Exam 5 corrections
Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive
nothing; the payments will cease
How often may a viatical settlement provider contact an insured regarding the insured's health status if the insured's life expectancy is more than one year?
once every 3 months
What is the purpose of a conditional receipt?
It is intended to provide coverage on a date earlier than the date of the issuance of the policy.
The Gramm-Leach-Bliley Act was passed to
Protect private customer information filed with a financial institution.
An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT?
The insured may choose to convert to term or permanent individual coverage.
Which authority is NOT stated in an agent's contract but is required for the agent to conduct business?
implied
Which of the following is NOT a type of whole life insurance?
increasing term
Which of the following is TRUE regarding the annuity period?
It may last for the lifetime of the annuitant.
The provision that provides for the sharing of expenses between the insured and the insurance company is
coinsurance
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT
conditions
Which of the following is true of a PPO?
Its goal is to channel patients to providers that discount services.
Which of the following is NOT covered under Plan A in Medigap insurance?
the medicare part A deductible
Which of the following is true regarding optional benefits with long-term care policies?
they are available for an additional premium
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
All of the following are characteristics of a Major Medical Expense policy EXCEPT
low maximum limits
If one takes Social Security retirement benefits at age 62, what needs to be done at age 65 to qualify for Medicare?
nothing
An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date?
the date of medical exam
The president of a company is starting an annuity and decides that his corporation will be the annuitant. Which of the following statements is true?
the annuitant must be a natural person
How long is the right to examine period for new individual annuities issued in this state?
10 days
All of the following are usually provided under an employer group dental insurance plan EXCEPT
coverage for cosmetic treatment
Which of the following includes information regarding a person's credit, character, reputation, and habits?
consumer report
Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within
90 days of a loss