Life and Health Exam - Missed Questions

In a contributory plan, at least what percentage of eligible employees must participate in the group plan?

75%

Who established the MIB (which used to be called the Medical Information Bureau)?

A group of insurance companies

An applicant submits a premium with the application. The purpose of having the producer deliver the policy to the applicant is to?

Accept an offer

The Insured has a valid health claim but has lied about age in the application. Under the Misstatement of Age Provision in the Health Policy, the Insurer may:

Adjust the claim

Under an insurance policy, either the Insurer or the Insured may receive disproportionate payment under the concept of:

Aleatory

An insurance policy will lead to the payment of a claim only if the Insured pays the premium and notifies the Insurer of the loss. This relates to the contract concept of?

Conditional

Who can alter an insurance policy?

Executive officer

An applicant submits an application without the first premium payment. This constitutes a/an?

Invitation

A Hospital Indemnity Policy's Elimination Period is applied:

Once per hospital stay

The Insured died six months after a life policy was delivered. The Insurer discovered that the application was incomplete and not signed by the applicant. The Insurer will do which of the following?

Pay the claim

To protect the applicant's privacy and confidentiality, some information is given to the underwriter and not to the Producer. Which of the following is the ONLY item that the Producer would have access to in the normal insurance transaction?

The application

The Fair Credit Reporting Act entitles the applicant to review information obtained by:

The consumer reporting agency

In a group policy situation, who receives the policy certificate?

The employee

The Fair Credit Reporting Act:

a. Allows consumers to insert a corrective statement in a consumer report.

The producer tells the Insured that the premium is due each year on June 1st. The Insured may confirm this by reading which section of the policy?

a. Consideration Clause

A conditional receipt accomplishes each of the following EXCEPT?

a. Guarantees that the permanent policy will be issued.

The time period one must be employed before becoming eligible for group Disability Income or Health Insurance is known as the:

a. Probationary period

Under the Fair Credit Reporting Act, the Insured has NO right to:

a. Require that the Insurer provide a copy of the report to the Insured.

Which of the following is correct regarding an association buying group insurance?

a. The group cannot be formed for the purpose of buying insurance.

If a conditional receipt is used:

a. The policy may become effective prior to delivery.

What is the primary reason the agent physically delivers the policy to the Insured?

a. To explain the policy terms and answer any questions.

The Uniform Policy Provision Law provides:

a. the right to sue within a stated time after filing a Proof of Loss claim

The Federal Fair Credit Reporting Act requires the Insurer to warn the Insured in advance that:

b. An inspection report will be obtained.

Which of the following actions is an agent likely to take when a conditional receipt is NOT used?

b. Have the client sign a statement of continued good health at the time of policy delivery.

Which policy section specifies the policy's coverage limits?

b. Insuring Clause

A Hospital Indemnity Policy:

b. Pays even if other insurance has already paid for the hospital stay.

An applicant was denied insurance based on information contained in his or her credit report. The applicant may:

c. Receive the name and address of the consumer reporting agency from the Insurer.

Under the Fair Credit Reporting Act, the Insured is entitled to:

c. Receive the name and address of the reporting agency from the Insurer.

Abe's Insurer issued his policy even though his application was incomplete and unsigned. The Insurer cannot cancel the policy because of which legal concept?

c. Waiver or Estoppel

The 10-Day Free Look provision is initiated by the:

d. Delivery Receipt

Each of the following statements regarding the Fair Credit Reporting Act is true EXCEPT?

d. FCRA requires Insurers to share credit report information with the applicant.

An applicant is rejected for life insurance due to a prior medical condition. The Producer may do each of the following EXCEPT:

d. Notify MIB that the applicant was rejected.

The Fair Credit Reporting Act prevents the Insurer from:

d. Obtaining a consumer investigative report without notifying the applicant.

The primary source of moral character information is:

d. The inspection report.

A statement of continued good health is used in which of the following situations?

d. When the policy is delivered and no conditional receipt was issued.

What document triggers the 10-day Free Look period?

d. delivery receipt