event of the insured's death this principle is known as

(insurable interest)

the general enrolling period through medicare part B ends on

(jan 1- march 31)

which is the name of the policy that combines a universal life policy with investment choices

(variable)

contributions made to a roth ira are

Contributions to Roth IRAs are not deductible the year you make them: they consist of after-tax money.

which of the following is a pure risk

-Pure risk: Pure risk is a risk in which there is only a possibility of loss or no loss—there is no possibility of gain. Pure risk can be categorized as personal, property, or legal risk. Physical hazard. A physical hazard is a physical condition that increases the possibility of a loss.

with the majority of companies within how many days does the free look provision allow the insured the right to return the life insurance policy for full premium

10 days

under ohio continuation rules an employer with fewer than 20 employees must allow terminated employees to continue accident and health coverage for at least

12 months

home healthcare benefits typically include coverage for all of the following except

24 hour nursing care

an insured has a policy with a cash value of 1500 and an outstanding loan of 500 how much money will the insured receive under the cash surrender value option

500

at what age can an individual begin to receive distribution from an IRA without tax penalties?

59 ½

under a universal life insurance policy a corridor represents the

A concept in universal life insurance. The corridor is the amount of pure insurance protection above the accumulation value to qualify as life insurance for tax purposes.

the primary difference between non cancellable policy and a guaranteed renewable policy is that the only list a noncancellable policy

A disability insurance policy is considered non-cancelable if the insurance company cannot raise rates as long as the premium is paid. A non-cancelable policy typically has a 20% additional premium charge versus guaranteed renewable only policies. Guaranteed renewable only policies do not have guaranteed level rates

which of the following is true of a payor benefit rider?

A payor benefit rider provides a temporary waiver of the policy premium if the premium payor dies, until the minor insured reaches the age stated in the policy (usually 18 or 21). The correct answer is: Temporary waiver of the policy premium

prior to annuitization what is the nonforfeiture value of an annuity?

All premiums paid, plus interest, minus any withdrawals and surrender charges.

a point of service plan is an example of

Also known as open ended HMo's a combination of HMOs and ppo plan

an annuity product linked to a market related rate of return is called

An equity indexed annuity

a comprehensive medical expense insurance policy combines which of the following coverages under one contract

Basic Hospital and Surgical coverage with Major Medical coverage

some health plans pay benefits on a usual customary and reasonable basis while other plans may pay established amounts in accordance with a list of injuries surgical procedures or other losses what is this list known as?

Benefit schedule

some health plans pay benefits on a usual customary and reasonable basis while other plans may pay established amounts in accordance with a list of injuries, surgical procedures or other losses. What is this list known as?

Benefit schedule

which approach considers the future needs of the survivors in determining the amount of life insurance

Either capital needs analysis or human life value

when individuals purchase life insurance to enable their heirs

Estate preservation

which method is used to determine the taxable portion of each annuity payment

Exclusion ratio

which of the following provides a death benefit if the spouse of the insured dies

Family Term Rider

generally what are the tax implications of life insurance proceeds to the beneficiary

Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

an insurer must offer a long term care policy or certificate that

Has a nonforfeiture value

insurers offering a dental care plan minimize adverse selection by

Insurance companies have three options for protecting against adverse selection, including accurately identifying risk factors, having a system for verifying information, and placing caps on coverage.

an annuity that guarantees a given number of income payments whether or not the annuitant is alive to receive them is referred to as

Life annuity Certain

an annuity that guarantees a given number of income payments whether or not the annuitant is alive to receive them is referred to as

Life annuity certain

every individual subscribing to a health care plan must receive a solicitation document when the policies delivered

Life insurance solicitations

what does limited payment whole life policy provide?

Lifetime protection

a travel accident policy and a dread disease contract are examples of

Limited risk policies

which of the following is not an element of insurable risk

Loss must be catastrophic

which of the following is an example of a persumptive disability

Loss of sight or deafness

the purpose of medicare supplement insurance is to address gaps in medicare coverage which can include

Medicare in-hospital deductible

all of the following factors are used in life insurance premium determination except

Mortality

penalties that may be imposed by private department of insurance for violations include all of the following except

NOT CIVIL PENALTIES

under workers compensation injured employees are covered for all of the following losses except

Pain and suffering

What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus?

Participating life insurance policy

an employee of any age becomes immediately eligible for medicare when

Permanent kidney failure

Which of the following is NOT a common exclusion for a medical expense policy?

Physical therapy

if the business pays premium as a business expense for a key employee business employee which of the following is true about tax consequences

Premiums are tax deductible

what does limited payment whole life policy provide?

Premiums on limited payment life insurance are paid for a limited number of years, but the benefits last a lifetime. Premiums are payable for 10, 15, or 20 years depending on the policy selected. You can pay premiums monthly, quarterly, semi-annually, or annually. Guaranteed cash value grows tax-deferred

under ohio law an HIC may release a subscribers confidential medical information for any of the following reasons except

Public interest

reinsured are specialized branch of the insured industry because they

Reinsure insurers

if a premium is not submitted with a life insurance application the agent must have the applicant sign which of the following when delivering a policy

Replacement

which is an accurate description of the relationship between the premiums of a whole life policy and the premium payment period

The shorter the payment period, the higher the premium

which of the following policies has a guaranteed interest rate with the possibility to earn an interest rate higher than the guaranteed rate

Universal life has a guaranteed interest rate with the possibility to earn an interest rate that is higher than the guaranteed rate.

under what circumstance must an agent provide his or her business records

Upon request of the commissioner

according to the uniform option of provisions what actions can the insurance company pay if the insured unintentionally understated his or her age on the

Whatever the premium would be at the correct age

interest earned on a traditional IRA is taxed

You don't report interest income generated by investments held in your IRA when you file your federal income tax return. Distributions from your traditional IRA are typically taxed as ordinary income. ... Under a traditional IRA, interest earned is taxed, therefore, when you withdraw it from your account

kelvin is receiving tax deferred growth until retirement in what phase would kelvin be in

accumulation

an illegal occupation provision insures that the insurer is not liable for any losses incurred while the policy owner was

an insurance company will not pay any benefits to a policyholder if the loss occurred when the policyholder was committing a felony. ... The illegal occupation provision also applies in situations where a policyholder has an illegal occupation.

an agent's actions or deeds demonstrate what kind of authority

apparent

According to Ohio HIC laws, confidentiality of health information applies to

applies to information supplied by: Both by the covered individual and by providers

restorative dental treatment covers which of the following

crowns

who may terminate an agent's appointment?

insurer

the change of beneficiary provision states the policy owner has the right to change the beneficiary unless the beneficiary is

irrevocable

the primary difference between pre certification provision and concurrent review is that the only pre certification provision

occurs before the treatment is provided

The cause of loss is a

peril

an example of an alien insurer would be

provides insurance coverage in a country or countries other than its country of domicile

what is the focus of major medical insurance

providing coverage for medical and hospitalization expenses.


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