stimulated exam

An employee quit his job and converts his group policy to an individual policy, the premium for the individual policy will be based on his

attained age

The Time limit of certain defenses provision prohibits insurance from denying a claim to the misrepresentation, as long as the policy has been in force for at least

2 years

Within how many days I've requested an investigative consumer report musty ensure notify the consumer in writing that the report will be obtained

3 days

What is a period of coverage for events such as death or divorce and the cobra

36 months

If a consumer request additional information concerning an investigative consumer report, how long does the insurance or reporting agency have to comply?

5 days

The classification small employer means any person actively engage in a business that on at least 50% of its working days during the preceding your employer no more than

50 eligible employees

Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be best for Ray?

50/50

which of the following terms is defined as reduction of value of the person or property insured in a policy? a. risk b. liability c. peril d. loss

D. loss

all of the following are requirements for life insurance illustrations except: a. they may only be used as approved b. they must identify non guaranteed values c. they must differentiate between guaranteed and projected amounts d. they must be part of a contract

D. they must be part of the contract an illustration may not be altered by an agent and must clearly state that it is not part of the contract. It is legal to list non guaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values

A waiver of premium provision may be included with which kind of health insurance policy

Disability Income

All of the following qualify for Medicare Part A EXCEPT a. anyone who is at the end stage of renal disease b. anyone who is over 65, not covered by Social Security, and is willing to pay premium c. anyone who is willing to pay a premium d. anyone that qualifies through Social Security

c

The insurance health policy only pays for medical costs related to access. Which of the following types does the insured have a. accidental death b. comprehensive c. accident - only d. restrictive

c

A long stretch of national economic hardships causes a 7% rate of inflation. A policy owner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change?

cost of living rider

assuming that all of the following people are covered by a high deductible health plan and are not claimed as dependence on anyone's tax returns, which would not be eligible for a health savings account a. Andy is 55 and is covered under a dental care policy b. Jenny is 60 and also has a long-term care insurance plan c. JOE is 40 and is not covered by any other health insurance d. Amanda 67 and covered by basic medical expense policy

d

which of the following refers to the amount of retirement benefits a worker receives under Social Security based on the workers earnings and retirement age? a. FICA b. OASDI c. QC d. PIA

d. pia

How soon after a notice of hearing is made me the hearing be conducted

no less than 20 days

in Minnesota, what are the continuing education requirements for non-resident producers?

non-resident producers only need to fulfill the continuing education requirements in their home state

During replacement of life insurance, replacing ensure must do which of the following?

obtain a list of all life insurance policies that will be replaced

The interest earned and policy dividends is

taxable

what is the purpose of the claim is made form

to allow insurers to determine adequate rates for unknown losses claimed in the future

If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it?

unilateral

Who can make a fully deductible contribution to a traditional IRA?

An individual not covered by an employer-sponsored plan who has earned income

If an applicant does not receive a copy of the new insurance policy, who is held responsible

The agent

The initial amount of credit life insurance cannot exceed

The amount of debt

What is an advantage of reinstating a policy instead of applying for a new one?

The original age is used for premium determination

Which provision stays at the insurance company must pay medical expense claims immediately

Time of payment of claims

What is the purpose of settlement options

determine how death proceeds will be paid

After receiving a subpoena to appear at the hearing, any person who fails to appear or refuses to testify may be

held in contempt of court

A man purchased a $90,000 annuity with a single premium, and began receiving payments 2 months after that. What type of annuity is it?

immediate

Stranger originated life insurance policies are in direct opposition to the principle of

insurable interest

an insured buys a five year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options. When the insured renews a policy in five years, what will happen to the premium?

it will increase because the insured will be five years older than when the policy was originally purchased

An employee is injured in a construction accident rendering him unable to work for a year. Which of the following plans and provide him with medical expense coverage and income assistance

long-term care

Any regularly salaried employee of a license insured, without a license or other qualification, may act on behalf of the insurer in negotiation of insurance for that the insured, provided

A licensed producer participates in the sale of insurance

For variable products, underlying assess must be kept in

A separate account

The medical information bureau (MIB) was created to protect

Insurance companies from adverse selection by high risk persons.

An IRA purchased by a small employer to cover employees is known as a

Simplified Employee Pension Plan (SEP)

all applicants for life, annuity or endowment contracts must be given notice concerning the policyholders rights in the event that their insurance company becomes

insolvent

according to agency law, the producer always represents the

insurance company

On March 1 a temporary license was granted to an applicant for permanent producer license. On March 31 the applicant receive the permanent license. When will the temporary license terminate?

march 31st

On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are

Not taxable since the IRS treats them as a return of a portion of the premium paid

In long-term care insurance, what type of care is provided with Intermediate care

Occasional nursing or rehabilitative care

In a replacement situation, all of the following must be considered EXCEPT a. assets b. benefits c. limitations d. exclusions

a

when the insurer begins underwriting procedures for an applicant, what will be the main source for its underwriting information?

application

all of the following could be considered rebates if offered to an insured in the sale of insurance except a. An officer commissions generated by the sale b. dividends from a mutual insurer c. an offer of employment d. stocks, securities, or bonds

b

And personal auto policies which of the following types of coverage is a total amount per claim to be used for ever needed instead of maximums for bodily injury and property damage

combined single limit

What is an important feature of dental expenses Sherance plan that is not typically found in a medical expense insurance plan

diagnostic and preventive care

And annuity owner is funding an annuity that Will supplement her retirement. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the standard and poor's 500 index. She would likely purchase an

equity indexed annuity

The commissioner must examine the affairs and conditions of every insurer licensed in the state not less frequently than

every 5 years

for how long is an insurance company allowed to defer policy loan requests?

6 months

all of the following statements concerning dividends are true except A. lower insurance company cost generate higher dividends B. They stem from favorable underwriting experience C. Favorable investment results generate higher dividends D. dividend amounts are guaranteed in the policy

b

which of the following is incorrect concerning Medicaid a. it pays for a hospital care, outpatient care, and laboratory and x-ray services b. The federal government provides about $.56 for every Medicaid dollar spent c. it is solely a federally administered program d. it provides medical assistance to low income people who cannot otherwise provide for themselves

c