Health Insurance State Exam Simulator

What type of employee welfare plans are not subject to ERISA regulations?

Church plans

What type of policy has a death benefit that adjust periodically and is written for a specific period of time ?

Decreasing Term

Which of these type of policies may not have the Automatic Premium Loan Provision attached to it?

Decreasing Term

Medicare part A and part B do not pay for

Dental work

In a Disability Income policy, which of these clauses acts as a deductible?

Elimination Period

What is the purpose of the Indiana Life and Health Insurance Guarantee Association

Ensures that claims filed against insolvent insurance companies will be paid

Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract?

Entire Contract

Which of the following is an important underwriting principle of a group life insurance?

Everyone must be covered on the group

This type of deductible provision waives the deductible for all family members after some of them have satisfied individual deductibles within the same year

Family Maximum deductible

N purchases an annuity by making payments in an amount no less than $100 quarterly. This describes which of the following annuities ?

Flexible Installment Deferred

S, while in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?

Full benefits are payable under the Master contract

S, while in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?

Full benefits are payable under the master contract

Which of the following employees may not be excluded from a group life plan?

Full-time employees after the probationary period

what is considered a valid reason for small business to insure the lives of its major shareholders

Fund a buy-sell agreement

The free-look period for life insurance policies in Indiana is

10 Days

The free- look period for a life insurance policies issued in Indiana is

10 days

What is the minimum Grace Period for an individual health policy that is paid monthly ?

10 days

According to Indiana Law how long is the free look period for a Medicare Supplement Policy?

30 days

How Long is the typical free look period for Long Term Care insurance policies?

30 days

Insurers may request a hearing between

30 days if their policy is rejected

In the event of employment termination, a person covered by a group policy also has the right to convert such coverage to an individual policy within

31 days without paying insurability.

Q is severely injured in an automobile accident and become totally disabled. How many months most Q be disabled before being able to apply for Social Security disability benefits?

5 months

Which of the following types of care is typically not covered in a Long-term Care policy?

Acupuncture

B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of

Additional Whole Life coverage at specified times

Which of the following statements describes what an Accident and Health policy owner may not do?

Adjust the premium payments

At what point may a producer sell insurance for an insurer?

After being properly appointed by the insurer

Under a Long Term Care policy, which benefit would be typically excluded or limited?

Alchohol rehabilitation

Insurance companies that are organized outside the United States are referred to as

Alien

Which of the following statements is correct regarding the tax treatment of a lump-sum payment paid to a life insurance policy's primary beneficiary?

All proceeds are income tax free in the year they are receive

In a viatical settlement, how much does the policy owner receive for a life insurance policy?

Amount less than the death benefit

Who is not required to sign a life insurance application?

Beneficiary

Which statement about a Whole Life policy is correct?

Cash value may be borrow against

What is issue to each employee of an employer health plan

Certificate

Which of the following permits an insurance company to transact business in Indiana?

Certificate of authority

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

Change of occupation provision

K has a health policy that must be renewed by the insurer and premiums can only be increased if applied to the entire class of insureds.This type of policy is considered:

Guaranteed renewable

J is subscribed to a plan which contracts with doctors and hospitals to provide medical benefits at a predeterminate price. What type of plan does J belong to?

Health Maintenance Organization(HMO)

S wants to open a tax-exempt Health Savings Account. To qualify for this type of account, Federal Law dictates that S must enrolled in a

High-deductible health plan

All of these settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death, except :

Interest Only

How are policyowner dividends treated in regards to income tax?

Interest on accumulation is taxed

Which of these factors do not play a role in the underwriting of a life insurance policy?

Marital Status

The health insurance program which is administered by each state and funded by both the federal and state governments is called:

Medicaid

If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses?

Medicare Supplement

An applicant must receive an Outline of Coverage when an application is taken for a(n):

Medicare Supplement Policy

A policy owner its allow to pay premiums more than ones a year under which provision?

