2023 UTAH HEALTH/LIFE EXAM MODE 1

before he died, and a new attempt had received 12,500 in monthly benefits from his 25,000 straight life annuity. he was also insured under a $50,000 paid up whole life policy, then named his wife as primary beneficiary. considering both contracts, how much will the annuitants spouse receive in benefits?

$50,000

in a circumstance that would warrant license suspension, the commissioner may instead decide to put the license on probation. what is the maximum number of months at the probation could last?

24

The coordination of benefits provision in Utah requires that both primary and secondary plans pay the benefit in equal shares if the plans cannot agree on the order of payment within how many days after receiving the claim information

30 days

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

6 months

most policies will pay the accidental death benefits as long as the death is caused by the accident and occurs within

90 days

how is emergency care covered for a member of an HMO?

A member of an HMO can receive care in or out of the HMO service area, but care is preferred in the service area

which of the following is not true of section 1035 policy exchanges?

Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.

which of the following is not a characteristic or a service of an HMO plan?

Contracting with insurance companies

which of the following is not a cost saving service in a medical plan?

Denial of coverage

what is not a benefit of a POS plan?

It allows guaranteed acceptance of all applicants.

which of the following is true regarding health insurance?

It could provide payments for loss of income.

which of the following is not true regarding the life with guaranteed minimum annuity settlement option?

It doesn't guarantee that the principal amount will be paid out

which of the following is true regarding a term health policy?

It is nonrenewable

which of the following is an example of a limited pay life policy?

Life Paid-up at Age 65

a participating insurance policy may do which of the following?

Pay dividends to the policyowner

A Medicare select policy does all of the following except

Prohibit payment for regularly covered services if provided by non-network providers

All of the following are true regarding rebates except

Rebates are allowed if it's in the best interest of the client.

what type of retirement account does not require the owner to start taking distributions at age 73?

Roth IRA

All of the following are true about variable products except

The premiums are invested in the insurer's general account.

under a key person disability and come policy, premium payments

are made by the business and are not tax deductible

which of the following is incorrect regarding $100,000 20 year level term policy?

at the end of 20 years, the policies cash value will equal $100,000

in life insurance producers are permitted to share or split commission providing

both are properly licensed for the line of insurance

what's of the following is true regarding inpatient hospital care for HMO members?

care can only be provided outside of the service area

all the following statements are true regarding tax qualified annuities except

employer contributions are not taxable

which of the following is used to determine the annuity amounts that are not taxable?

exclusion ratio

which of the following are the authorities that an agent can hold?

express and implied

what type of tax is associated with death proceeds from a life insurance policy

federal estate tax

what type of premium do both universal life and variable universal life policies have?

flexible

at the pertains to group health insurance, Cobra stipulates that

group coverage must be extended for terminated employees up to a certain period of time at the former employees expense

in order to minimize adverse selection, employ your group dental plans may require employees who enroll after they were initially eligible to participate to do all of the following except

increase benefits for a period of 1 year

why isn't equity indexed annuity considered to be a fixed annuity

it has a guaranteed minimum interest rate

a couple receives a set amount of income from their annuity. when the wife dies, the husband no longer receive the new t payments. what type of annuity did the couple buy?

joint life

a policy will pay the death benefit if the insurer dies during the 20-year premium paying period, and nothing if death occurs after the 20-year period. what type of policy is this?

level term

a health insurance plan which involves financing, managing, and delivery of healthcare services and involves a group of providers who share in the financial risk of the plan or you have an incentive to deliver cost effective service is called

managed care plan

a long-term care insurance shoppers guide must be provided in the format developed by which of the following

naic

which of the following is not true regarding the needs approach method of determining the value of an individual's life?

need is predicted using the number of years until the insurance retirement

attempting to determine how much insurance a family would require upon their financial objective is known as

needs approach

Marcia pays her major medical insurance annually on March 1st each year. last March she forgot to mail her premium to the company. on March 1st. Marsha had an accident and broke her leg. her insurance company would

pay the claim

In which Medicare supplemental policies are the core benefits found?

plans A - D only

which cause allows both the insured and dentist to note in advance with benefits will be paid

pre certification

which of the following is correct concerning the taxation of premiums in a key person life insurance policy?

premiums are not tax deductible as a business expense

which of the following is not among the goals of the Medicare supplement application?

presuming the applicant is eligible for Medicaid, based on the nature of the policy

an agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. The agent is guilty of

rebating

annuities can be used to fund which of the following

retirement plans

A insurer wishes to compare the information given in an insurance contract with previous insurance applications by the same applicant but for different companies. what organization can help the insurer accomplish this?

the medical information bureau

All the following would be eligible to establish a Keogh retirement plan except

the president and employee of a family corporation

which type of life insurance policy allows the policy owner to pay more or less than the plan premium?

universal life

which of the following terms will be permissible in describing a life insurance policy in company advertisement?

variable plans

The main difference between immediate and deferred annuities is

when the income payments begin

what of the following statements regarding the taxation of modified endowment contracts is false?

withdrawals are not taxable