Big test study
An insurance company must notify the Commissioner whenever it terminates an agent's appointment within how many days of the termination date?
30 days
Partial disability usually pays what percent of the total disability benefit?
50%
A Major Medical Expense policy would exclude coverage for all of the follow treatments EXCEPT
Drug addiction
Which of the following is NOT mandatory under the Uniform Provisions Law as applied to accident and health policies?
Probationary period
All of the following would be classified as "limited insurance coverage" EXCEPT
Supplement Social Security coverage.
Life Insurance can provide which of the following?
Survivor protection
A viatical settlement is arranged between a viatical company and
The terminal Ill insured
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
According to the life insurance replacement regulations, which of the following would be an example of policy replacement?
A policy is reissued with a reduction in cash value
Which of the following allows someone living with a life threatening condition to sell their existing life insurance policy and use the proceeds before their death?
A viatical settlement
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
An annuity owner receives the same guaranteed payment every month. What type of annuity is it?
Fixed
Which of the following bears the investment risk in a variable life insurance policy?
Policy owner
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
Which of the following terms relates to disability income insurance?
Residual basis.
What does the application of contract of adhesion mean?
Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured
Contributions to Roth IRAs are
Not tax deductible
All insurers who issue health contracts in Kansas must keep all advertisements for at least how many years?
4
The Commissioner will examine the affairs and financial condition of any authorized insurance company at least once in how many years?
5
A disability income policy has a waiting period of 7 days. If the insured is disabled for 15 days, how many days of benefits will the policy pay?
8
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 adjustable life policy can assume the form of
Either term insurance or permanent insurance
What is the purpose of a benefit schedule?
To state what and how much is covered in the plan
All of the following health insurance disability benefits are income tax free EXCEPT
Employer paid disability
Which of the following is a requirement for replacement of health policies?
The old policy must stay in force until the new policy is issued
All of the following are characteristics of group health insurance plans EXCEPT
The parties that hold a group health insurance contract are the employees and the employer.
What does an annuity protect the annuitant against?
Living longer than expected
Which of the following describes the relationship between the principal sum and a capital sum?
A capital sum is a percentage of the principal sum.
Which of the following statements is INCORRECT concerning Modified Endowment Contracts (MECs)?
An MEC must always pass the 7-pay test.
An elimination (waiting) period may NOT have to be satisfied for a disability in which of the following?
An insured suffers a relapse of a prior disability within 6-months of the initial covered disability
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.
Elaine's Basic Hospital Expense policy has a $500 per day limit for room and board in a hospital for a maximum of 5 days. Elaine got sick and had to spend 3 days in the hospital at $650 a day. How much will Elaine have to pay to cover the rest of her room and board charges?
$450
Which of the following is NOT true regarding a noncancellable policy?
Insurer can increase the premium above what is stated in the policy if claims experience is greater than expected.
The Guaranteed Insurability Rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following EXCEPT
Policy of a new home
A retail shop owner is insured under a business overhead expense policy that pays a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If the owner becomes disabled, the monthly benefit payable under his policy will be
$2,500
How many days' notice must an insurer provide to an insured regarding the lapse of a policy due to outstanding loans?
30 days
An insurer that operates for one or more social, educational, charitable, benevolent, or religious purposes for the benefit of its members is known as a
Fraternal insurer
With respect to the entire contract clause in health policies, who has the authority to make changes to an existing policy?
Only an executive officer of the company
Which of the following would be TRUE of both the fixed-period and fixed-amount settlement options?
Both guarantee the principal and interest will be fully paid out
A dentist is off work for 4 months due to a disability. His dental assistant's salary would be covered by
Business overhead insurance
What is a maximum fine for a violation of advertising and sales regulations for an individual producer in this state?
$1000
Which of the following is consideration on the part of an insurer?
Paying a claim
The benefits for group disability plans are based on
A percentage of the workers income
In a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT
Cash surrender calues
What effect will the long-term care (LTC) rider have on the death benefit of a life insurance policy if LTC benefits were paid to the insured?
Reduce the death benefit
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 additions
If an insurance company issues a policy even though some questions on the application were unanswered, when can the insurer get the answers to those questions?
Never; the insurer has waived its right to those answers by issuing the policy
All of the following are true regarding the federal Fair Credit Reporting Act EXCEPT
Reports may be sent to anyone who requests one.
When may HIV-related test results be provided to the MIB?
Only if the individual is not identified
What is the only difference between blanket insurance and group health insurance?
The insured members are not named
If an insurer's advertising materials have been examined by the Commissioner 3 years ago, does the insurer have to maintain records any longer?
Yes, the insurer must maintain records for 1 more year
Which of the following used to be called Medicare + Choice Plans?
Medicare Advantage Plans