Mode of premium

In Indiana, which of the following must be delivered to a policy owner upon the sale of an individual life insurance policy?

Policy Summary and buyers guide

Which of these describe a participating life insurance policy?

Policy owners are entitled to receive dividends

D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits?

Residual Benefit Clause

All students attending a large university could be covered by

a Blanket Policy

A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as

a fraternal benefit society

All of these statements concerning Individual Medical Expense policies in Indiana are true, except

a provision most be contain that guaranties reinstatement

What kind of life insurance product covers children under their parent's policy?

a term rider

An applicant's medical information received from the Medical Information Bureau (MIB)may be furnished to the

applicant's physician

PPO's

are considered to be managed care system

Modified Whole Life Policies

are distinguished by premiums that are lower than typical whole life premium during the first few years and the higher than typical thereafter.

When does a Guaranteed Insurability Rider allow the insured to buy additional coverage?

at future dates specified in the contract with no evidence of insurability required

What action will a insurer take if an interest payment in a policy Loan is not made on time?

automatically add the amount of interest due to a loan balance

In order to establish a Health Reimbursement Arrangement (HRA), it must

be established by the employer

The guarantee of insurability option provides a long term care policy owner the ability to

buy additional coverage at a later date

Universal Life Insurance

characterized by flexible premiums and an adjustable death benefit

Family Income Policy

combination of Whole life and Decreasing Term insurance

Which of this actions not constitute life insurance policy replacement

convert term coverage to a whole life policy

What is the purpose of the U.S.A Patriot Act

detect and deter terrorism

Consumers who purchase Health insurance true a market place? exchange

do not have their health history taken into account

Renewable Term Policy

guarantee the insured the right to continue term coverage after expiration of the initial policy period

Under the Patient Protection and Affordable Care Act (PPACA), consumers have access to health coverage that is:

guaranteed available only if insurable

The Health Insurance Portability and Accountability Act (HIPAA) gives privacy protection for:

health information

Which of the following Long Term Care plan typically provide benefits for?

home health care

In life Insurance, the needs approach is used mostly to establish

how much life insurance a client should apply for

An insurer receives proof of loss for an acceptable medical expense claim under an Individual Health Insurance Policy. Under the Time of Payment of Claims provision, the insurer MUST pay the benefits

immediately

The Accidental death and Dismemberment(AD&D)provision in a life insurance policy would paid the additional benefits if the insured:

in blinded in an accident

Medicare Part B does NOT cover

inpatient hospital services

A life insurance policy will be considered a wagering contract without:

insurable interest

All of these statements about the Waiver of Premium provision are correct EXCEPT

insured must be eligible for Social Disability for claim to be accepted

Variable annuities may invest premiums in each of the following except

insurer corporates business account

P is an employee who quits her job and wants to convert her group health coverage to an individual policy. After the aspiration of COBRA laws , which of the following statements is true?

She does Not need to provide evidence of insurability.

P is an employee who quits her job and wants to convert her group health coverage to an individual policy. After the expiration of COBRA laws, which of the following statements is TRUE?

She does not need to provide evidence of insurability

Upon delivery of a rated life insurance policy, the producer must obtain each of the following except

Signed HIPAA disclosure

What action can a policy owner take if an application for a bank loan requires collateral?

Utilize accelerated benefits provision

Life insurance immediately creates an estate upon the death of an insured, which of the following policies is characterized by a guaranteed death benefit?

Variable Life

Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling?

Variable Life

When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take?

Void the policy only if is discovered during the Contestable period and proven to be material

Which of the following would be a valid reason to suspend or revoking a insurers producer license

Writing primary controlled business

A foreign Insurance Company doing business in Indiana

is a company that was formed under the laws of another state

Taking receipt of premiums and holding them for the insurance company is an example of

is an example of Commingling

Residual benefit Clause

is based on the proportion of income actually lost due to the partial disability

Equity Index Life Insurance

is permanent life insurance that allow policy holders to tie accumulation values to a stock market index

Limiting Age

is the age which a child is no longer eligible for coverage under a parent's health insurance policy.

