missed questions pt 2

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a producer may act as a consult if he/she

meets the compensation disclosure requirements

a producer may act as a consultant if he

meets the compensation disclosure requirements

insureds have the right to do which of the following if they have NOT received the proper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy

submit the description in their own words on a plain sheet of paper

all of the following are true of the survivorship life policy except

the premium is based on the age of the insured

which of the following statements is not true

a licensed consultant may hold a producer's license

what do life insurance replacement (rule 16.1), advertising (rule 13) and solicitation (rule 24) rules all have in common

they are disclosure rules

what term is used for insurance companies that has a certificate of authority to transact insurance

admitted

conrad receives $50k from a $100k accidental death and dismemberment policy as a result of the loss of his left arm in an accident. conrad has received the

capital amount

a new homebuyer wants to purchase a life insurance policy that would protect his family against losing the home, should he die before the mortgage was paid. the most inexpensive type of policy that would accomplish this need would be

decreasing term

which of the following statements describes one of the reasons indiv purchase life insurance

it creates an immediate estate

how many days from the delivery of a life insurance policy does an insured have to return the policy for a full refund

10 days

which of the following statements is not true regarding health insurance policy provisions?

all additional provisions written by insurers are cataloged by their respective status

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

continue to increase

what does an annuity protect the annuitant against

living longer than expected

hmos are known as what type of plans

service

if an individual willfully violates provisions of the fair credit reporting act, what is the max civil penalty

$2,500

a medicare supplement policy must have a free-look period of at least

30 days

what is the required free-look period for a viatical settlement

30 days from the contract execution

as the chief executive and administrative officer of the insurance department, what authority is the commissioner given

enforcing laws

what would the insurance company do if an insured under a whole life policy with an accidental death rider intentionally kills himself a couple of months after purchasing the policy

deny the death benefit, but refund the premium

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

employer-paid group disability

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

probationary period

what type of life policy does NOT typically require proof of insurability

group

a viatical settlement is a transaction outside the life insurance company where the owner sells the life insurance policy for w of the following

a percentage of the face amount of the policy

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

only if the individual is not identified

Under the mandatory uniform provision Notice of Claim, the first notice of injury or sickness covered under an accident and health policy must contain

within 20 days

which of the following statements is not true regarding life insurance provisions

an insurer may set an interest rate on a loan at its own discretion

when an insured reinstated his major medical policy, he was involved in an accident that required hospitalization. when would the accident be covered upon reinstatement of the policy

immediately

which of the following best defines the unfair trade practice of rebating

offering an inducement of something of value not specified in the policy

which statement best describes agreement as it relates to insurance contracts

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

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

proof of insurability must be provided at each renewal

An annuity would normally be purchased by an individual who wants to

provide income for retirement

which of the following is a provision found in life insurance policies

reinstatement

according to the life insurance solicitation rule 24, what would be defined as cost?

the difference between what the insured pays and what he gets in return

all of the following are advantages of a qualified retirement plan except

the income at retirement is tax free

With Adjustable Life, the owner can change all of the following EXCEPT

the insured

all of the following are gen requirements of a qualified plan except

the plan must be temporary

which of the following statements is true regarding advertisement of the fact that the insurance guaranty association would assure payments of benefits in the event of insurer insolvency

it is illegal to mention the association in advertisements

a temporary insurance producer license

may be issued to the surviving spouse of a deceased producer

a temporary insurance producer's license

may be issued to the surviving spouse of a deceased producer

which of the following would not be considered a limited coverage policy

major medical expense insurance

a person receives his medicare supplement policy and is not satisfied with the provisions. he can return the policy for a full premium refund if he does so within how many days

30

an IRA contribution can be made from w of the following

cash

an employee is insured by a group major medical plan that is provided through her employer. the employer contributes 75% of the premium and the employee contributes 25%. if the insured received a benefit from the policy in the amount of 1k how much of the benefit will be taxed as income

$0

all of the following are true regarding continuing education (CE) requirements in indiana except

a producer must complete ce hours for each line of authority

which of the following statements isn't true regarding health insurance policy provisions?

all additional provisions written by insurers are categorized by their respective status

which statement below is incorrect regarding the type of term insurance that fits best with the applicant's needs

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

what is the purpose of the gatekeeper in an HMO

controlling costs

all of the following are changes in health insurance plans introduced by the PPACA except

full cost coverage for all medical expenses

which of the following is not correct concerning taxation of disability income benefits

if paid by the individual, the premiums are tax deductible

which of the following is not true regarding a deferred annuity

income payments begin within 1 year from the date of purchase

guaranteeing future dividends is considered to be an unfair or deceptive act known as

misrepresentations

what is a specific requirement regarding the # of employees in a SIMPLE plan

no more than 100 employees

cash value guarantees in a whole life policy are called

nonforfeiture values

policies written on a 3rd party ownership basis are usually written to cover w of the following

policyowner's minor children or business associates

the guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following except

purchase of a new home

an insured wants to cancel her health insurance policy. which portion of the contract would explain cancellation rights

renewability provision

all of the following are true regarding the federal fair credit reporting act except

reports may be sent to anyone who requests one

which of the following statements regarding HIV testing isn't true

test results must be sent to the dept of insurance

which of the following is true regarding examination of foreign companies by the commissioner

the commissioner may accept a company examination report from the dept of insurance at the company's state of domicile

