Guarantee exam
Which of the following is NOT a personal use of life insurance?
An individual buys insurance to fund a buy-sell agreement
The Omnibus Budget Reconciliation ACT of 1990 (OBRA) requires that large group health plans with 100 employees or more must provide primary coverage for nonretired, disabled individuals under what maximum age?
65
Which of the following would be an Exception to the rule that a life contract can only be made of a person who is legally competent:
A person buys a policy on his spouse
Which of the following could be an adjuster?
An insurance claims handler
If a person qualifies for Social Security disability benefits after the 5-month elimination period, when will benefits begin?
Benefits begin at the beginning of the 6th month and are not retroactive to the beginning of the disability
what type pf an interest rate is guaranteed in universal life policies:
Contract interest rate
Which of the following is NOT a crucial factor in health insurance underwriting?
Income
All of the following are considerations under the needs approach planning for life insurance EXCEPT:
Insured's income
Which of the following is NOT true regarding a noncancellable policy
Insurer can increase the premium above what is stated in the policy if claims experience is greater than expected
What does an annuity protect the annuitant against?
Living longer than expected
The needs approach to calculating the amount of life insurance needed is based on:
Predicted needs of a family after the premature death of the insured
The benefits in Medical Expense Insurance are:
Received income tax free by the individual
Variable insurance and variable annuities are regulated by:
SEC, FINRA and Department of Insurance
Before an insurer may transact business in a specific state, they must apply for a license or Certificate of Authority from the state department of insurance and meet:
Solvency requirements
The family term rider incorporates
Spouse term and children's term
variable life insurance is regulated by all of the following entities EXCEPT:
The U.S. Department of Treasury
In a group policy, all of the following can be the policyowner except
The insurance company
With Adjustable Life, the owner can change all of the following EXCEPT:
The insured
All of the following are true of credit life EXCEPT:
The insured names the beneficiary
All of the following are true of group life insurance EXCEPT:
The insureds each own their own contract
All of the following are characteristics of group health insurance plans EXCEPT:
The parties that hold a group health insurance contract are the employees and the employer
A producer's license is placed on an inactive status after the producer is ordered into active military service. When may the producer receive commissions?
The producer may only receive commissions on sales made before the license was made inactive
Medicare is a health insurance program for all of the following individuals EXCEPT:
Those with low income and low assets
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value
Variable whole life
Which of the following is not a characteristic of a prepaid dental plan?
routine care is given at no charge
Which of the following is NOT a type of hazard?
Exposure
Decreasing Term insurance is often used to:
Cover a mortgage
How many health benefits plans must each accountable health plan in Arizona offer on a guaranteed issue basis to small employers?
One
Which of the following is a correct statement about annuities?
Fixed annuities do not provide protection against inflation
During the accumulation phase of a fixed annuity, the annuitant's interest rate is based on a minimum rate is specified in the contract, or the current interest rate, whichever is:
Higher