missed

According to the Fair Credit Reporting Act, all of the following statements are true EXCEPT

If an applicant is declined for an insurance policy he or she has the right to know what was in the report

An employee is insured by a group major medical plan that is provided through her employer. The employer contributes 75% of the premium and the employee contributes 25%. If the insured received a benefit from this policy in the amount of $1000, how much of this benefit would be taxed free

$0

If an individual willfully violates provisions of the fair credit reporting act, what is the max civil penalty?

$2,500

All of the following are true about key person insurance except

The death benefit is taxable to the business

An insured's hospital policy states that it will pay him a flat fee of $75 per day he is hospitalized.

Indemnity

All of the following must sign an application for health insurance EXCEPT the

Insurer

Which of the following statements is true of a Combination Dental Plan?

It is a combination of a scheduled and nonscheduled dental plan

A limited health insurance policy that will pay a lump sum to an insured diagnosed with a heart attack, stroke, or renal failure is known as

Critical illness insurance

An agent who knowingly misrepresents material information for the purpose of inducing an insured to lapse, forfeit, change or surrender a life insurance policy or annuity has committed an illegal practice of

Twisting

The elimination period in a disability income policy is better known as

The period of time an insured must wait after the onset of an illness or injury before benefits begin

In a variable life insurance policy, all of the following assets are held in the insurance companys general account except

Cash surrender values

An applicant may challenge information discovered as a result of an investigated consumer report under which act?

Fair Credit Reporting Act

Who determines if a particular group of employees can be excluded from group health insurance?

The employer

All are true regarding group life insurance except

The insureds each own their own contract

The type of dental plan which is incorporated into a major medical expense plan is an

integrated dental plan

When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?

Extended term

All of the following are true of annually renewable term insurance except

Proof of insurability must be provided at each renewal

In a deferred annuity, the difference between the accumulation value and the surrender value is the

Surrender charge

Variable annuities and variable insurance are regulated by

SEC, FINRA, and Department of insurance

What is the cost of coverage based on for group life insurance?

The average age and the ratio of men and women

Who does the spendthrift clause in a life insurance policy protect?

The beneficiary

What is the difference between a straight life policy and a 20 pay whole life policy

Premium payment period

All of the following are true regarding the federal Fair Credit Reporting Act except

Reports may be sent to anyone who request them

Only the agent is involved in completing the agents report. The agents statement is

Not included in the entire contract

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

The are received taxed free

Which of the following types of care can be provided at a community center?

Adult day care

Which of the following statements is true regarding advertising that the insurance Guaranty Association would ensure payments of benefits in the event of insurance insolvency?

It is an unfair trade practice to mention the Association in advertising

Which of the following must be listed by producers during replacement?

Policies still in force and policies sold during the past 5 years

The purpose of the Fair Credit Reporting Act is to

Protect consumers against the circulation of inaccurate or obsolete personal or financial information

An applicant completes an application for a disability policy and pays the initial premium. The producer gives the applicant a conditional receipt. Insurance coverage the applicant will become effective when

The insurance company accepts the risk

An insured's flexible premium is invested into a separate account. What type of insurance product did he purchase?

Variable Universal Life

An agent received some inaccurate information and, as a result, he publicly misstated the financial conditions of another entity 12 times over a period of 3 months, an agent may face a fine up to

$10,000

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

Reaches age 65