Study test
An annuity has accumulated the cash value of $70,000, of which $30,000 is from premium payments. The annuitant dies during the accumulation phase. The beneficiary will receive
$70,000
Which of the following statements is NOT true regarding health insurance policy provisions?
All additional provisions written by insurers are cataloged by their respective states.
What is the maximum loan amount a policyowner may withdrawal from a variable universal life insurance policy?
An amount not exceeding the cash value
An IRA contribution can be made from which of the following?
Stocks and bonds
According to the Common Disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed?
The primary beneficiary died before the insured
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?
Variable Whole Life
What is the purpose of a benefit schedule?
To state what and how much is covered in the plan
In health insurance, what is coinsurance?
A percentage of the cost of service that the insured and the insurer share
How does insurance distribute the financial consequences of individual losses?
It transfers the risk to all persons insured
What is the cost of coverage based on for group life insurance?
The average age and the ratio of men to women
Which of the following best describes the type of care provided by HMOs?
Preventive
Which of the following statements regarding HIV testing is NOT true?
Test results must be sent to the Department of Insurance.
HMOs are known as what type of plans?
Service
What is the maximum age that a disabled insured worker may receive Social Security disability benefits?
65
Under the mandatory uniform provision Legal Actions, an insured is prevented from bringing a suit against the insurer to recover on a health policy prior to
60 days after written proof of loss has been submitted.
Which of the following optional provisions allows insurers to limit benefits to an insured's average income over the last 2 years?
Relation of Earnings to Insurance