CT Life and Health Guarantee Exam
All of the following health insurance disability benefits are income tax free EXCEPT
Employer paid group disability
An Agent's First Year Commission CANNOT exceed what percentage of the renewal commission for servicing a medicare supplement in its second year?
200%
A person receives his medicare supplement policy and is not satisfied with the provisions. He can return the policy for a full premium refund if he does so within how many days?
30
If an insured decides to reduce the coinsurance amount on her major medical insurance, what can the insured except?
A higher monthly premium
If an employee remains on an employer group health plan within a company that has 20 employees, which of the following coverages will be primary?
A). Employer Group Health Plan
What does an annuity protect the annuitant against?
A). Living longer than expected
Medicare Part A services do not include which of the following?
A). Private duty nursing
Which Rider, when added to a disability policy, pays income during the six month waiting period before Social Security benefits can begin?
Additional Monthly Benefit
All of the following could qualify as a group for the purpose of purchasing group health insurance EXCEPT
An association of 35 people.
Which of the following is NOT a characteristic of a managed care plan?
B). Risk retention
Which of the following would be TRUE of both of the fixed period and fixed amount settlement options
Both guarantee that the principal and interest will be fully paid out.
An IR contribution can be made from which of the following?
Cash
All of the following are true of a nonqualified deferred compensation plan EXCEPT
Contributions are tax deductible
Which of the following individuals would be a likely candidate to purchase a deferred annuity?
D). Someone who wants to grow retirement funds tax deferred
All of the following statements about indexed whole life insurance are correct EXCEPT
D). The death benefit is not guaranteed
Which of the following is NOT a crucial factor in health insurance underwriting?
Income
An insurance agent visits a potential client and explains various types of policies. The customer displays a lack of interest, so the agent guarantees higher dividends than he knows would be possible. Which term describes what the agent has done?
Misrepresentation
Carlos's health insurance policy pays the benefits according ot a list which indicates the amount that is payable under each type of covered treatment or procedure. Carlos's policy provides benefits on a
Scheduled Basis
S set up an indiviual retirement account that her employer is now contributing to. Her employer's contributions are not included in her gross income. What kind of retirement plan does S have?
Simplified Employee Pension
Premiums Paid by an employer for group health insurance are
Tax deductible to the employer
If the insurance premiums were not tax deductible, what other taxation will this affect? a) Taxation of interest b) Taxation of the policy's cash value c) Federal tax income d) Taxation of benefits
Taxation of benefits
A man is an attorney when he applies for a health policy. He decides to become a professional bungee jumper. He files a claim. What should happen?
The insurance company will pay the claim according to the benefits available if the correct premium had been paid
An insured is anxious to get treatment for a health condition, and is convinced that that specialist is needed to cure the condition. If the insured has a PPO plan, which of the following is true?
The insured can select any specialist but non network specialist will have higher out of pocket costs
Which entity has the option of including optional provisions in a health insurance policy?
The insurer
Which of the following would NOT be eligible for coverage under key person?
The owner of a shop
Who is the annuity owner?
The person who purchases the annuity
All of the following are true of the survivorship life policy except
The premium is based on the age of each insured
According to the Common Disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed?
The primary beneficiary died before the insured.
All of the following are true regarding the waiver of cost of insurance rider EXCEPT
The rider expires when the insured reaches age 60.
Medicare is a health insurance program for all of the following individuals EXCEPT
Those with low income and low assets.
Considering the principles of liquidity, how would a policyowner use today's cash values in a life insurance policy?
Use it for emergency expenses
A graded premium life insurance policy is a modified form of
Whole Life
All of the following are true about key-person insurance EXCEPT
The death benefit is taxable to the business.
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?
D). Variable Whole Life
All of the following are features of a health insurance plan purchased on the health of an insurance marketplace EXCEPT
Dollar limits on essential benefits
Because of the imposed blackout period, the surviving spouse will not receive social security benefits until
He or she qualifies for retirement benefits
Which of the following is NOT correct concerning the taxation of disability income benefitss
If paid by the individual, the premiums are tax deductible.