pa in exam

If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy may impose which of the following time exclusions for pre-existing conditions?

0 months

the typical long term care insurance policy is designed to provide a minimum of _____ years of coverage

1

Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

10 days

in a long term care policy the right to examine period is

10 days

Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium?

14 day waiting period/ 10 year benefit period

once the insurance company receives a notice of claim, they have ____ days to send the claim form

15

according to pennsylvanias law, postnatal care must be delivered within how many days of discharge

2

producers must complete a total of ___ continuing education credits for each two year licensing period

24

an employer may qualify for health care tax credits through shop marketplace if that employer has fewer than how many employees

25

within how many days must a producer report to the commissioner any charges made against him/her?

30

in a long term care policy, the right to examine period is

30 days

the Pennsylvania health and life guaranty association protects life insurance death benefit claims up to

300,000

the pennsylvania life and health guaranty association protects life insurance death benefit claims up to

300,000

greg has recently been terminated from his job that covered him for group life insurance. how long does he have to convert his coverage to an individual plan

31 days

Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? $400 $800 $2,000 $4,000

4000

Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken?

5,000

in Pennsylvania a specified disease accident and health plan must provide a minimum benefit in the amount of

5000

No Long-Term Care policy may exclude pre-existing conditions for a period of more than

6 months

within how many days must a rollover be completed in order to avoid being taxed as current income

60

If a health insurance claim is not promptly paid, legal action may be taken against the insurer after

60 days from the date of proof of loss is furnished

what percentage of a participants income are group long term disability benefit amounts typically limited to?

60%

in Pennsylvania, HIPPA laws require that an individuals prior creditable coverage may reduce the maximum pre existing condition exclusion period that a new group health plan can apply. this rule is applicable as long as there has been no gap in creditable coverage for a period greater than

63 days

under the cobra, a terminated employees benefits must

BE THE SAME AND AND THE PREMEIUM CANNOT EXCEED 102%

what is the primary reason for buying an annuity

Provide future economic security

when collecting insurance premiums from a client, a producer must

forward premiums to the insurer on a timely basis

in Pennsylvania, what's the requirement for a minor to receive proceeds from a death benefit?

a guardian must be appointed

a producers license cannot be revoked without

a hearing given to the producer

which of the following employers is required to follow erisa regulations

a local electrical supply company with 12 employees

the cause of a loss is referred to as

a peril

hippa considers which of the following as "individually identifiable health information"

a persons health claim information

if an insureds age on a life insurance policy has been misstated what is the insurers liability if the insured dies?

a prorated death benefit based on the amount of insurance the insured premiums would have been if purchased at the correct age

which of the following is not considered advertising

a rating from a rating service company, such as am best

charging a client less premium than what is stated in their insurance policy is called

a rebate

which of these is considered to be a living benefit option in a life insurance policy

accelerated death benefit

a medical provider that accepts medicare assignment must

accept payment based upon a defined medicare schedule as payment in full

All of these are valid policy dividend options for a life insurance policyowner EXCEPT

accumulate without interest

all of these are valid policy dividend options for a life insurance policyholder except

accumulate without interest

kathys annuity is currently experiencing tax deferred growth until she retires. which phase is this annuity in?

accumulation period

a policy owner may change two policy features on what type of life insurance

adjustable life

for pennsylvania insurance code violations the commissioner may assess a(n)

administrative penalty

for pennsylvania insurance code violations, the commissioner may asses an

administrative penalty

How does life insurance create an immediate estate?

after first premium is paid, the face amount may be available to the beneficiary

When does an immediate annuity begin making payments? After multiple premiums have been paid After the first premium has been paid After policy has been active for one year After the incontestable period

after the first premium has been paid

the term which describes the fact that both parties of a contract may not receive the same value is referred to as

aleatory

an insurer formed according to the legal requirements of another country is considered

alien insurer

the waiver of premium does not include which provision

all future premiums are waived if the insured recovers from the disability

Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires,

all protection ends

What amount will be paid under a policy where the insured misstated his/her age?

an amount the premium would have purchased at the correct age

which of these may not be used in a health insurance advertisement

an insurance companies trademark instead of the companys actual name

all of these are considered forms of advertising except?

an insurers am best rating

Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called

annuity certain

which of the following is considered to be the period when the accumulated value in an annuity is paid out?

annuization phase

the deeds and actions of a producer indicate what kind of authority

apparent

the entire contract includes the actual policy and the

application

the difference between a long term care partnership plan and a non partnership plan is which of the following

asset protection

what is the difference between a long term care partnership plan and a non partnership plan

asset protection

Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him?

