VA Health Final Exam

an independent agent May

-represent several insurers

a life annuity feature which provides benefit payments for a minimum number of years, no matter when the Intuit dies, is called

. certain

I premature distribution from a modified endowment contract incurs a penalty tax of

10%

what minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer

100%

the health insurance premium is paid for by each partner and a partnership is considered to be

100% tax deductible

in Virginia at least how many employees are needed for a small employer medical plan

2

and insured must notify an insurer of a medical claim within how many days after an accident

20

an agent's commission for the sale of a Medicare supplement policy in the first year following is effective date cannot exceed blank of the commission paid for selling or servicing the policy in the second year

200%

how many days does the affordable Care act require insurers to give before rescinding coverage

30 days

can't received a group accident and health termination notice how many days does she have to apply for converted

31

Greg had recently been terminated from his job that covered him for group life insurance. how long does he have to convert his coverage to an individual policy

31 days

how many quarters must an employee have worked in a covered occupation to be fully insured for social security disability income

40 quarters

an agent has received the first year commission paid on a Medicare supplement policy. renewal commissions must then be provided for at least blank years after the first year

5

what is the actuarial value of a bronze Health plan

60

which of the following is generally a form of group credit life insurance

Decreasing term insurance at

James the agent has sold a life insurance contract to a client without using the illustration even though his insurance offers one for this particular transition the applicant blank

Make sign a statement that no illustration was provided

Medicare part b excess charges are covered by

Medicare supplemental insurance

under deferred annuity which contract feature charges a 5 to 10% fee that eventually reduces to $0 after a stated amount of time?

Surrender Charge

when a large sum of money is used to structure monthly payments which product is typically used

and immediate annuity

if replacement was involved in the sale of a life insurance policy, an agent must provide a replacement notice no later than

application date

an advantage of owning a flexible premium life insurance policy would be

así ahora que me pase changes gratis

long-term care policy sold in Virginia may offer coverage in which

benefits are based on an individual's ability to perform activities of daily living at

who normally pays the premiums for group credit life insurance

borrower

I preferred provider plan and an indemnity plan are similar in what way

both pay on a fee for service basis

which of these is not considered a federal punishment for unfair and deceptive Insurance practices

community service

which annuity allows contributions to an IRA

deferred. a qualified deferred annuity in the accumulation phase may be used to fund an IRA and allow continued contributions within the maximum limit set by the IRS

disability income provides protection for which of the following

economic death

how many insurance company classify an accidental death benefit on a life policy

en of Love the weather

which health policy class specifies the amount of benefits to be paid

ensuring

how often must the commission examine each domestic Insurance company

every 5 years

which benefit supplement added to a life insurance policy insures an entire family

family term Rider

and insurer must offer a long-term care policy or certificate that

has a non forfeiture value

which of these procedures is not designed for ambulatory Care centers

inpatient surgery

where will a life insurance policies proceeds be directed to if all the beneficiaries to die before the insured

insured estate

which of these statements is not true regarding a cash value loan against the life insurance policy

interest payments made by policy owner or deductible

how much is normally paid to a policy owner in a viatical settlement

less than the death benefit

a trustee to trustee transfer of rollover funds and a qualified plan allows the participant to avoid

mandatory income tax withholding on the amount transferred

field underwriting by a producer

may result in the disclosure of hazardous activities of the applicant

skilled nursing facility expenses are sometimes covered by blank but only if the insurance was hospitalized prior to entering the facility

medicare

hello a life policy that has premiums that are lower than normal during the early years

modified life

how are the premiums for an individually owned disability income policy treated for tax purposes

not tax deductible at all

when replacing an individual accident and health policy in Virginia the required replacement notice to the applicant must include

notice that pre-existing conditions may not be covered

if group Health benefit levels are too high what could be the end result

over utilization of the plan

and insured, age 67, is covered under a disability income policy. what will the insurer normally require in order for the insured to continue coverage?

pincel más viajefest plaza five numbers

which of these plans allow a participant to choose either a network or not network provider at the time when medical Care is needed

point of service

a disability income insurance policy was recently issued with A rating. what does this mean?

policy owner will be charged an additional premium. A rating on a disability income insurance policy means that an additional premium will be charged

which of the following is a true statement regarding universal life insurance

policy states how much of each premium is used towards company expenses. premium payments are separated and paid towards the insurance protection. the loading costs and the remaining balance is used to build the cash value.

which benefit can be found in an equity indexed annuity but not in a fixed annuity

protection against long-term inflation

which could be the potential risk of taking out a cash value loan under a life insurance policy

reduces the amount receivable upon surrender of the contract

a life insurance policies waiver of premium Rider has the ability to

relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled

after the extended term life not forfeiture option is chosen the available insurance will be

renewable for a stated period of time

XYZ Corp gives money to an employee to purchase a life insurance policy and allows the employee to select the beneficiary. what kind of plan is this?

split dollar. a split dollar plan is an arrangement where an employer and an employee share in the cost of purchasing a life insurance policy on the employee

how are monthly life annuity benefit payments treated under a tax sheltered annuity

taxed as ordinary income in the year received

according to the ACA new health insurance marketplaces are established by

the center for consumer information and insurance oversight or cciio

in Virginia a long-term care policy which lapses may be reinstated within 5 months if

the covered individual was mentally incapacitated

which statement concerning adjustable life insurance is

the face amount and premiums can be changed simultaneously by the policy owner

James is covered with health insurance by two different insurers. the insurance with other insurance provision in an individual health insurance policy allows an insurer to pay benefits to the insured on a prorated basis when

the insurer was not notified prior to the claim that the insured has other health coverage

Insurance crimes which affect interstate commerce or prosecuted by the

us attorney general

an agent must hold which of the following licenses to sell variable life insurance policies

variable life and security license

a policy owner is permitted to take out a policy loan on a whole life and policy at what point

when the policy has a cash value