Final

Which of the following best defines the owner of a life settlement contract?

A person who is selling the contract

When and how an insured may prove a loss

According to the proof of loss provision, which of the following must be specified in a contract that provides disability benefits?

Regarding a PPO, which of the following is correct when selecting a primary care physician?

All of the above

It can be distributed through a life policy

All of the following are true in regards to 24 hour coverage except?

Anyone who is willing to pay a premium

All of the following qualify for Medicare part A, except?

The provisions that states that both the printed contract and a copy of the applicant form the contract between the policy owner and the insurer is called the

Entire contract

Which of the following health care plans would most likely provide the insured/subscriber with comprehensive health care coverage?

Health maintenance organization plan

Which of the following is an entity that can be hired by an employer to handle all its employee management tasks?

Professional employer organization

When benefits are paid directly to the insured under a health insurance policy, the policy provides benefits on what type of basis?

Reimbursement

In insurance, an offer is usually made when?

The completed application is submitted

Taxable income to the employee

When a group disability insurance policy is paid by the employer, benefits paid to disabled employees are

December 31 of the year that contains the fifth anniversary of the owners death

When must an IRA be completely distributed when a beneficiary is not named?

Annuities payment

Which concept is associated with "exclusions ratio"

An insured pays a monthly premium on 100 for her health insurance. What would be the duration of the grace period under her policy

10 days

Employer health plans must provide primary coverage for individuals with end stage disease before Medicare become primary for how many months ?

30

To attain currently insured under social security, a worker must have at least how many credits during the last 13 quarters?

6 credits

A benefit for each day the insured is in a hospital

A hospital indemnity policy will pay?

The benefits will be coordinated

A husband and his wife are insured under group health insurance plans at their own places of employment, as dependents under their spouses coverage. If one of them incurs hospital expenses, how will those likely be paid?

The insurance through his company is primary

A man works for company A and his wife works for company b. The spouses are covered by health plans through their respective companies that also cover the spouse. Is the husband files a claim?

Which of the following is not considered a business life settlement?

A producer discusses the advantages of a universal life policy and how the flexible premium allows the owner to control the cash value and death benefit income

They cover the cost of extended nursing home care

All of the following statements about Medicare supplement insurance policies are correct, except ?

No benefits

An insured is involved in a car accident. In addition to general, less serious injuries, he permanently losses the use of his leg and is rendered completely bling. The blindness improves a month later. To what extent will he receive presumptive disability benefits?

Reduction of premium

An insured pays 1,200 annually for her life insurance premium. The insured applies this years 300 worth of accumulation dividends to the next years premium, thus reducing it to 900. What option does this describe

When an annuity is written, whose life expectancy is taken into account?

Annuitant

All of the following are required of eligibility for social security disability income benefits except?

Being age 65

Term

Children's riders attached to whole life policies are usually issued as what type of insurance?

Which of the following is not an example of insurance interest ?

Debtor in a creditor

Which of the following is true regarding taxation of dividends in participating policies?

Dividends are not taxable

All of the following may be excluded from coverage in a major medical expense policy except?

Emergency surgery

First 3

How many pints of blood will be paid for by Medicare supplement core benefits?

Which of he following factors about the insured determines the amount of disability benefit that the insured will receive?

Income

Issue age policy premiums increase in response to which of the following factors?

Increased benefits

A policy owner is reading a statement on the first page of his health insurance policy, which says "this is a limited policy" what is the name of this statement?

Limited policy notice

Attempting to determine how much insurance and individual would require based upon their financial objectives is known as?

Needs approach

An application is discussing his options for Medicare supplement coverage with his agent. The applicant is 65 years old and had just enrolled in Medicare part a and b. What is the insurance company obligated to do?

Offer the supplement policy on a guaranteed issue basis

Certain conditions, such as dismemberment or total and permanent blindness, will automatically qualify the insured for full disability benefits. Which disability policy provision does this describe?

Presumptive disability

Which of the following is not true regarding the needs approach method of determining the value of individuals life?

The need is predicted using the number of years until the insured retirement

Which of the following best describes what the annuity period is?

The period of time during with accumulated money is converted into income

Control health insurance claims expense

The purpose of managed care health insurance plans?

High deductible health plan

To be eligible for a health savings account, an individual must be covered by a?

Between 100-400%

To be eligible for tax credits under the ACA, individuals must have income that is what percent of the federal poverty level?

18 months

To be eligible under HIPPA regulations, for how long should an individual converting to an individual health plan have been covered under the previous group plan?

2,500

What is the maximum penalty for habitual willful noncompliance with the fair credit reporting act?

The mode of the premium payment

Which of the following will vary the length of the grace period in health insurance policies?

Option B

Which option for Universal life allows the beneficiary to collect both death benefit and cash value upon the death of the insured?

Indemnity

Which type of hospital policy pays a fixed amount each day that the insured is in a hospital?

Limited pay whole life

Your client wants both protection and savings from the insurance company, and is willing to pay premiums until retirement at age 65. What would be the right policy for his client?

Jack has a 20,000 life insurance policy on himself. He wants to insure his 13 year old daughter. According to NYS what is the maximum amount of life insurance he can purchase for his daughter?