assisted living

a type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called

association or labor group

the commissioner has the right and duty to

audit insurer financial reports and conduct market studies

which of these factors is not taken into account when determining an applicants life insurance needs?

automobile

which of these factors would an insurer consider when determining whether to accept a group life plan? number of dependents incontestable period average age grace period

average age

a disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing

benefit limits

coverage for newborns under an accident and health plan must include coverage for

birth abnormalities

According to Pennsylvania law, which of the following is NOT considered to be personally identifiable financial information?

blind trust data that does not include names and addresses

what are the levels of coverage as defined by the affordable care act

bronze, silver, gold, platinum

an order issued by the commissioner that prohibits a specific practice listed in the order is called a(n):

cease and desist order

which of the following is considered to be an alternative to a life settlement

celebrated death benefit rider

What is issued to each employee of an employer health plan?

certificate

which of the following is not a part of an insurance contract

certificate of authority

the coverage, conditions and limitations in the master policy of a group contract can be found in which document

certificate of coverage and benefits

which of the following is a requirement for any change in an insurance application

change must be initiated by the applicant

which of the following is not a required provision in an accident and health insurance policy

change of occupation

when an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates

change of occupation provision

all of the following are elements of an insurance policy except definitions other insurance claim forms conditions

claim forms

in Pennsylvania, who is responsible for continuing education course content approval?

commissioner

Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are both involved in an automobile accident where Pat dies instantly and Karen dies 5 days later. Which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits? Nonforfeiture clause Common disaster clause Spendthrift clause Accident indemnity clause

common disaster clause

a waiver of premium rider allows an insured to waive premium payments if the insured is

completely and permanently disabled

which of the following would be considered an underwriting duty of an agent

completing all applications and collecting initial premiums

intentional withholding of material facts would affect an insurance policy validity is called a(n):

concealment

a health insurance policy where the insurer has the right terminate the policy for reasons other than the insureds health is called

conditionally renewable

Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident?

contingent beneficiary

an employee under a group insurance policy has the right to name a beneficiary and the right to

convert to an individual policy in the event of employment termination

____ is not an element of a valid contract

countersignature

Proceeds of the viatical settlement contract could be subject to the claims of

creditors

An example of a presumptive disability would be

deafness

the least expensive option to pay off a 30 year mortgage balance would be

decreasing term life

Premium mode is a term used to describe the

frequency of the premium payment

jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. her health care policy most likely contains a(n):

deductible

all of the following are examples of a business continuation plan except

deferred compensation

advertising regulations exist in order to

demonstrate full and truthful disclosures to the public

a hospital or medical expense policy will typically cover dental treatment expenses under which circumstance

dental treatments is needed to repair an injury

all of the following may be an unfair claims practice except:

denying an insureds fraudulent claim

what is the primary purpose of a rating service company such as AM best

determine financial strength of an insurance company

all of these are standard exclusions found in a life insurance policy except

disability

a medicare supplement policy must not contain benefits which

duplicate medicare benefits

benefits provided by a medicare supplement policy must not

duplicate medicare benefits

lisa has recently bought a fixed annuity. which of these is considered to be a disadvantage of owning this type of annuity

during periods of inflation, annuitants will experience a decrease in purchasing power of their payments

all of these are characteristics of a major medical expense policy except

elimination periods

which prohibited act involves a producer spending a clients insurance premiums for his/her own personal use

embezzlement

which of the following is not a federal requirement of a qualified plan

employee must be able to make unlimited contributions

under the health insurance portability and accountability act (HIPPA), the employees new group health plan will verify creditable coverage so that the

employees waiting period for coverage of a preexisting condition can be reduced under the new employers health plan

the policyholder for a group health benefit plan is considered to be the

employer

which of the following would be considered a possible applicant and contract policyholder for group health benefits

employer

a common exclusion or limitation on a dental policy is

endodontics

the limited period of time given to all members to sign up for a group health plan is called the

enrollment period

Level premium permanent insurance accumulates a reserve that will eventually equal the face amount of the policy pay a dividend to the policyowner require the policyowner to make periodic withdrawals become larger than the face amount

equal the face amount of the policy

which of the following is an annuity that is linked to a market related index

equity indexed annuity

which of these would limit a companys liability to provide insurance coverage

exclusion

which of the following is required to maintain a producers license in pennsylvania

field underwriter, who solicits insurance and earns a commission

after an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?

