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A nonresident license in that state

A Texas resident agent seeking to sell insurance to customers in another state needs

life and health counselor

A licensee who, for a fee or commission, offers to examine a life insurance policy and gives advice regarding the policy is known as

7 years

A life insurance policy qualifies as a Modified Endowment contract if the amount of premium paid exceeds the amount that would provided paid up insurance in how many years

drug addiction

A major medical expense policy would excluded coverage for all of the following except

Automatic Premium Loan

A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. This is due to what provision?

Survivor Protection

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

continue to increase

A whole life policy is surrendered for a reduced paid up policy. The cash value in the new policy will

the parties that hold a group health insurance contract are the employees and employer

All of the following are characteristics of group health insurance plans except

An insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

All of the following are examples of third- party ownership of a life insurance policy except

The plan must provide an offset for social security benefits

All of the following are general requirements for a qualified plan except

Proof of insurability must be provided at each renewal

All of the following are true of annually renewable term insurance except

Benefits are considered taxable income to the business

All of the following are true of the key person disability income policy except

Suggesting negotiations in settling the claim

All of the following are unfair claims settlement practices EXCEPT

insurer

All of the following must sign an application for heath insurance except

Either term insurance or permanent insurance.

An adjustable life policy can assume the form of

insurer's home office

An agent created a new ad to help expand business. Prior to use, the ad must be approved by

level

An annuitant pays the annuity premium on the 14th of each month. Which of the following best describes this arrangement

the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries

10 days

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

$200,000

An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. The policy contained an accidental death rider, offering a double indemnity benefit. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. What amount would his beneficiary receive as a settlement?

Interest Sensitive Whole Life

An insured purchased a Life Insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is a/an

Variable Universal Life

An insured's flexible premium is invested into a separate account. What type of insurance product did he purchase

Attending Physician's Statement (APS)

An underwriter is reviewing an application with medical history. Which of the following would give the underwriter a better understanding of how the applicant has been treated for the illness

issuing policies on behalf of the insurer

As an insurer's field underwriter, a producer has all of the following responsibilities except

Nonforfeiture Values

Cash values guarantees in a whole life policy are called

Interest

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

Help individuals save for qualified heath expenses

Heath savings accounts are designed to

1 month

How long is the grace period for an individual life insurance policy

60 days

How soon from the termination of debt under a credit life insurance policy must a creditor provide notice to the insurer

supplementary major medical

If a basic medical insurance plan's benefits are exhausted, what type of plan will then begin covering those losses?

premium is considered earned, so no refund is required

If a credit life policy is terminated upon the payment of the death benefit, what happens to the premium paid in the policy

immediately

If a loan request is for payment of due premiums on policy, how soon must the insurer issue a loan

The underwriters approve the application

If am applicant submits the initial premium with an application, which action constitutes acceptance?

30 days

If an HMO policy is cancelled for nonpayment of the amounts due under contract, how long of a notice must the insurer give the insured

Within 10 days of when the policy was delivered

If an insured is not entirely satisfied with a policy issued, the insured may return it to the insurance company and receive a refund of the entire premium paid, at which of the following time

whole life insurance

In Texas, nonforfeiture law applies to which of the following insurance policies

borrower only

In a credit life insurance, who is responsible for paying the policy premiums

has been active for 5 years min

In order for an alumni association to be eligible to purchases group health insurance for its members, all of these statements must be true except

delivery of policy

In this state owner gets a free look of a specific number of days from

fixed amount

J is receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before all of the benefits are paid, the remaining amount will go to the contingent beneficiary. Which settlement option did J choose?

40

Joe, age 63, was disabled and can no longer work. He meets the social security of total disability. How many work credits must Joe have accumulated to have the status of fully insured

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

Life insurance creates an immediate estate. Which best explains that

the beneficiary is then responsible for portion of prescription drug costs

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

Employee Paid Group Disability Income

Regarding health insurance, all of the following are tax deductible except

persons receiving Medicaid are not eligible

Regarding the PPACA health care tax credit, which of the following is true

Simplified Employee Pension (SEP)

S set up an individual retirement account that her employer is now contributing to. Her employer's contribution's are not included in her gross income.