An example of an Unfair Claims Settlement Practice would be

misrepresenting insurance policy provisions affecting a loss

Convincing a prospective insured to buy an insurance policy based on exaggerations is consider to be a form of

missrepresentation

Hospital Indemnity Policy

pays a stated amount per day of a covered hospitalization.

Insurance policies are considered aleatory contracts because

performance is conditioned upon a future ocurrence

Insured in the same risk classification are being charged different premiums by an insurance company. The insurer is committing the illegal act of

unfair discrimination

Which mode of payment is NOT used by health insurance policies?

single premium

An example of rebating would be

splitting commissions with a policy holder

Which of the following statements is correct regarding an employer/employee group health plan?

the employer receives a master policy and the employees receive certificates

Producers must complete

24 hours of continuing education every two years to keep their license active.

The Affordable Care Act (ACA) provides health coverage to dependents up to the age of:

26

What year was the McCarran-Ferguson Act enacted?

1945

If a new life insurance policy is replacing an existing one, the insured is given the right to return for a full refund of at least

20 Days days after policy delivery

An individual participant personally received eligible rollover funds from a profit-sharing plan. What is the income tax withholding requirements for this transaction?

20% is witheld for income taxes

A life insurance policy can be backdated before the application date for up to

6 months

Eligible employees must be added to a group health policy no later than

90 days after their first day of employment

Consideration Clause

A health insurance contract is valid only if the insured provides consideration in the form of the full minimum premium and the statements made in the application.

Decreasing term

A life insurance policy written for a specified period of time with a death benefit that changes regularly according to a schedule

Which statement is true regarding a Variable Whole Life policy?

A minimum guaranteed Death benefit is provided

What is required for a producer to be in compliance with Rule 13, Life Insurance Advertising?

A potential Applicant must be told that Life Insurance is the exclusive subject on the sale

Keogh Plan

A tax-deferred retirement savings plan available to self-employed individuals and their employees.

All are true statements regarding the underwriting process, except

AIDS and HIV virus exams can be conducted in a discriminatory fashion

Which premium schedule results in the lowest cost to the policyowner?

Annual

Group life insurance policy are generally written as

Annually renewable term

Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company?

Annuity

When a insurance application is taken by a producer, which of these statements is true?

Any changes made on the application require the applicants initials

When does a probationary period provision become effective in a health insurance contract?

At the policy's inception

What is consider to be a characteristic of an immediate annuity?

Benefits payments start within one payment period of purchase

Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this concern is

Business Overhead Expense

Which of these is not considered to be a cost connected with an individuals death?

Business expenses

Insurance contracts are known as

Conditional because certain future conditions or acts must occur before any claims can be paid.

Insurance policies that are offered on "take it or leave it" basis, which make them

Contract of adhesion

When determining the monthly benefit amount for a disability income policy, the factor that limits the amount a prospective insured may purchased is:

Income

Which of the following actions by a producer must would not result in a license suspension or revocation?

Insurer represents more than one insurance company

Which health policy clause specifies the amount of benefits to be paid?

Insuring

All of these Settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death EXCEPT

Interest Only

Which of the followings statements is correct about the period in which a term policy can be converted?

It varies according to the contracts

An engineering that suffer financially from the death of a project manager should purchase a

Key Person Life Policy

K is looking to purchase Renewable Term Insurance. Which of these types of terms might be renewable?

Level

Which of these would be considered a Limited-Pay Life Policy

Life paid-up at age 70

In a Major Medical Expense policies, what is the intent of a Stop Loss provision

Limits an insureds out-of-pocket medical expenses

Nursing home benefits must be provided for at least 12 consecutive months in which of the following types of policies ?

Long-Term Care

Which of these is an Element of a single premium annuity?

