insurance

A licensed producer moving to Pennsylvania may become licensed as a resident if the producer submits a completed application within how many days of establishing residence in Pennsylvania with proof of licensing from their prior home state? A. 30 B. 60 C. 90 D. 180

90

Which of the following is the term for the specified dollar amount that must be paid by an HMO member for a service? A. Premium B. Cost share C. Copayment D. Deductible

Copayment

An individual has been making periodic premium payments on an annuity. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. What type of annuity is it? A. Deferred B. Fixed C. Flexible Premium D. Immediate

Deferred

The insurer may suspect that a moral hazard exists if the policyholder A. always drives over the speed limit B. is not honest about his health on an application for insurance C. is prone to depression D. Is indifferent to activites that may be dangerous

Is not honest about his health on an application for insurance

All of the following are true regarding the guaranteed insurability rider EXCEPT A. This rider is available to all insureds with no additional premium B. The insured may purchase additional coverage at the attained age C. The insured may purchase additional insurance up to the amount specified in the base policy D. It allows the insured to purchase additional amounts of insurance without proving insurability only at specified dates or events

This rider is available to all insureds with no additional premium

The insurer must be able to rely on the statements in the application, and the insured must be able to rely on the insurer to pay valid claims. In forming an insurance contract, this is referred to as A. Implied warranty B. Utmost good faith C. Reasonable expectations D. A warranty

Utmost good faith

The two types of assignments are A. absolute and collateral B. absolute and partial C. complete and partial D. complete and proportionate

absolute and collateral

To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days? A. 10 days B. 15 days C. 30 days D. 45 days

10 days

What is the civil penalty for violating a cease and desist order of the commisioner? A. 1,000 B. 5,000 C. 10,000 D. 50,000

10,000

An employee quits her job where she has a balance of $10,000 in her qualified plan. If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer? A. 8,000, tax on growth only B. 10,000 tax on growth only C. 10,000 no tax consequence D. 8,000 no tax consequence

10,000 no tax consequence

If a viatical settlement provider transfers ownership of an insurance policy, how long does the insurer have to inform the insured of the change? A. 30 days B. 60 days C. 90 days D. 20 days

20 days

COBRA applies to employers with at least A. 50 employees B. 20 employees C. 80 employees D. 60 employees

20 employees

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? A. 3 days B. 5 days C. 10 days D. 14 days

3 days

If a new individual long-term care policyholder is not satisfied with a new policy, within how many days can the insured return the policy for a full premium refund? A. 3 days B. 7 days C. 10 days D. 30 days

30 days

An insured purchased a variable life insurance policy with a face amount of 50,000. Over the life of the policy, stock performance declined, and the cash value fell to 10,000. If the insured dies, how much will be paid out? A. 10,000 B. 40,000 C. 50,000 D. 60,000

50,000

Which of the following is true regarding a term health policy? A. it is nonrenewable B. it is conditionally renewable C. it is guaranteed renewable D. It is noncancellable

It is nonrenewable

A policy will pay the death benefit if the insured dies during the 20 year premium paying period, and nothing if the death occurs after the 20 year period. What type of policy is this? A. level term B. term to specified age C. ordinary life policy D. limited pay whole life

Level term

In a long-term care policy, pre-existing condition limitations A. Apply to 12 months from the effective date of coverage B. Never have specific exclusions C. Are not permitted D. Must appear as a separate paragraph and be clearly labeled

Must appear as a separate paragraph and be clearly labeled

Certain conditions, such as dismemberment or total and permanent blindness, will automatically qualify the insured for full disability benefits. Which disability policy provision does this describe? A. Presumptive disability B. Dismemberment disability C. Partial disability D. Residual disability

Presumptive disability

In the event of a loss, business overhead insurance will pay for A. loss of profits B. salary of the business owner C. medical bills of the business owner D. rent

Rent

Which of the following would provide an underwriter with information concerning an applicant's health history? A. The inspection report B. The Medical Information Bureau C. A medical examination D. The agent's report

The Medical Information Bureau

The insuring clause of a disability policy usually states all of the following except A. That insurance against loss is provided B. The types of losses covered C. The method of premium payment D. The Identities of the insurance company and the insured

The method of premium payment

Which of the following is TRUE about nonforfeiture values? A. policyowners do not have the authority to decide how to exercise nonforfeiture values B. they are required by state law to be included in the policy C. they are optional provisions D. A table showing nonforfeiture values for the next 10 years must be included in the policy

They are required by state law to be included in the policy

What does "level" refer to in level term insurance? A. cash value B. interest rate C. face amount D. premium

face amount

An insured is involved in an accident that renders him permanently deaf, although he does not sustain any other major injuries. The insured is still able to perform his current job. To what extent will he receive Presumptive Disability benefits? A. partial benefits B. full benefits for 2 years C. no benefits D. full benefits

full benefits

An insured who has an Accidental Death and Dismemberment policy loses her left arm in an accident. What type of benefit will she most likely receive from this policy? A. the principal amount in a lump sum B. the capital amount in monthly installments C. the principal amount in monthly intallments D. the capital amount in a lump sum

the capital amount in a lump sum