An insured has a life insurance policy in the amount of $250k naming his wife as beneficiary. upon death, his beneficiary decides not to receive the death benefit for some time. when she finally receives it the amount of $250,530. is any portion of the proceeds that the beneficiary receives taxable

yes, proceeds in excess of face amt are taxable as interest

decreasing term insurance is often used to

cover a mortgage

a major medical expense policy would exclude coverage for all of the following treatments except

drug addictions

considering the principles of liquidity, how would the policyowner use today's cash value in a life insurance policy

use it for emergency expenses

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

within 60 days

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?

fixed amount

if a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedures

prior to performance of the test

who is the annuity owner

the person who purchases the annuity

which of the following individuals may act as a producer w/o a license

an insurance company president who is solely responsible for the administration of the company

in addition to participation requirements, how does an insurer guard against adverse selection when underwriting group health?

by requiring that the insurance be incidental to the group

if the policy summary for a life insurance policy is not given when the application is taken, when must the policy summary be given to the policyowner?

when the policy is delivered

When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used?

paid-up addition

a core medicaid supplement policy (plan a) will cover all of the following expenses except

part a deductible

an annuity would normally be purchased by an individual who wants to

provide income for retirement

which of the following individuals would be a likely candidate to purchase a deferred annuity

someone who wants to grow retirement funds tax deferred

all of the following could qualify as a group for the purpose of purchasing group health insurance except

an association of 35 people

which of the following would not trigger the payment of accelerated death benefits

being permanently institutionalized

what is the purpose of a benefit schedule

To state what and how much is covered in the plan

an insured needs ongoing treatment for a diabetic condition. under ppaca which of the following is correct

the condition must be covered under the insured's plan

which of the following best describes a presumptive disability

one that is severe enough that the insured automatically qualifies for full disability benefits

a married couple purchases a life insurance policy on their newborn baby. They are concerned about what would happen to the policy if either one of them were unable to continue making the premium payments due to death/disability. which policy rider should their agent recommend

payor benefit

when an agent delivered an insurance policy to the insured, he collected the initial premium, as well as a document verifying that the insured has not had any injuries or illness since the app date. what is this document called?

statement of good health

an insured has an individual disability income policy with a 30-day elimination period. he becomes disabled june 1st for 15 days when will he collect income payments

he won't collect anything

which of the following statements is false

the insurer does not have the right to conduct an autopsy

all of the following are characteristics of group health plans except

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

which of the following is true regarding consultation of foreign companies by the commissioner

the commissioner may accept a company's examination report from the dept of insurance of the company's state of domicile

an agent who knowingly misrepresents material information for the purpose of inducing an insured to lapse, forfeit, charge or surrender a life insurance policy or annuity has committed an illegal act called

twisting

which of the following is not true regarding the requirements for resident producers in indiana

a licensed resident producer in good standing in another state may also be a resident producer in indiana

Chris, who is unlicensed, works part-time in her father's insurance agency. She may perform all of the following activities EXCEPT

collect premium for in-force policies and explain coverages to clients that have existing policies written by her father

an insurance agent visits a potential client and explains various types of policies. the customer displays a lack of interest, so the agent guarantees higher dividends than he knows would be possible. which term describes what the agent has done

misrepresentation

the guaranteed purchase option is also referred to as the

future increase option

the guaranteed purchase option is often referred to as the

future increase option

which of the following is the primary source of info that an insurer uses to evaluate an insured's risk for life insurance

insurance application

an ex of an alien insurer doing business in this state is one formed under the laws of mexico

mexico

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

extended term

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

supplementary major medical

when term insurance is added to the main policy to enhance the policy/provide added benefits or coverage it is called a

term rider

which of the following is true regarding taxation of accelerated benefits paid under a life insurance policy

they are received tax free

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

extended term

all of the following are features of catastrophic plans except

high premiums

which of the following is NOT true regarding a producer's appointment and termination

insurance producers may not act as agents of an insurer w/o an appointment

all of the following must sign an application for health insurance except

insurer

what is the purpose of impairment rider in. a health insurance policy

to exclude coverage for a specific impairment

the provision that sets forth the basic agreement between the insurer and the insured and states the insurer's promise to pay the death benefit upon the insured's death is called the

insuring clause

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

family

a viatical settlement is a transaction outside the life insurance company where the owner sells the life insurance policy for w of the following?

a percentage of the face amount of the policy

which of the following is a correct statement about annuities

fixed annuities do not provide protection against inflation

An IRA owner who is 57 years old want to make a withdrawal form her traditional IRA. What penalty will be imposed

10%


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