50,000

How long is an open enrollment period for Medicare supplement policies?

6 months

85%

According to the MLR, what is the minimum percentage of health coverage premium that must be applied to actual medical care in large group health plan?

Which of the following is not covered under a long term care policy?

Acute care in hospital

Steven prints pamphlets to advertise his life insurance business. In his pamphlet, he included the full name of his insurance co and the type of insurance he offers. What else must her include?

Address of his principal office

Which of the following would not be a violation of state insurance regulations?

Agent c her license to write business other than controlled

In reference to the standard Medicare supplement benefits plan, what does the term standard mean?

All providers will have the same coverage options and conditions for each plan

Warn the applicant about the 10 day free look period

An agent is completing an application for a long term care policy. The agent is required to do all the following except ?

Fair credit reporting act

An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?

It is used to lower premiums

An insurer invests the money it receives from premiums paid by its insureds. Which of the following is true regarding the interest earned on these investments?

The individual mandate

The affordable care act requires all US citizens and legal residents to have qualifying health care coverage. This is known as?

Their highest 35, lowest 5

The amount of social security disability benefits based upon the workers primary insurance amount PIA, which is calculated from their average indexed monthly earnings over which years?

All of the following are ways in which a major medical policy premium is determined except?

The average age of the group

Which of the following statements about group life is correct?

The cost coverage is based on men and women

Blanket

The first street church plans to sponsor a summer camp for the youth of their congregation. They would like to purchase insurance that would pay benefits should one the youth get injured while participating in the campy activities. The type of policy they would likely need is an?

In a group policy, who is issued a certificate of insurance?

The individual insured

In individual health insurance coverage, the insurer must cover a new born from the moment of birth, and if additional premium payment is required, how many days should be allowed for payment?

Within 30 days of birth

Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce?

Without receiving written consent from an insurance regulatory authority

Sickness

Which of the following is an example of a peril covered in an accident and health policy?

Stock profit sharing plans

Which of the following is monitored by ERISA

The lost must be catastrophic

Which of the following is not a characteristic of an insurance risk?

The Medicare part A deductible

Which of the following is not covered under a plan in medigap?

Coverage for catastrophic medical expense

Which of the following is not true of basic medical expense plans?

Decreasing term

Which of the following types of insurance policies is most commonly used in credit life insurance ?

Superintendent

Who has the authority to regulate the issuance and sale of variable contracts?

Both the principal and interest will be liquidated over a selected period of time

Which of the following best describes fixed period settlement option?

SIMPLE plans require all of the following except?

At least a 1,000 employees

Which of the following is not an enrollment period of Medicare part A applications?

Automatic enrollment

In which of the following scenarios will repayment of the funds take place her Medicaid estate recovery act?

Before her death, a 23 year old was living in a long term nursing faculty paid for with Medicaid funds

It is approved by the IRS

If a retirement plan or annuity plan is "qualified" this means?

An unfair trade practice

If an insurance company makes a statement that it's policies are guaranteed by the existence of the insurance guaranty association, that would be considered which of the following?

A man purchased a 90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it?

Immediate

During partial withdrawal from a universal life policy, which proportion will be taxed?

Interest

The aggregate amount of premium due

Which of the following does not have to be disclosed in a long term care policy?

Which of the following statements is true concerning the accidental death rider?

It will pay double or triple the face amount

Life expectancy is used in the calculation of which of the following ?

Life settlements

Income assistance for work related injury

Medicaid provides all of the following benefits except

Students at public schools

Which of the following groups would most likely be covered under a blanket accident policy?

Denial of coverage

Which of the following is NOT a cost saving service in a medical plan?

Gets higher

Regarding a LTC coverage, as the elimination period gets shorter the premium?

An individual has been contributing to a retirement account after taxes are taken out of his paycheck. His financial advisor told him that he will be allowed to make contributions after age 70 1/2. The account owner does not have to pay taxes on growth of his account. What type of retirement account is it?

Roth IRA

When a life insurance policy stipulates that the beneficiary will receive payments in specified installments or for a specified number of years, what provisions prevents the beneficiary from changing or borrowing from the planned installments?

Spendthrift provisions

A producer is helping a married couple determine the financial needs of their children in the event that one or both dies prematurely. This is a personal use of life insurance know as?

Survivor projection

Life paid up at age 65

Which of the following is an example of a limited pay life policy?

Which of the following is true for both equity indexed annuities and fixed annuities?

They have a guaranteed minimum interest

7 days

Under NYS disability benefit law, for an employed individual, disability benefits will be payable after a waiting period of?

Which of following life insurance policies would be considered interest sensitive?

Universal life

What types of services may not be provided under the LTC assisted living care?

Visits by a registered nurse

It has the highest amount of insurance protection

What is the benefit of choosing extended term as a nonforfeiture option?

30

What is the maximum age for qualifying for catastrophic plan?

5,000

What is the maximum fine for violating a cease and desist order?

They pay deductibles or copayments that are not paid by Medicare

What is the purpose of Medicare carve out supplements?

Guarantee of insurability

What option allows the insured to periodically increase benefit levels without providing evidence of insurability?