ExamFx questions

what is the typical deductible for basic surgical expense insurance?

$0

in all health care plans under the ACA how many essential category benefits are there

10

how many consecutive months of coverage must ltc provide in this state?

12

policy must be in force for

2 years

which of the following protects the insured from an unintentional policy lapse due to a nonpayment premium?

Automatic premium loan

what is the best way to change an application

Start over with a fresh application.

the free look provision allows for which of the following?

a right to return a policy for a full premium refund

What is the term used for an appplicant's written request to an insurer for the company to issue a contract

application

what is max period of time during which an insurer may contest fradulent misstatements

as long as the policy is in force

the premium charged for exercising the guaranteed insurability rider is based upon

attained age

which of the following is not true of disability buy-sell coverage?

benefits are considered taxable income to the business

which of the following statements regarding BOE policies is NOT true?

benefits are usually limited to 6 months

all of the following are personal uses of life insurance except

buy-sell agreement

a small business owner is the insured under a disability policy that funds a buy sell agreement.

cash to the owner's business partner to accomplish a buyout

an applicant for an individual company...not met the conditions specified in the

consideration clause

a health insurace policy that pays a lump sum if the insured suffers a heart attack or stroke is known as

critical illness

what is the important feature of a dental expense insurance plan that is not typically found in a medical expense

diagnostic and preventative care

qualifying event as it relates to COBRA

due to downsizing

A father purchases a life insurance policy on his teenage daughter and adds the Payor Benefit rider. In which of the following scenarios will the rider waive the payment of premium?

if the father is disabled for more than 6 months

in which of the following locations would skilled care most likely be provided?

in an institutional setting

under workers comp wotf are not included

legal benefits

variable whole life insurance is based on what type of premium

level fixed

Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?

limited pay whole life

A rider attached to a life insurance policy that provides coverage on the insured's family members is called the

other-insured writer

which option is being utilized when the insurer accumulates dividends at the interest and uses the accumulated dividends plus interest.

paid up option

Prior to purchasing a Medigap policy, a person must be enrolled in which of the following?

parts a and b of medicare

when a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to

purchase a single premium policy for a reduced face amt

if an agent fails to obtain an applicants signature on the application, the agent must

return the application to the applicant for a signature

when is the appropriate action by the insurer if a prospective insured submitted an incomplete application?

return the application to the applicant for completion

what type of life insurance policy generates immediate cash value?

single premium

which of the following determines the cash value of a variable life policy?

the performance of the policy portfolio

An insured is upset that her new health insurance policy was delivered to her by certified mail and not through her agent. Which of the following is true?

there is nothing wrong with this

WOTF is true regarding taxation of accelerated benefits under a life insurance policy?

they are tax free to terminally ill insured

Which of the following statements is most correct concerning the changing of an irrevocable beneficiary?

they can be changed only with the written consent of the beneficiary

when an insurer issues an individual health policy that is guaranteed renewable, the insurer agrees

to renew the policy until the insured has reached age 65

what is the name of the insured who enters into a viatical settlement?

viator

Manny has been injured in an accident. Although she is still receiving benefits from her policy, she does not have to pay premiums. Her policy includes

waiver of premium rider

WOTF would help prevent a universal life policy from lapsing

target premium

Children's riders attached to whole life policies are usually issued as what type of insurance?

term

Nonforfeiture values guarantee which of the following for the policyowner?

that the cash value will not be lost

whose responsibility is it to determine if all of the questions on an application have been answered?

the agent

which is true regarding obtaining underwriting sources?

the applicant must be informed of the sources contacted and how the information is being gathered.

amy loses her left arm an accident that is covered by her accidental death and dismemberment policy

the capital amount in a lump sum

which of the following is an example of liquidity in a life insurance contract?

the cash value available to the policyowner

a producer agent must do all of the following when delivering a new policy to the insured except

disclose commissions earned from the sale of the policy

Other than for a qualified life event, when can a change be made in benefits for a Flexible Spending Account (FSA)?

during the open enrollment period

the insurance policy, together with the policy application and any added riders form what is known as

entire contract

which of the following does the insuring clause not specify

list of available doctors

an insured purchased a disability income

nothing illness is not covered during the first 20 days

WOTF would NOT cause death benefit to increase

payor benefit rider

an insured purchased a noncancelable health insurance policy 1 year ago. which of the following circumstances would NOT be a reason for the insurance company to cancel the policy

the insured is in an accident and incurs a large claim

which of the following best defines the "owner" as it pertains to life settlement contracts?

the policy owner of the insurance policy

a policy owner has a health insurance policy with his wife listed as the primary beneficiary. he would like to change his primary beneficiary as his sister. which of the following is true?

unless the policy designated the current beneficiary as irrevocable, the policy owner can make a change at any time

group life insurance is a single policy written to provide coverage to members of a group. which of the following statements concerning group life is correct?

100% participation of members is required in noncontributory plans

who must pay for the cost of a medical examination required in the process of underwriting

insurer

in the event of a loss, after a notice of the claim is submitted to the insurer, who is responsible for providing claims forms and to which party?

insurer to the insured

what would be an advantage to naming a contingent beneficiary in a life insurance policy?

it determines who receives policy benefits if the primary beneficiary is deceased

In a group health policy, a probationary period is intended for people

join the group after the effective date

An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action?

policy should stay in force until new one is issued

most agents try to collect the initial premium for submission with the application.

premium receipt

which of the following best details the underwriting process for life insurance?

selection, classification and rating of risks

an insured as endured multiple surgeries and hospitalizations for an illness during the last few months

stop-loss limit

helping married couple determine the financial needs

survivor protection

In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?

the customers associates, friends, and neighbors provide the reports data

an insured purchased a life policy in 2010 and died in 2017. the insurance company discovers at the time that the insured had concealed

pay the death benefit

a prospective insured receives a conditional receipt but dies before the policy is issued. the insurer will

pay the proceeds only if it would have issued the policy

a married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured. Which policy is that?

survivorship life policy

A Straight Life policy has what type of premium?

a level annual premium for the life of the insured

which of the following named beneficiaries would NOT be able to receive the death benefit directly from

a minor son

linda suffered broken hip

the insured is considered to be notified

insured z health insurance policy

the insured may carry over the amount of this year's expenses

which of the following is not true of life settlements?

the seller must be terminally ill

Under a health insurance policy, benefits, other than death benefits, that have not otherwise been assigned, will be paid to

the insured

what does "level" refer to in the level term insurance

face amount

an applicant is denied insurance bc of info found on consumer report

fair credit reporting act

which rider, when attached to a permanent life insurance policy provides an amount of insurance on every family member?

family term rider

which is true about the cash surrender nonforfeiture option?

funds exceeding the premium paid are taxable ordinary income

What required provision protects against unintentional policy lapse?

grace period

what is the other term for the cash payment settlement option?

lump sum

an insured has a continuous premium whole life policy. She would life to use the policy dividends to pay off her

paid up option

medicare part d

prescription drug benefit

WOTF would basic medical expense coverage NOT cover?

surgeons service

protects consumers against the circulation of inaccurate or obsolete personal or financial information

the fair credit reporting act

all of the following entities regulate variable life policies except

the guaranty association