Principal Sum

The amount under an AD&D policy that is payable as a death benefit if death is due to an accident.

a percent of worker's income

The benefits for group disability plans are based on

future increase option

The guaranteed purchase option is also referred to as the

flexible premium

The owner of a deferred annuity pays $100 in premium one month and $130 the next month. Which of the following terms best describes this premium payment

individual tax deduction for premiums paid

The patient protection and affordable care act includes all of the following provisions EXCEPT

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

The stop loss feature on a major medical policy is intended to

6

Under an HMO, child immunization costs cannot be charged for children under what minimum age

nonsurgical services a physician provides

What does basic medical expense cover

Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured

What does the application of contract of adhesion mean

Premium payment period

What is the difference between a straight life policy and 20 pay whole life policy

There is no max time period

What is the mac period of time the Commissioner may revoke your agent's license

60 days

What is the max amount of time an insurer may delay payment of a claim without having to pay additional interest

an amount not exceeding the cash value

What is the maximum loan amount a policyowner may withdrawal from a variable universal life insurance policy

controlling costs

What is the purpose of the gatekeeper in an HMO?

to exclude coverage for a specific impairment

What is the purpose of the impairment rider in a health insurance policy?

They are tax free to terminally ill insured

What is true regarding taxation of accelerated benefits under a life insurance policy?

cash value

What type of life polices requires a nonforfeiture provision

at the time of policy solicication

When are agents required to provided the outline of coverage to an application for individual long term care policy

at the time of the policy socialization

When are the agent required to provide the outline of coverage to an applicant for individual long term care policy

Estate Conservation

When life insurance is used to pay inheritance taxes and federal estate taxes

Only if the individual is not identified

When may HIV-related test results be provided to the MIB?

general account

Where are premiums from fixed annuities invested

paid up additions

Which dividend option will increase the death benefit?

insurer

Which entity has the option of including optional provisions in a health insurance policy

the insurer

Which entity has the option of including optional provisions in a health insurance policy

adult day care

Which of the following could be provided at a community center

15-day waiting period/ 10- year benefit period

Which of the following disability income policies would have the highest premium?

premium rates

Which of the following does not have to be included on the first page of medicare

It is temporary protection

Which of the following is TRUE of level term insurance

Premiums are not tax-deductible as a business expense

Which of the following is correct concerning the taxation of premiums in a key- person life insurance policy

child day care

Which of the following is not a type type of long term coverage

probationary perid

Which of the following is not mandatory under the uniform provisions law as applied to accident and health policies

The annuitant cannot be the same person as the annuity owner.

Which of the following is not true regarding the annuitant

benefits provided must be the same as for any other physical illness

Which of the following is true regarding coverage for chemical dependency treatment in group health insurance policies issued in this state

annual

Which of the following premium modes would result in the lowest premium

All additional provisions written by insurers are cataloged by their respective states.

Which of the following statements is NOT true regarding health insurance policy provisions

Benefits are usually limited to six months

Which of the following statements regarding Business Overhead Expense policies is NOT true?

Being permanently disabled

Which of the following would NOT trigger the payment of Accelerated Death Benefits?

Converting group coverage to individual coverage

Which of the following would not constitute a policy replacement

converting group coverage to individual coverage

Which of the following would not constitute a policy replacement

Relation of Earnings to Insurance

Which provision is an Optional provision allows insurers to limit benefits to an insured average income over the last 2 years

One party accepts the exact terms of the other party's offer

Which statement best describes an agreement as it relates to insurance contracts

family

a husband and wife both incur expenses that are attributed to a single major medical insurance deductible. Which type of deductible do they have in their policy?

employer paid group disability income

all of the following health insurance disability benefits are income tax free except

cash

an IRA contribution can be made from which of the following

within 60 days

an employee that becomes ineligible for group coverage because of termination of employment or change in status must excessive extension of benefits under COBRA

life insurance illustration

an illustration used in the sale of a life insurance policy must include a label statign

following the grace period

at what point would an automatic premium loan be generated

The underwriter approve application

if the application submits the initial premium with an application, which actions constitutes acceptance

after 3 policy years

in an individual life insurance policy, when must the nonforfeiture benefits begin

pay the death benefit to the estate of the insured

key person insurance can provide protection for all of the following economic losses to a business except

person's receiving Medicaid are not eligible

regarding the PPACA health care tax credit, which of the following is true

extended term

when a whole life policy is surrendered for its nonforfeiture value, what is the automatics option

specific information about the policy

which of the following is not included in buyers guide


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