file written proof of loss

a producer is meeting with a client to determine whether an annuity will be suitable for purchase. which of the following topics needs to be discussed with the client?

financial objectives

violations of us code title 18 section 1033 may result in

fine and or imprisonment

elizabeth is the beneficiary of a life insurance policy. she is receiving the death benefit in payments of 10000 per month until the principal and interest has been paid out. which option was chosen?

fixed amount

which of these annuities require premium payments that vary from year to year

flexible premium deferred annuity

a medicare supplement plan can be canceled by the insurer

for nonpayment of premiums

a (n) ___ insurance company is one that was formed under the laws of a state other than pennsylvania

foreign

Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically covered?

full time nursing care

a group disability income plan that pays tax free benefits to covered employees is considered

fully contributory

which of these will typically authorize treatment from a specialist

gatekeeper

an insurer will accept a premium from the insured and continue the coverage in full force as though it was not late during which time period

grace period

a master contract and certificate of coverage can be found in which type of policy

group

Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?

guaranteed insurability rider

barbras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. this rider is called

guaranteed insurability rider

a health insurance policy that allows an insurer to change the policy owners premiums but not cancel the policy is called

guaranteed renewable policy

for licensing purposes if an applicant has a home or office location in the state of pennsylvania this would be consistent with which of the following

home state

which approach predicts a persons earning potential and determines how much of the amount would be devoted to dependents

human life value approach

the pennsylvania department of insurance may take each of the following actions except

incarceration

Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's

income period

simon has purchased a fixed immediate annuity. his payment amount will be dependent upon principal, interest and the contracts

income period

which of the following provisions protects a pennsylvania policy owner from an innocent mistake made on the application over 2 years ago

incontestability provision

which of the following protects a policy owner from a misrepresentation caused by an innocent mistake

incontestable clause

which of the following actions may an insurance company not do in a health policy that contains a guaranteed renewable premium benefit

increase the premiums on an individual basis

Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?

individual

which of the following is present when an applicant stands to lose value if the insured dies

insurable interest

in regards to a life insurance contract, which of the following statements is not true regarding the concept of insurable interest

insurable interest can be established by sufficiently by sentimental attachment alone

who is responsible for assembling the policy forms for insureds

insurance carriers

the do not call registry offers exemptions for calls placed from all of the following except

insurance sales calls

Ambiguities in an insurance policy are always resolved in favor of the

insured

who is required to notify the producer in an event of appointment termination?

insurer

which of these is not considered to be a nonforfeiture option in a whole life insurance policy

interest only

an example of a primary care physician would be an

internist

a non admitted insurer

is not afforded protection by the guaranty fund

what is the purpose for having an accelerated death benefit on a life insurance policy

it allows for cash advances to be paid against the death benefit if the insured becomes terminally ill

what happens to interest earned if an annuitant dies before the payout start date

it is taxable

the time limit for filing claim disputes is addressed in which provision of an accident and health policy

legal actions

When a decreasing term policy is purchased, it contains a decreasing death benefit and

level premiums

producer commissions may not be paid to

licensed and appointed producers

producer commissions may not be paid to

licensed producers not appointed by an insurer

which of these is not considered to be a common life insurance nonforfeiture option

life income annuity

a permanent life insurance policy where the policy owner pays premiums for a specified number years is called a

limited pay policy

Someone needing custodial care at home would require which type of coverage?

long term care

all ____ policies must be guaranteed renewable

long term care

what is involved when a life insurance policy has been backdated

making the policy effective on earlier date than the present

which of the following is considered to be a point of service (POS) plan

managed care plan

all of these are considered key factors in underwriting life insurance except

marital status

an employer is issued a group medical insurance policy. this single contract is known as

master policy

In contrast to a guaranteed renewable policy, a noncancellable policy

may never raise premiums

Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance?

medicare in hospital deductible

which of these gaps in medicare coverage is addressed with medicare supplemental insurance?

medicare in hospital deductible

which type of plan would be most appropriate for an individual on medicare and is concerned that medicare will not pay for charges exceeding the approved amount

medicare supplement plan f

the life and health guaranty corporation provides funds to carry out its powers and duties by assessing

member insurers

what would be an expense factor in an insurance program? Premiums collected mortality costs opportunity costs investment interest

mortality costs

a buyers guide and policy summery

must be delivered with or prior to policy delivery

a life insurance claim which involves a per capita distribution of policy proceeds would be payable to the

named living primary beneficiaries

a producer who sells insurance in Pennsylvania but resides in another state is called

nonresident producer

Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after the policy's inception date, how much will her beneficiary receive?

