PA Life and Health Insurance Exam missed questions
8 days
A disability income policy has a waiting period of 7 days . If the insured is disabled for 15 days, how may days of the benefits will the policy pay?
Twisting
An Agent who knowingly misrepresents material information for the purpose of inducing and insured to lapse, forfeit, change or surrender a life insurance policy of annuity has committed an illegal practice is known as?
Either term insurance or permanent insurance
An adjustable life policy can assume the form of?
$10,000
An agent received some inaccurate information, an , as a result, he publicly misstated the financial condition of another entity 12 times over a period of 3 months. If this fact is revealed, the agent may face a fine up to?
Twisting
An agent tells and insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premiums will be slightly lower. The policy however, would not offer either one of these things. What type of misrepresentation is being committed?
The insurance company accepts the risk
An applicant completes an application for a disability policy and pays the initial premiums. The producer gives the applicant a conditional receipt? Insurance coverage for the applicant will become effective when?
Fair Credit Reporting Act
An applicant may challenge information discovered as a result of an investigation consumer report under which of the following acts?
$60,000 and a third degree misdemeanor
An individual acted as an exclusive general agent even though she was not licensed to do so. Since this offense occurred a period of 60 days, what is the maximum penalty she faces?
Grace Period
An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He then takes an extended vacation and forgets to pay the premium. Ten days later, his policy is still in effect and has not lapsed. Which policy allowed for this?
Variable Universal Life
An insureds flexible premium is invested into separate account. What type of insurance did he purchase?
Capital Amount
Conrad receives $50,000 from a $100,000 accidental health and dismemberment policy as a result of the loss on his left arm in an accident.Conrad has received the?
The applicants earned income
Disability benefits are calculated based on
From the moment of birth, and the insurer must be notified within 31 days
How long is a newborn covered without notification to the insurer
1 month
How long is the grace period for an individual life insurance policy?
Express Authority
If an agent follows the rules and terms of his agent contract he is exercising his?
The interest rate will never drop below the guaranteed minimum
If an annuity has a guaranteed minimum interest rate, this means?
It is an unfair trade practice to mention the Associate in advertisements
Insurance Guaranty Association (what statement is true?)
Submit the description in their own words on a plain sheet of paper
Insureds have the right to do which of the following if they have no received the proper claim form within 15 days of their notice to the insurer of a covered loss under a major medical policy?
Fixed Amount
J is receiving fixed amount benefit payments from his late wifes insurance policy. He was told that if he dies before all of the benefits paid, the remaining amount will go to the contingent beneficiary. Which settlement option did J choose?
Acute
LTC policies would provide necessary coverage at all levels EXCEPT
10 working days
Once an insurer receives a claim, within how many days must the insurer provide claim forms to the insured?
Insuring clause
Riley reads and agreement on the first page of her policy which includes a list of losses that will be covered by her insurer?
Stating that dividends are not guaranteed
What action does NOT constitute false advertising?
Offering and inducement of something of value not specified in the policy
What best defines the unfair trade practice of rebating
A producer returning part of her commission to her client, as an inducement to buy
What best describes rebate?
Waiving licensing requirements for nonresident applicants who are licensed in their home state, if the home state awards license to the producers in this state on the same basis?
What does the term reciprocity mean?
The face amount is paid to the insured
What happens to the face amount of a whole life policy if the insured reaches the age of 100?
Risk Retention
What is NOT a characteristic of Managed Care Plan
the parties that hold a group health insurance contract are the employees and the employer
What is NOT a characteristic of a group health plan?
Benefits are determined solely based on the policy premium
What is NOT a characteristic of variable insurance and annuities?
Dental procedure due to birth defect
What is NOT a common exclusion found in most health policies?
The plan must be temporary
What is NOT a requirements of a qualified plan?
Disability
What is NOT a standard exclusion in life insurance polices?
the employee has a right of conversion upon leaving the group coverage
What is NOT true about MET (multiple employer trust)?
Policy dividends issued by mutual companies and guaranteed and not taxable
What is NOT true about mutual insurance companies?
Reports may be sent to anyone who requests one
What is NOT true about the Fair Credit Reporting act?
The owner may renew the policy for a specified term
What is NOT true regarding term health coverage
Fixed annuities do not provide protection against inflation
What is a correct statement about annuities?
Insurability
What is not a medicaid qualifier?
The death benefit is taxable to the business
What is not true about a key-person insurance
A customer service representative who solicits no more than one policy a year
What is required to become licensed as an insurance producer?
Joint Life
What is the most common name for a single policy that is designed to insure two or more lives with a standard premium and that pays the death benefit upon the first death?
To allow the business buyout in case of the owners disability
What is the purpose of a disability buy-sell agreement
It is a temporary protection
What is true about level term insurance?
The company's stock value lowers
What reason may group coverage not be discontinued?
Charging the insured higher premiums based on her race
What would be an example of an insurer participating in the unfair trade practice of discrimination?
The insurer
Which entity has the option of including optional provisions in a health insurance policy?
Consideration
Which of the following elements of an insurance contract requires payment of premium?
Intermediate care
Which of the following is provided by skilled medical personnel to those who need occasional medical assistance or rehabilitative care?
Peril
Which of the following is the cause of loss?
Express Authority
Which type of authority is found in the agents contact?
The agents
Whose responsibility is it to ensure that the application for health insurance is complete and accurate?
Misrepresentation
guaranteeing future dividends is considered to be an unfair or deceptive act know as?
a percentage of the workers income
the benefits for group disability plans are based on
SEC AND FINRA and Departments of insurance
variable insurance and variable annuities are regulated by?
Insurer can only cancel the policy for the reasons stipulated in the contract
what is NOT true regarding an optionally renewable policy?
outpatient services
what is a preferred solution for reducing the cost of hospitalization?
Automatic Premium Load Option
which provision may be added to a permanent life policy, at no cost, that insures the policy will not lpse so longs there is cash value?