Guarantee Exam notes

If the annuitant dies during the accumulation period, the beneficiery will receive the

Cash value

When LTC covers care in a person's home or in a skilled or residential facility, the policy may be labeled

Comprehensive

Which meets the insured's personal needs and is provided by nonmedical personnel

Custodial Care

Which is considered a peril?

Fire

Which statement is incorrect?

Medicare and Medigap policies provide coverage for long term custodial or nursing home care

What happens to the face amount of a whole life policy once the insured reaches age 100

The face amount is paid to the insured

Which statement is true?

The more predictable the loss, the more insurable

The "stop-loss" feature of a major medical policy is to

establish a max amount of out-of-pocket expenses that an insured will have to pay for medical expense in a calander year

An employee who becomes ineligible for group coverage must exercise extension of benefits under COBRA within

60 days

Which could reduce the amount of the death benefit

Failure to repay a policy loan

For which of the following reasons may group coverage NOT be discontinued?

For company's stock value lowers

Which statement describes one of the reasons individuals purchase Life insurance

It creates an immediate estate

If the insured has a history of DUI's, this presents what type of hazard?

Morale

A core medicare supplement policy (Policy A) will cover all of the following expenses except

Part A Deductible

Difference between Straight Life Policy and 20-pay Whole Life

Premium Payment Period

Best definition of "indemnification"

The act of one person who agrees to restore an injured person to the condition he/she enjoyed prior

What is the only difference between blanket and group health insurance?

The insured members are not named

How long is the Grace period for the Life insurance policy?

1 month

written in conjuction with hospital expense policies and surgeons' fees?

Basic surgical expense insurance

Under Affordable Care Act, maternity, pregnancy and preventive care services are

Essential

An individual is approaching retirement age and is concerned about having proper coverage should he have to be placed in a LTC facility. His agent told him that LtC policies would provide necessary coverage at all following levels except

Acute

Which type of care could be proved in a community setting

Adult Day Care

Which types of care could be provided at a community center?

Adult Day Care

Which is incorrect regarding the type of term insurance that best fits the applicant's needs

Applicants who may require a larger death benefit in the future should buy convertible term

Which is not a type of LTC coverage?

Child day care

All are features of a health insurance plan purchased on the health insurance marketplace except

Dollar limits on essential benefits

California's Insurance Code requires all insurers to have a department the sole purpose of which is to investigate possible

Fraudulent claims from insureds

Under HIPAA, which is not covered under required benefits?

Groups of one or more

All of the following are features of catastrophic plans except

High Premiums

What happens to the copy of the application for health insurance once the policy is issued

It becomes part of the entire contract

What happens to the copy of the application for health insurance once the policy is issued?

It becomes part of the entire contract

What advantages does the "recurrent disability" provision provide to the insured under disability income policy

It eliminates the imposition of a second

General enrollment period for Medicare Part B?

Jan 1 - Mar 31

what does an annuity protect a contract owner against?

Living longer than expected

Which of the following used to be called Medicare + Choice Plans

Medicare Advantage Plans

Once the initial benefit limit in Medicare D is reached, how is beneficiary affected?

The B is then responsible for a portion of the drug costs

The entire contract includes all of the following except

The Buyer's Guide

All of the following are consideration in the policy except

The cash value in the policy

Which type of insurance is investment based, no guarantee cash value, and has a level fixed preium

Variable Whole Life

An aleatory contract is

an unequal exchange of values

If annuitant dies before annuity start date begins

the interest is taxable

Core benefits are included in all Medicare supplement policies. What percentage of Part B coinsurance is required

20%

The Human Life Value approach to determining Life insurance needs is based upon which of the following?

Loss of the Breadwinner's Income

When assessing needs for life insurance, an individual may use retention, which means

maintaining assets at death

Gross premium for a life insurance policy is determined by adding which two components

net premium and expenses

Life insurance creates an immediate estate. Which best explains this statement

The face value of the policy is payable to the beneficiary upon the death of the insured