nothing

what is the required action to be taken by a pennsylvania licensee before operating under an assumed business name

notify commissioner

which of these is not considered to be a risk factor in life insurance underwriting

number of children

which of the following is a violation of pennsylvania insurance law

offering insurance contracts through unlicensed entities

long term care insurance provides

one or more diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital

long-term care insurance provides

one or more diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital

which of the following is not an example of utilization review

ongoing inspection of accident prone individuals

A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n)

optional renewability clause

Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be: cancelable guaranteed renewable conditionally renewable optionally renewable

optionally renewable

the monthly benefit for an individual disability income policy is usually limited to a percentage of the insureds income in order to avoid

over insurance

Which clause defines total disability as being unable to perform the major duties of the insured's regular occupation?

own occupation clause

an interest sensitive life insurance policy owner may be able to withdraw the policy cash value interest free. the provision that allows this is called

partial surrender

the automatic premium loan provision authorizes an insurer to withdraw from a policys ash value the amount of

past due premiums that have not been paid by the end of the grace period

states that have "no loss no gain" laws require replacing policy to

pay for ongoing claims under the policy it replaces

which type of rider will waive the premium on a childs life insurance policy if the parent paying the premium dies

payor benefit

mortality is calculated by using a large risk pool of

people and time

Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?

period certain

In what form do disability income policies typically pay benefits?

periodic income

Which type of disability would be less than total impairment and equal to permanent impairment?

permanent partial disability

which of these factors is not taken into consideration when determining the cost of a long term care policy ?

personal income

which of these factors is not taken into consideration when determining the cost of a long term care policy?

personal income

which of the following is not a common exclusion or a medical expense policy

physical therapy

which situation accurately describes a reduced paid up nonforfeiture option

policy has a decreased face amount

Variable Life Insurance and universal life insurance are very similar. which of these features are held exclusively by variable universal life insuramce

policy owner has the right to select the investment which will provide the greatest return

Medicaid is a government funded program designed to provide health care to

poor people

a person who is a nonsmoker of average weight and is in excellent health would most likely be in which risk classification

preferred

coordination of benefits regulation applies to all of the following plans except

preferred provider organization plan

Andy the annuitant dies before the annuity start date. Which of the following is a TRUE statement?

premiums paid plus interest earned is returned to the beneficiary

the federal employees benefit program consists of two types of health plans for federal civilian employees. the two plans are fee for service and

prepaid

which of the following does medicare part d cover?

prescription drugs

in most dental plans a deductible typically is not applied to

preventative and diagnostic services

All Health Benefit Plans issued after January 1, 2014 must provide

preventative health services

all of the following are functions of an insuring clause except

primarily describes the free look period

the ____ is responsible for determining the appropriateness of a medicare supplement policy for an applicant

producer

which of the following is a person who negotiates an insurance contract on behalf of an insurer

producer

what is required before an insurance producer can act as a representative of an insurer

producer needs to be appointed by that insurer

the branch of dentistry that deals with the replacement of missing parts is called

prosthodontics

the branch of dentistry which deals with the replacement of missing parts is called

prosthodontics

how are survivorship life insurance policies helpful in estate planning ?

provide funds to help pay taxes

Who is the individual paid on a fee-for-service basis?

provider

when comparing an hmo to a ppo, the ppo

provides a greater choice of providers

an indemnity plans

provides the insured a specific dollar amount for services

premiums that exceed 7.5% of an insureds adjusted gross income (AGI) are tax deductible when paid for which of the following plans

qualified long term care plan

all of the following are considered to be nonforfeiture options available to a policy owner except

reduction of premium

an annuitant dies during the distribution period. what kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?

refund annuity

any of the following may be an unfair claims practice except

refusing to pay personshringing false or fraudulent claims

a transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered is called

replacement

what are an applicants statements concerning occupation, hobbies and personal health history regarded as

representation

all statements in an insurance application, in the absence of fraud, are considered

representations

Under the subrogation clause, legal action can be taken by the insurer against the

responsible third party

An annuity is primarily used to provide

retirement income

an individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in

risk avoidance

term insurance is appropriate for someone who

seeks temporary protection and lower premiums

long term care policies may provide coverage for claims arising from

senile dementia

the Pennsylvania insurance department is responsible for each of the following except:

shareholders

all of the following actions are considered rebating except

sharing commissions with other licensed and appointed producers

health insurance involves two perils, accident and

sickness

in Pennsylvania, a producer may have their license revoked for which of the following acts

signing a prospects names without their knowledge or presence

in pennsylvania an insurer may backdate policy issue not more than how many months from the date of a life insurance policy

six months

Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called

skilled nursing care

generally speaking, which three levels of care are long term care policies provided with

skilled nursing, intermediate, and custodial care

which of the following is not a type of medicare advantage plan

social security disability income

a life insurance producer licensed in the commonwealth of pennsylvania is authorized to

solicit, receive and forward applications to the insurer

what does a life insurance policy guarantee to the stated beneficiary upon death of the insured?

