LIFE AND HEALTH EXAM REVIEW

higher

During the accumulation phase of a fixed annuity, the annuitant's interest rate is based on a minimum rate as specified in the contract, or the current interest rate, whichever is

Either term insurance or permanent insurance

An adjustable life policy can assume the form of

reaches age 65

An insured purchased a health insurance policy with a renewability clause that states the policy is "Guaranteed Renewable". This means that as long as the required premiums are paid, the policy will continue until the insured

The death benefit is taxable to the business

All of the following are true about key-person insurance EXCEPT

Decreasing Term

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

Cash

An IRA contribution can be made from which of the following?

indemity

An insured's hospital policy states that it will pay him a flat fee of $75 per day for each day he is hospitalized. The policy benefits on what basis?

monthly payments until the insured recovers or the loan is paid off

Credit disability insurance will pay

Received income tax free by the individuals

The benefits of medical Expense insurance are

Income

Which is not a crucial feature in health insurance underwriting

Private Duty Nursing

Medicare Part A services do NOT include which of the following?

To cover administration costs

An employee is covered under COBRA. His previous premium payment was $100 per month. His employer now collects $102 each month. Why does the employer collect an extra $2

Benefits begin at the beginning of the 6th month and are not retroactive to the beginning of the disability

If a person qualifies for Social Security disability benefits after the 5 month elimination period, when will benefits begin

Those with low income and low assets

Medicare is a health insurance program for all of the following individuals EXCEPT

taxed as ordinary income

Upon the surrender of a life insurance policy, any cash value accumulated in excess of the premium payments is

Assignment

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

Controlling costs

What is the purpose of the Gatekeeper in an HMO?

Within 30 days

When must a producer notify the Department of Insurance of a change of address

Risk Retention

Which of the following is NOT a characteristic of a Managed Care Plan

insurance application

Which of the following is the primary source of information that an insurer uses to evaluate an insured's risk for life insurance

Annuities

Which of the following types of policies would NOT be subject to Connecticut regulation on life insurance solicitation

One party accepts the exact terms of the other party's offer

Which statement best describes agreement as it relates to insurance contracts?

Individuals 50 or older

Who would be allowed catch-up contributions

The insured

With adjustable life, the owner can change all of the following EXCEPT

A higher monthly premium

If an insured decides to reduce the coinsurance amount on her major medical insurance, what can the insured expect?

Elimination Period

In disability insurance, the period of time between when the disability started and before the benefits are paid is called the

Employee paid group disability income

Regarding health insurance, all of the following are tax- deductible EXPECT

Policy dividends issued by mutual companies are guaranteed and not taxable

All of the following statements about mutual insurance companies are correct EXCEPT

Participant

What is another term for a health insurance policy subscriber