XCEL OVerview 2

What amount will be paid under a policy where the insured misstated his/her age?

An amount the premium would have purchased at the correct age

Which of the following is required for an insurer to conduct business in this state?

Certificate of authority

Which of the following is NOT part of an insurance contract?

Certification of Authority

A Waiver of premium rider allows an insured to waive premium payments if the insured is

Completely and permanently disabled

Proceeds of the viatical settlement contract could be subject to the claims of

Creditors

What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc)

Dread disease insurance

A health care provider claim may be settled using which of the following payment methods

Fee-for-service

Which of the following is NOT taken into consideration when determining eligibility for Medicare benefits?

Income

Which of the following provisions protects a Pennsylvania policyowner from an innocent mistake made on the application over two years ago?

Incontestability provision

A common exclusion with Vision plans is

Lasik surgery

How do insurers predict the increase of individual risks?

Law of large numbers

Which of these is NOT considered to be a common life insurance nonforfeiture option?

Life income annuity

Which of these would NOT be considered a presumptive disability?

Loss of a leg or arm

During the first two years a life insurance policy is in force, the insurer may contest a policy for all of the following reasons EXCEPT

Misstatement of age in the application

How are contributions made to a Roth IRA handled for tax purposes?

Not tax deductible

What will the beneficiary receive if an annuitant dies during the accumulation period?

The greater of the accumulated cash value or the total premium paid

The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as

twisting

Which type of policy combines the flexibility of a universal life policy with investment choices?

Variable universal life policy

Charging a client less premium than what is stated in their insurance policy is called

a rebate

If the Insurance Department determines that the issuance of a temporary producer license serves in the public's best interest, the license may be issued to

an executor of a deceased producer's estate

Fixed period settlement options are considered to be a form of a(n)

annuity

Coverage for newborns under an accident and health plan MUST include coverage for

birth abnormalities

Intentional withholding of material facts that would affect an insurance policy's validity is called a(n)

concealment

Benefits provided by a Medicare Supplement policy must NOT

duplicate Medicare benefits

A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT

fare-paying passenger

In PA, a Long-Term Care policy must be ______ renewable

guaranteed

When an applicant for a producer's license has a principal place of residence or business location in Pennsylvania, for licensing purposes the State of Pennsylvania is known as the

home state

An insured was injured as an innocent bystander when someone committed a felony. The insurer is

liable for the loss

An insurer would be committing unfair discrimination if coverage was denied based upon

martial status

A rehabilitation benefit is intended to

prepare the insured to return to employment

All of the following are functions of an insuring clause except

primarily describes the free-look period

Term insurance is appropriate for someone who

seeks temporary protection and lower premiums

A nonparticipating company is sometimes called a

stock insurer

Respite care is able to provide

temporary relief to the patient's primary caregiver

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

Physical therapy

Variable life insurance and Universal life insurance are very similar. Which of these features are held exclusively by variable universal life insurance

Policyowner has the right to select the investment which will provide the greatest return

In Pennsylvania, an insurance producer license can be denied for failure to pay each of the following except

Property Tax

What is the primary reason for buying an annuity

Provide future economic security

What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association

Provide policyowner protection if an insurer becomes insolvent

A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered is called

Replacement

Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death?

Results

The Pennsylvania Insurance Department is responsible for each of the following EXCEPT

Shareholders

Greg has 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

Ron has a new employer and wishes to enroll in the company's group health plan. In determining whether his pre-existing health condition applies, Ron cannot have more than a _____ day gap without previous health insurance

63

The open enrollment period for Medicare Supplements begins at age

65

An example of rebating would be

A producer who shares commission with a client

A producer that willfully violates any provision of Pennsylvania Insurance law may be imposed to a maximum penalty set by the Commissioner at

$5,000 per violation

The free look period in Pennsylvania for individual health insurance policies is

10 days

After an annuity has been in force for _____ years, it becomes incontestable

2

Written notice for a health claim must be given to the insurer __ days after the occurrence of the loss

20