Attempt 5

Which of the following would best describe total disability?

A person's ability to work is significantly reduced or eliminated for the rest of his/her life.

Which is NOT a characteristic of group health insurance?

A policy is issued to each insured individual.

Which of the following is the closest term to an authorized insurer?

Admitted

What is reinsurance?

An agreement between a ceding insurer an assuming insure

An agent makes a mistake on the application and then corrects his mistake by physically entering the necessary information. Who must then initial that change?

Applicant

How are state Insurance Guaranty Associations funded?

By their members - authorized insurers

Which provision allows the policyholder a period of time, while coverage is in force, to examine a health insurance policy and determine whether or not to keep it?

Free Look Period

An insured becomes disabled at age 22 and can no longer work. She meets the definition of total disability under Social Security. What other requirement must the insured have met to receive Social Security disability benefits?

Have accumulated 6 work credits in the past 3 years

Which of the following does NOT have to be disclosed in a long-term care (LTC) policy?

The aggregate amount of premiums due

Insurable interest can be best described by which of the following?

The applicant must experience a financial loss due to an accident or sickness that befalls the insured.

In accordance with the Code of Ethics, agents must provide a completed application to

The prospective insured and the insurer.