Lump-Sum payment

Which of these life products is NOT considered interest-sensitive?

Modified Whole Life

When funds are shifted straight from one IRA to another IRA, what percentage of the tax is withheld?

None

Which of these statements concerning and individual disability Income policy is true?

Normally includes an Elimination Period

Which of these statements concerning an individual Disability Income is true?

Normally includes elimination period

Dental care coverage is designated to cover the costs of

Oral surgery, root canal therapy and Orthodontia

All of the following statements are true regarding a policy's Grace Period, except

Past due premiums are waived

Which of these statements concerning an Individual Straight life annuity is accurate?

Payments are made to an annuitant for life

How does group insurance differ from individual insurance?

Premiums are lower

What benefit does the Payor Clause on a Juvenile Life Policy provide?

Premiums are waived if the payor be comes disable

Which of the following statements about a Guaranteed Renewable Health insurance Policy is correct?

Premiums normally increase at time of renewal

The individual who provides general medical care for a patient as well as the referral for specialize care is known as

Primary Care Physician

J would like to maintain the right to change beneficiaries. Which beneficiary designation should we use?

Revocable

Which of these terms accurately defines an underwriters assessment of information on a life insurance application?

Risk classification

Post-tax dollar contributions are found in

Roth IRA investments

Post-tax dollar contributions are found in:

Roth IRA investments

What does a 401 (k) plan generally provide its participants?

Salary-deferral contributions

An example of rebating would be

Splitting commissions with a policy holder

Which of the following statements is correct about an agent who is taking an insurance application?

The agent should have the applicant initial any change made in the application

Which statement regarding a Key employee life policy is not true?

The beneficiary is named by the key employee

What is the underlying concept regarding level premiums?

The early years are charged more that what is needed

Who is normally considered to be the owner of a 403(b) tax-sheltered annuity?

The employee

Who is normally consider to be the owner of a 403(b) tax-sheltered annuity?

The employer

D was actively serving to the marines when he was killed in an automobile accident while on leave. His $100,000 Whole life policy contains a war exclusion clause. How much will D's beneficiary's receive?

The full face amount

J chooses a monthly premium payment mode on his Whole Life insurance policy. Which of these statements is correct?

The gross premium is higher on a monthly mode as compared of being annually

A policy of adhesion can be only modified by whom?

The insurance company

A policy of adhesion can only be modified by whom

The insurance company

When a life insurance application is completed, a Policy Summary must be given to the applicant. The policy summary must include

The premium cost for basic coverage applied for

All of these investments about Equity Indexed Life insurance are correct except:

The premiums can be lowered or raised based on investment performance

In order for a domestic foreign or alien insurance company to conduct business, it must be authorized by whom?

The state where they are conducting business

Which of the following statements is true about most Blue Cross/Blue Shield organizations ?

They are non profits organizations

Which Accident and Health policy provision addresses preexisting conditions?

Time Limit on Certain Defenses

Why would the Insurance Commissioner issue a temporary license?

To allow the personal representative of a deceased producer to provide service to existence policy owners

T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert

To an individual policy upon employment termination

A producer who makes misleading statements that lead to the termination of an existing insurance policy so that a new policy with another insurer can be taken out has committed

Twisting

A life insurance policy that ensures that the premium would be paid if the insured becomes disabled has what type of rider attached?

Waiver of premium

What type of rider would be added to an Accident and Health policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally disabled?

Waiver of premium rider

Which parts of a life insurance policy are guaranteed to be true?

Warranty

What type of insurance offers permanent life coverage with premiums that are payable for life?

