Guarantee Exam notes
If the annuitant dies during the accumulation period, the beneficiery will receive the
Cash value
When LTC covers care in a person's home or in a skilled or residential facility, the policy may be labeled
Comprehensive
Which meets the insured's personal needs and is provided by nonmedical personnel
Custodial Care
Which is considered a peril?
Fire
Which statement is incorrect?
Medicare and Medigap policies provide coverage for long term custodial or nursing home care
What happens to the face amount of a whole life policy once the insured reaches age 100
The face amount is paid to the insured
Which statement is true?
The more predictable the loss, the more insurable
The "stop-loss" feature of a major medical policy is to
establish a max amount of out-of-pocket expenses that an insured will have to pay for medical expense in a calander year
An employee who becomes ineligible for group coverage must exercise extension of benefits under COBRA within
60 days
Which could reduce the amount of the death benefit
Failure to repay a policy loan
For which of the following reasons may group coverage NOT be discontinued?
For company's stock value lowers
Which statement describes one of the reasons individuals purchase Life insurance
It creates an immediate estate
If the insured has a history of DUI's, this presents what type of hazard?
Morale
A core medicare supplement policy (Policy A) will cover all of the following expenses except
Part A Deductible
Difference between Straight Life Policy and 20-pay Whole Life
Premium Payment Period
Best definition of "indemnification"
The act of one person who agrees to restore an injured person to the condition he/she enjoyed prior
What is the only difference between blanket and group health insurance?
The insured members are not named
How long is the Grace period for the Life insurance policy?
1 month
written in conjuction with hospital expense policies and surgeons' fees?
Basic surgical expense insurance
Under Affordable Care Act, maternity, pregnancy and preventive care services are
Essential
An individual is approaching retirement age and is concerned about having proper coverage should he have to be placed in a LTC facility. His agent told him that LtC policies would provide necessary coverage at all following levels except
Acute
Which type of care could be proved in a community setting
Adult Day Care
Which types of care could be provided at a community center?
Adult Day Care
Which is incorrect regarding the type of term insurance that best fits the applicant's needs
Applicants who may require a larger death benefit in the future should buy convertible term
Which is not a type of LTC coverage?
Child day care
All are features of a health insurance plan purchased on the health insurance marketplace except
Dollar limits on essential benefits
California's Insurance Code requires all insurers to have a department the sole purpose of which is to investigate possible
Fraudulent claims from insureds
Under HIPAA, which is not covered under required benefits?
Groups of one or more
All of the following are features of catastrophic plans except
High Premiums
What happens to the copy of the application for health insurance once the policy is issued
It becomes part of the entire contract
What happens to the copy of the application for health insurance once the policy is issued?
It becomes part of the entire contract
What advantages does the "recurrent disability" provision provide to the insured under disability income policy
It eliminates the imposition of a second
General enrollment period for Medicare Part B?
Jan 1 - Mar 31
what does an annuity protect a contract owner against?
Living longer than expected
Which of the following used to be called Medicare + Choice Plans
Medicare Advantage Plans
Once the initial benefit limit in Medicare D is reached, how is beneficiary affected?
The B is then responsible for a portion of the drug costs
The entire contract includes all of the following except
The Buyer's Guide
All of the following are consideration in the policy except
The cash value in the policy
Which type of insurance is investment based, no guarantee cash value, and has a level fixed preium
Variable Whole Life
An aleatory contract is
an unequal exchange of values
If annuitant dies before annuity start date begins
the interest is taxable
Core benefits are included in all Medicare supplement policies. What percentage of Part B coinsurance is required
20%
The Human Life Value approach to determining Life insurance needs is based upon which of the following?
Loss of the Breadwinner's Income
When assessing needs for life insurance, an individual may use retention, which means
maintaining assets at death
Gross premium for a life insurance policy is determined by adding which two components
net premium and expenses
Life insurance creates an immediate estate. Which best explains this statement
The face value of the policy is payable to the beneficiary upon the death of the insured