Life insurance
Under the family, infant, toddler program insurers must provide coverage for children for the first
3 years
The maximum amount that can be contributed to an MSA is what percentage of the family Deductible for those with family coverage?
75%
If a small employer carrier decided to discontinue all plans under a certain class of business, those carriers must provide notice to all insureds and the superintendent within how many days before termination?
90 days
A Straight Life policy has what type of premium?
A level annual premium for the life of the insured
According to the law of agency, a principal is represented by an
Agent
The minimum interest rate on an equity indexed annuity is often based on
An index like standard & poor's 500
Which of the following is not applied toward the deductible under a nonscheduled plan?
Annual dental exam
What must accompany an application for an agents license?
Appointment by insurer
All of the following are requirements of eligibility for social sexually disability income benefits except
Being age 65
In comparison to a policy that uses the accidental means definition. A policy that uses the accidental bodily injury definition would provide a coverage that is
Broader in general
A producer who fails to segregate premium monies from his own personal funds is guilty of?
Commmingling
All of the following actions can be described as twisting except
Explaining to client the advantages of permanent insurance over term and suggesting changing policies
Life insurance death proceeds are
Generally not taxed as income
The death benefit under the universal Life Option B
Gradually increases each year by the amount the the cash value increases
An insured has a modified endowment contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true?
He will have to pay a penalty if he is younger than 59 1/2
Withdrawals from an IRA taken before the applicant reaches age 59 1/2 are subject to
Income taxation and a penalty
All of the following are differences between individual and group health insurance except
Individual insurance does not require medical examinations while group insurance does require medical examinations
What is the benefit of experience rating?
It allows employers with low claims experience to get lower premiums
In modified life policies what happens to the premium?
It is level at the beginning and increases after the first few years
Which of the following is not true regarding the accumulation period of an annuity?
It would not occur in a deferred annuity
The premium of a survivorship policy compared with that of a joint life policy would be
Lower
Which of the following statements doesn't not accurately describe an insurance broker?
None of the above. All are true
An insured has a life insurance policy from a participating company and receives quarterly dividends. He has instructed the company to apply the policy dividends to increase the death benefit. The dividend option that the insured has chosen is called
Paid-up additions
With respect to the consideration clause, which of the following would be considered consideration on the part of the applicant for insurance?
Payment of premium
When an employee is covered under a health reimbursement account changed employers, the HRA
Stays with employer
an association could buy group insurance for its member if it meets all of the following requirements except
The group has at least 50 members
All of the following regulate variable life policies except
The guaranty association
All of the following are true statements regarding the accumulation at interest option except
The interest is not taxable since it remains inside the insurance policy
All of the following are true about variable products except
The premiums are invested in the insurers general account
An HSA holder who is 65 years old decides to use the money in the account for non-health expense. WHich of the following is true?
There will be a tax
Which of the following is not true regarding partial disability?
This is a form of insurance that covers part time workers
An insured is admitted to the hospital for surgery on a herniated disk. The insurance company monitors the treatment and progress in order to make sure that everything proceeds according to the insurer's schedule. This is called
concurrent review
If an insured changes his payment plan from monthly to annually, what happens to the total premium?
decreases
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
foreign
Under the accidental death and dismemberment (AD&D) coverage, what type of benefit will be paid to the beneficiary in the event of the insureds accidental death?
principal sum
For how many days of skilled nursing facility care will medicare pay benefits
100
Which of the following annuity features make it a suitable source of retirement income?
Annuities may provide income the annuitant cannot outlive
In an annuity, the accumulated money is converted into a stream of income during which time period?
Annuitization period
Under which of the following employer provided plans are the benefits taxable to an employee in proportion to the amount of premium paid
Disability income
With the cash refund option, when the annuitant dies, what would the beneficiary receive?
The refund of the original amount minus payments already made
What type of insurance would be used for a return of premium rider?
increasing term
Premium payments for personally owned disability income policies are
not tax deductible
Which of the following types of insurance policies is most commonly used in credit life insurance
Decreasing term
Group disability income insurance premiums paid by the employer are
Deductible by the employer as an ordinary business expense
Which agreement specifies how a business will transfer hands when one of the owners dies or becomes disabled?
Disability Buy-Sell
The purpose of the life and health insurance guaranty association is to
Help to protect policy owners and beneficiaries against financial loss caused by the insolvency of an insurance company
How many days notice must an insurer provide before terminating the appointment of an independent agent?
I80
Which of the following statement regarding HIV testing for life insurance purposes is not true
Insurers are barred from requesting HIV testing
With regard to genetic testing, which of the following is not true?
Insurers cannot use an applicants DNA for underwriting purposes.
A couple receives a set amount of income from their annuity. When the wife dies, the husband no longer receives annuity payments. What type of annuity did the couple buy?
Joint Life
What is the name of the clause that is included in the policy that limits or eliminates the death benefit if the insured dies as a result of war
Military service or war
An insurer wants to obtain information from investigators regarding an applicant for insurance. What must the insurer do in order to legally acquire this information?
Present the insured with a Disclosure authorization notice
Under the accidental death (AD&D) coverage what type of benefit will be paid to the beneficiary in the event of the insured death
Principal sum
An employer has sponsored a qualified retirement plan for its employees where the employer will contribute money whenever a profit is realized. What is this called?
Profit sharing plan
Under which provision can a physician submit claim information prior to providing treatment?
Prospective review
An insured committed suicide one year after his life insurance policy was issued. The insurer will
Refund the premiums paid
In major medical insurance policies, when the insurers share of co insurance reaches a certain amount. The insured is no longer obligated to pay it. This is known as
Stop loss
Which of the following is not covered under plan A in medigap insurance?
The Medicare Part A deductible
All of the following are general requirements for a qualified plan except
The plan must provide an an offset for social security benefits
