Insurance Licensing Exam

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

6

Medicare Supplement Insurance is guaranteed issue if the policy effective date is within ___ months of the insured's Medicare Part B starting date

15 days

Once the insurance company receives a notice of claim, they have ____-____ to send the claim form.

at the moment of birth

When is a group health policy required to provide coverage for a newborn child?

At the time of application

When must a producer deliver a Notice Regarding Replacement of Life Insurance?

One who is incapable of self-sustaining employment due to a physical handicap

Which dependent of an insured is eligible for coverage under a health insurance policy issued by the Iowa Comprehensive Health Insurance Association?

create new insurance laws

Which of these is NOT a duty of the Commissioner? Enforce current insurance laws Create new insurance laws Issue licenses Approve policy forms

Guaranteed Renewable

Which type of renewability best describes a Disability income policy that covers an individual until the age of 65, but the insurer has the right to change the premium rate for the overall risk class? must be renewed as long as the premiums are paid until a set age. these usually have increasing premiums

Payor Provision

provides that in the event of death or disability of the adult premium payor, the premiums on a juvenile policy will be waived until the insured child reaches a specified age or the maturity date of the contract.

Variable Life

Life insurance immediately creates an estate upon the death of the insured. Which of the following policies is characterized by a guaranteed minimum death benefit? A life insurance policy where the insured determines how to invest the dollars that accumulate in cash value

Modified Premium Life

Distinguished by premiums that are lower than typical whole life premiums during the first few years (usually five) and then higher than typical thereafter

Notify the replaced insurance company

During the course of a Medicare supplement sale, T the producer determines there is an existing policy being replaced. Which of these actions is T NOT required to perform? Notify the replaced insurance company Give the insured a written replacement notice Submit a written replacement notice to the replacing insurance company Give a list of all health policies the agent sold to applicant in the past

the losses result from accidental injuries

Insured losses are covered immediately after a health policy is reinstated when

Misrepresentation

"making an unfair comparison of two companies"

domestic

An insurance company that conducts business in Iowa and was incorporated in Iowa is called a(n) ______ insurer.

A Variable annuity

Annuity that has a varying rate of return based on the mutual funds in which one has invested pays benefits based on units rather than specific dollar amounts

Misrepresentation

Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of stock?

Mutual

Which type of insurance company allows their policyowners to elect a governing body?

umemployment

All of these are considered to be a benefit under Social Security, EXCEPT for: survivorship unemployment disability retirement

Outline

when a medicare supplement policy is delivered, disclosure standards require that a(n) ____ of coverage be provided to the insured

30

The required free-look period for a Medicare Supplement policy is _____ days.

$10,000

According to Iowa insurance law, anyone found to have violated a cease and desist order may be subject to a fine of up to _____ for each violation

10 insureds

According to Iowa law, a group life insurance policy requires a minimum of how many insureds?

two years from the date the policy was issued

According to the Time Limit of Certain Defenses provision in an Individual Health Insurance Policy, nonfraudulent misstatements first become incontestable

Aleatory

Performance is conditioned upon a future occurrence. A contract in which the participating parties agree to exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a loss.

allowable amounts under Medicare Part B

What does a Medicare Supplement Policy cover?

Fund a buy-sell agreement

What is considered a valid reason for small businesses to insure the lives of its major shareholders?

$5,000

What is the MAXIMUM fine for willfully violating the Unfair Trade Practice laws of Iowa?

12 months

What is the MINIMUM benefit period that must be offered by a Long-Term Care policy?

Family Maintenance Policy

What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?

Distributions are received tax free

How are ROTH IRA distributions normally taxed?

76

Inflation protection is not required in a partnership long-term care policy if the individual is at least how old at issue

20 days

Insurers may request a hearing within ____ if their policy is rejected.

Twisting

J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Inducing or attempting to induce any insured person through misrepresentation to lapse, forfeit, or surrender insurance

Full benefits are payable under the Master contract

S, while in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?

10

The Commissioner must give _____ days notice prior to holding a hearing regarding a producer's violation of an unfair trade practice

Decreasing Term Insurance

A Family Income Policy is a combination of Whole Life and

45 days

Health insurance will automatically be placed back in force if the insurer fails to notify an applicant within _____ that the reinstatement application was denied.

3 years

How long does a business entity's license remain in effect?

10 days

In Iowa, monthly-premium health insurance policies must provide a grace period of at least

whole life

What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100?

alien company

A French insurance company conducting business in Iowa would be known in Iowa as a(n)

Family Maintenance Policy

A combination of whole life insurance and level term insurance to provide permanent coverage (lump sum payment to beneficiary when the insured dies) and a monthly family maintenance portion for a set period of time following the insured's death.

8%

A life policy loan in Iowa cannot charge a fixed rate of interest higher than

Health Maintenance Organization (HMO)

A medical care provider which typically delivers health services at its own local medical facility is known as

20%

A plan sponsor must withhold ____ of distribution in federal taxes on a rollover.

20% is withheld for income taxes

An individual participant personally received eligible rollover funds from a profit-sharing plan. What is the income tax withholding requirements for this transaction?

on the application

if a medicare supplement policy involves replacement it must be verified on a question located

waiver-of-premium provision

if the insured becomes totally disabled, all premiums coming due during the period of disability are waived

delivery receipt

signed document that starts a free look period

$25,000 individual whole life policy

An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a

cash value

The investment gains from a Universal Life Policy usually go toward


Ensembles d'études connexes

Abeka 10th grade spelling review quiz two

View Set

AMST 3740: Cultures of Hip-Hop Final Exam

View Set

Business Organizations and Corporate Law

View Set

Consumer Behavior Chapter 1 MKT 4305

View Set