VA Health Final Exam
an independent agent May
-represent several insurers
a life annuity feature which provides benefit payments for a minimum number of years, no matter when the Intuit dies, is called
. certain
I premature distribution from a modified endowment contract incurs a penalty tax of
10%
what minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer
100%
the health insurance premium is paid for by each partner and a partnership is considered to be
100% tax deductible
in Virginia at least how many employees are needed for a small employer medical plan
2
and insured must notify an insurer of a medical claim within how many days after an accident
20
an agent's commission for the sale of a Medicare supplement policy in the first year following is effective date cannot exceed blank of the commission paid for selling or servicing the policy in the second year
200%
how many days does the affordable Care act require insurers to give before rescinding coverage
30 days
can't received a group accident and health termination notice how many days does she have to apply for converted
31
Greg had 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 policy
31 days
how many quarters must an employee have worked in a covered occupation to be fully insured for social security disability income
40 quarters
an agent has received the first year commission paid on a Medicare supplement policy. renewal commissions must then be provided for at least blank years after the first year
5
what is the actuarial value of a bronze Health plan
60
which of the following is generally a form of group credit life insurance
Decreasing term insurance at
James the agent has sold a life insurance contract to a client without using the illustration even though his insurance offers one for this particular transition the applicant blank
Make sign a statement that no illustration was provided
Medicare part b excess charges are covered by
Medicare supplemental insurance
under deferred annuity which contract feature charges a 5 to 10% fee that eventually reduces to $0 after a stated amount of time?
Surrender Charge
when a large sum of money is used to structure monthly payments which product is typically used
and immediate annuity
if replacement was involved in the sale of a life insurance policy, an agent must provide a replacement notice no later than
application date
an advantage of owning a flexible premium life insurance policy would be
así ahora que me pase changes gratis
long-term care policy sold in Virginia may offer coverage in which
benefits are based on an individual's ability to perform activities of daily living at
who normally pays the premiums for group credit life insurance
borrower
I preferred provider plan and an indemnity plan are similar in what way
both pay on a fee for service basis
which of these is not considered a federal punishment for unfair and deceptive Insurance practices
community service
which annuity allows contributions to an IRA
deferred. a qualified deferred annuity in the accumulation phase may be used to fund an IRA and allow continued contributions within the maximum limit set by the IRS
disability income provides protection for which of the following
economic death
how many insurance company classify an accidental death benefit on a life policy
en of Love the weather
which health policy class specifies the amount of benefits to be paid
ensuring
how often must the commission examine each domestic Insurance company
every 5 years
which benefit supplement added to a life insurance policy insures an entire family
family term Rider
and insurer must offer a long-term care policy or certificate that
has a non forfeiture value
which of these procedures is not designed for ambulatory Care centers
inpatient surgery
where will a life insurance policies proceeds be directed to if all the beneficiaries to die before the insured
insured estate
which of these statements is not true regarding a cash value loan against the life insurance policy
interest payments made by policy owner or deductible
how much is normally paid to a policy owner in a viatical settlement
less than the death benefit
a trustee to trustee transfer of rollover funds and a qualified plan allows the participant to avoid
mandatory income tax withholding on the amount transferred
field underwriting by a producer
may result in the disclosure of hazardous activities of the applicant
skilled nursing facility expenses are sometimes covered by blank but only if the insurance was hospitalized prior to entering the facility
medicare
hello a life policy that has premiums that are lower than normal during the early years
modified life
how are the premiums for an individually owned disability income policy treated for tax purposes
not tax deductible at all
when replacing an individual accident and health policy in Virginia the required replacement notice to the applicant must include
notice that pre-existing conditions may not be covered
if group Health benefit levels are too high what could be the end result
over utilization of the plan
and insured, age 67, is covered under a disability income policy. what will the insurer normally require in order for the insured to continue coverage?
pincel más viajefest plaza five numbers
which of these plans allow a participant to choose either a network or not network provider at the time when medical Care is needed
point of service
a disability income insurance policy was recently issued with A rating. what does this mean?
policy owner will be charged an additional premium. A rating on a disability income insurance policy means that an additional premium will be charged
which of the following is a true statement regarding universal life insurance
policy states how much of each premium is used towards company expenses. premium payments are separated and paid towards the insurance protection. the loading costs and the remaining balance is used to build the cash value.
which benefit can be found in an equity indexed annuity but not in a fixed annuity
protection against long-term inflation
which could be the potential risk of taking out a cash value loan under a life insurance policy
reduces the amount receivable upon surrender of the contract
a life insurance policies waiver of premium Rider has the ability to
relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled
after the extended term life not forfeiture option is chosen the available insurance will be
renewable for a stated period of time
XYZ Corp gives money to an employee to purchase a life insurance policy and allows the employee to select the beneficiary. what kind of plan is this?
split dollar. a split dollar plan is an arrangement where an employer and an employee share in the cost of purchasing a life insurance policy on the employee
how are monthly life annuity benefit payments treated under a tax sheltered annuity
taxed as ordinary income in the year received
according to the ACA new health insurance marketplaces are established by
the center for consumer information and insurance oversight or cciio
in Virginia a long-term care policy which lapses may be reinstated within 5 months if
the covered individual was mentally incapacitated
which statement concerning adjustable life insurance is
the face amount and premiums can be changed simultaneously by the policy owner
James is covered with health insurance by two different insurers. the insurance with other insurance provision in an individual health insurance policy allows an insurer to pay benefits to the insured on a prorated basis when
the insurer was not notified prior to the claim that the insured has other health coverage
Insurance crimes which affect interstate commerce or prosecuted by the
us attorney general
an agent must hold which of the following licenses to sell variable life insurance policies
variable life and security license
a policy owner is permitted to take out a policy loan on a whole life and policy at what point
when the policy has a cash value