Whole Life

All of these are characteristics of an Adjustable Life policy EXCEPT

face amounts can be adjust using policy dividends

M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT

free look period has expired

Cash value provision

makes a policy loan possible

Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine

probability of making timely premium payments

A retirement plan that sets aside part of the company's net income for distributions to qualified employees is called a

profit-sharing plan

P's individual health policy is now in the Grace Period. P's coverage will remain in force if

the premium is paid

The Consideration clause of an insurance contract includes:

the schedule and amount of premiums payments

Under the ACA consumers must have health insurance as of January 1, 2014, that contains a Minimum Essential Coverage( MEC). Individuals who are exempt from this law include:

those who can not afford or have religious objections

Group policies in Indiana are required to contain a conversion privilege that allows for conversion

to an individual policy for stated period of time

Why is an applicant's signature required on a life insurance application?

to attest that the statements on the application are accurate to the best of the applicant's knowledge

Automatic Policy Loan

will keep a Whole Life Policy in force if a required premium payment is not made and there is sufficient cash value

T is a producer who forgot to renew her license. She may reapply for a license without an examination.

within one year after no renewal.

An individual working part time has an annual income of $25,000. If this individual has an IRA , what is the maximum deductible IRA contribution allowable?

$2,500

K pays on a $20,000Year Endowment Policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary?

$20,000 death benefit

XYZ Company pays the entire premium for its group health plan.The minimum percentage of eligible employees that must be covered is:

100%

A producer must notify the Commissioner within

30 days of a felony conviction

According to Indiana Law, how long is the Free Look period for a Medicare Supplement Policy?

30-day

What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan?

50%

The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called:

Accidental Death and Dismemberment rider (AD&D)

What does insuring agreement in a Life Insurance contract establish?

An insure'r basic promise

Traditional individual retirement annuity (IRA) distributions must start by:

April 1st of the year following the year the participant attains age 70 1/2

Which of the following is a requirement to attain a nonresident producer license in Indiana?

Be licensed as a producer in the producer's state of domicile

Conditional Receipt

Binds the insurer to coverage as of the date of the application or medical exam provided the proposed of insured is determined to be an acceptable risk.

The difference between group insurance and blanket health policies is:

Blanket Health policies do not issue certificates.

G is an accountant who has 10 employees and is concerned about how the business would survive financially if G become disable. the type of policy that best addressesthis concern is?

Business Overhead Expense

Which of the following organizations would make reimbursement payments directly to the insured individual for covered medical expenditures?

Commercial insurer

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

Life Income

What of these are not an example of nonforfeiture option?

Life income

Kathy has a family Health insurance policy where any dependent children she has are removed from the policy ones they have reached a certain age. The Policy is know as:

Limiting Age

Time Limit on Certain Defenses

Limits the period during which an insurer can deny a claim based on a misstatement made by the insured.

Which of the following is the reimbursement of benefits for the treatment of a beneficiary's injuries caused by a third-party?

Subrogation

What would the medical information Bureau (MIB) identify?

Testing positive for marijuana use from a previous screening

Which of these statements regarding heath coverage for physically handicapped dependents is false?

The dependent must have been over ten years of age when the handicap was incurred.

The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is:

Time Limit on Certain Defenses

Why would the Commissioner examine the records of an insurance company?

To determine the solvency of the company

Which of the following policies is characterized by a flexible premium and death benefit and allows the policy owner control of the investment aspect of the plan?

Variable Universal Life

A Variable Life

offers the owner investment in products such as money- market funds, longterm bonds and equities.

Deductibles are used in health policies to lower

overuse of medical expense

K is the insurer and P is the sole beneficiary on a life insurance policy.Both are involved in a fatal accident where K dies before P. Under the common Disaster provision, which of these statements is true?

proceeds will be payable to K's estate if P dies within a specified time

An existing life insurance policy is being replaced by a new one. A notice of replacement must be provided by the

producer to be signed by the applicant.

ABC Insurance Company has accepted a life insurance application which contains unanswered questions. The company then makes the applications part of the life contract. In this situation, the insurer has

waived one of its legal rights

Term insurance has which of the following characteristics ?

Expires at the end of the policy period

K applies for a life insurance policy on herself and submit the initial premium with the application. She is given a receipt by the stating that coverage begins immediately if the application is approved. What kind of receipt was used?