specified amount of money

a(n) _________ company is owned exclusively by its shareholders

stock

a nonparticipating company is sometimes called a

stock insurer

all of the following are exempt from the 10% tax penelty for early qualified plan withdrawals except

stock purchase

which of these will have the highest monthly payout upon annuitization?

straight life

The type of multiple protection coverage that pays on the death of the last person is called a(n) joint life policy survivorship life policy annuity joint policy dual life policy

survivorship life policy

Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes?

taxable incomes

Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity?

temporary annuity certain

which of the following is typically not eligible for coverage in a group health policy

temporary employee

which of the following policies does not build cash value?

term

a producer does not have the fiduciary responsibility to

the Pennsylvania guaranty association

which of these statements regarding the annuitant is true

the annuitants life expectancy determines the annuity payments

which of these is not a characteristic of the accelerated death benefit option

the benefit can be offered as a rider at a specific extra cost or may be at no cost

Bill the producer is collecting the initial premium on a health policy. Which of the following statements is true?

the contract is not in force without the initial premeium being paid

bill the producer is collecting the initial premium on a health policy. which of the following statements is true?

the contract is not in force without the initial premium being paid

this mandatory health policy provision states that the policy, including endorsements and attached papers, constitutes

the entire insurance contract between the parties

when calculating the amount of life insurance needed for an income earner, what has to be determined when using the needs approach

the family financial objectives if the income earner were to die or become disabled

in which of the following situations would the insurer be liable for a loss

the insured suffered an injury as an innocent bystander during a bank robbery

a licensee can have his/her license denied or revoked by the commissioner if

the licensee has committed insurance related fraud or dishonesty

Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because

the mec tends to be an investment vehicle

which of the following statements about the contestability of a life insurance policy is true

the policy can be contested by the insurer only during the first two years of the contract

Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true?

the policy may be paid up early by using policy dividends

a life insurance illustration showing future premiums being paid out of nongaurenteed values must disclose that

the policy owner may need to resume premium payments depending on actual results

If the annuitant dies before the annuity start date,

the premiums paid plus interest earned will be given to the beneficiary

Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires,

the protection ends

Who were Keogh plans designed to provide pension benefits for?

the self employed

Legal purpose is a term used in contract law meaning

there mist be legal reasons for entering a contract

one role of the commissioner is

to enforce state insurance laws

in an insurance contract, the insurer is only partly legally obligated to preform. because of this, an insurance contract is considered

unilateral

a life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called

universal life

a partial surrender is allowed in which of the following life policies?

universal life

Joe has a life insurance policy that has a face amount of $300,000. After a number of years, the policy's cash value accumulates to $50,000 and the face amount becomes $350,000. What kind of policy is this?

universal life policy

Craig submits a $500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. Which of the Uniform Optional Provisions covers this situation?

unpaid premium

"maximum benefits" refers to the

upper limit of the total lifetime benefits the insurance company will pay

A securities license is required for a life insurance producer to sell

variable life insurance

which type of policy combines the flexibility of a universal life policy with investment choices?

variable universal life policy

life insurance may make an immediate benefit payment before the insured dies in which transaction?

viatical settlement

agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called

viatical settlements

what is the primary factor that determines the benefits paid under a disability income policy

wages

when can a group health policy renewal be denied according to the health insurance portability and accountability act (hippa)

when contribution or participation rules have been violated

a 70-year old insured individual has suffered from kidney failure for the past 24 months. she is covered by her spouses large group employer plan. how will medicare be utilized in this situation

will be the secondary insurer and pay for claims not fully covered by the group plan

Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds will no longer provide insurance protection will go to Mike's estate will be divided by probate will not be paid until the last brother dies

will no longer provide insurance protection

pennsylvania law requires that an insurer must notify the commissioner of a producer appointment termination

within 30 days of termination

Loans obtained by a policyowner against the cash value of a life insurance policy are treated as taxable income would not be treated as taxable income are limited by the face amount of the policy would be subject to a Federal estate tax

would not be treated as taxable income