Conditional

T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later. Assuming that T is an acceptable risk , what item is given to T?

Conditional receipt

A(n)_________ sells insurance advice for a fee

Consultant

What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability?

Conversion

Which of the following features of a group Term Life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability.

Conversion Privileges

Which of these actions does NOT constitute life insurance policy replacement?

Convert term coverage to a whole life policy

Which of the following is not a situation that involve Insurance replacement

Converting a term policy to a permanent policy with the same insurer

Jill is covered under two group health policies , one through her employer and one through her husband's employer. If Jill suffers a loss, which policy provision dictates the primary coverage?

Coordination of Benefits

Which of the following does Social Security NOT provide benefits for?

Dismemberment

Two partners own equal shares in a business worth a total of $1,000,000. If they both commit the purchase of a life insurance policy that will fund a Buy-Sell Agreement, which of the following is true?

Each partner owns a $500,000 policy on their partner's life.

The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as:

Employee's premiums paid by the employer is tax-deductible to the employer as a business expenditure.

What provision in a life insurance policy states that the application is considered part of the contract?

Entire Contract Provision

Long Term Care policies will usually pay for eligible benefits using which of the following methods?

Expense incurred

Which Federal law allows an insurer to obtain an inspection report on a potential insured?

Fair Credit Reporting Act (1970)

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

File written proof of loss

Which of the following actions require a policy owner to provide proof of insurability in an Adjustable Life policy?

Increase face amount

How does an indexed annuity differ from a fixed annuity?

Indexed annuity owners receive credited interest tied to the fluctuations of the linked index.

Which of these retirement plans can be started by an employee, even if another plan is in existence?

Individual Retirement Account (IRA)

The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insured's death is called a (n):

Insuring agreement

A policy owner's right are limited under which beneficiary designation?

Irrevocable

Which of the following statements is correct about the period in which a Term Policy can be converted?

It varies according to the contracts

Life insurance coverage will frequently contain an Accelerated Benefits rider attached to the policy. What would be considered a " qualifying event" under these riders?

Medical condition resulting in a significantly-shortened lifespan

T is covered by a group major medical policy with his employer. he leaves his employer and converts the coverage to an individual policy. All of these statements about the policy are true except:

New policy pays the same benefits as the group policy

Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent :

Only if the child is incapable of employment and chiefly dependent on the policy owner.

Which of these statements is incorrect regarding a Preferred Provider Organization (PPO)

PPO's are not a type of manage care systems

M had an annual life insurance premium payment due January 1 . She died January 10 without making the premium payment. What action will the insurer take?

Pay face amount minus the past due premium

Which of the followings best describes a contingent beneficiary

Person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured.

Which of these do NOT constitute the policy delivery?

Policy issued with a rating

On a life insurance policy, who is qualified to change the beneficiary designation?

Policy owner

On an Accidental Death and Dismemberment (AD&D)Insurance policy, who is qualified to change the beneficiary designation?

Policy owner

L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of age provision, the insurer will:

adjust the death benefit to a reduced amount

An insurer is not required to provide information on fraudulent claims if requested by

an insured

Group life insurance policies are generally written as

annually renewable term

To be eligible for Social Security disability benefits, an employee must be able to perform:

any occupation

An example of Unfair Claims Settlement Practice would be:

denying an insured's claim without indicating the basis of denial

coordination of benefits provision

dictates which coverage will considerer primary and the other secondary. The purpose of this coordination is to prevent duplication or excessive payments of benefits.

All of these are characteristics of an Adjustable Life Policy, except

face amounts can be adjust using policy dividends

An example of an Unfair Settlement practice would be

failing to effectuate prompt, fair and equitable settlements of a claim

The reason for a business having Business Overhead Expense Disability plan is to cover

fixed business expenses

A producer's license may be denied, suspended or revoked if the licensee

is found guilty of misrepresentation in obtaining the license