Guaranteed Exam Missed Questions

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10 days from policy delivery

A retail shop owner is insured under a business overhead expense policy that pays a maximum monthly benefit of $2,500. His actual monthly expenses are $3,000. If the owner becomes disabled, the monthly benefit payable under his policy will be

2500

A medicare supplement policy must have a free-look period of at least

30 days

how many days notice must an insurer provide to an insured regarding the lapse of a policy

30 days

under a long term care policy, when must an insurer send a notice of cancellation for nonpayment of premium?

30 days before the effective date

To ensure a health maintenance organization (HMO) fulfills public health needs, how often must the Commissioner of Health review records every?

5 years

What is the minimum required annual benefit level increase in long-term care policies to protect the insured from inflation?

5%

To qualify for small group health insurance, an employer's maximum amount of employees is

50

*Policy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to

6 months

policy loans requests, except for loan requests for payment of due premiums, may be deferred for a period of up to?

6 months

The Legal Actions provision preserves the insured's right to bring suit against his/her own insurer, but the insured must wait at least _____ days after filing a proof of loss before pursuing this action.

60

Polciy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to

6months

Under the mandatory uniform provision Proof of Loss, the claimant must submit proof of loss within what time period after the loss?

90

Which of the following statements is not true regarding health insurance policy provisions?

All additional provisions written by insurers are cataloged by their respective states.

All of the following could qualify as a group for the purpose of purchasing group health insurance EXCEPT

An association of 35 people

An elimination period may not have to be satisfied for a disability in which of the following?

An insured suffers a relapse of a prior disability within 6 months of the initial covered disability

What does the application of contract of adhesion?

Any ambiguities favor the insured

Prior to soliciting an insurance application, the insurer must provide which of the following to all prospective purchasers

Buyer's guide

Applicants who may require a larger death benefit in the future should not buy

Convertible term insurance

An employee dies having 6 quarters of coverage during the previous 13-quarter period. What status of coverage does the employee have under Social Security?

Currently Insured

Which of the following losses would likely be covered under the Accidental Death rider?

Death caused by head on collision

Qualified Plan

Does not have to be temporary

All of the following are features of a health insurance plan purchased on the health insurance marketplace except

Dollar limits on essential beliefs

Which of the following cases the insured must consent in writing to the life insurance contract

Employer purchasing key employee

The "stop loss" feature on a major medical policy is intended to

Establish a maximum amount of out of pocket expense that an insured will have to pay for medical expense in a calendar year

How often must insurers determine the maximum interest rate for policy loans for each policy?

Every 12 months

what happens to the face amount of a whole life policy if the insured reaches the age of 100

Face amount is paid to the insured

A married couple wants to include the entire family in their whole life policy under one rider...

Family term

Which federal act defines rules pertaining to protected health information?

HIPAA

All of the following information needs to be included except

Health insurance policies in force

When an insured reinstated his major medical policy, he was involved in an accident that required hospitalization. When would this accident be covered upon reinstatement of the policy?

Immediately

When an insured reinstated his major medical policym he was involved...

Immediatley

Fixed annuities do not provide protection against?

Inflation

Which of the following best describes a Major Medical Expense policy?

It provides catastrophic medical coverage beyond basic benefits on a usual customary and reasonable basis

How does insurance distribute the financial consequences of individual losses?

It transfers the risk to all persons insured

In which of the following cases the insured must consent in writing to the life insurance contract?

Key insurance person

An agent's license has been suspended, but he continues to transact insurance for existing clients

Misdemeanor

Following a covered loss, the time payment of claims provision requires that an insurance company pays the disability income benefits no less frequently than

Monthly

Among people in the same class and life expectancy, which of the following factors can be used to influence premium rates?

Occupation

When may HIV related test results be provided to the MIB?

Only if the individual is not identified

Common disaster clause if insured + primary benefit die, what will be assumed?

Primary beneficiary dies before the insured

On an accidental death and dismemberment policy, the death benefit payable is known

Principal sum

What is the main purpose of requiring licenses for persons who transact insurance?

Protect the general public

an insured had a heart attack while jogging, but is expected to return to wrk in approximately in 6 weeks. The insured's disability income policy will?

Replace a percentage of his lost income

which of the following will not be included in the buyer's guide

Specific information about the policy

Probitionary period

Specified period of time that a person joining the group must wait before becoming eligible for coverage

The family term rider incorporates

Spouse Term Rider and the Children's Term Rider

Insureds have the right to do which of the following if they have NOT received the proper claim forms within 15 days of their notice to the insurer of a covered loss under a major medical policy?

Submit the description in their own words on a plain sheet of paper

Which of the following entities is considered the principal

The insurer issuing a policy

Which of the following statements concering the Medical Information Bureau is correct?

The names of both the insured and the beneficiary are indicated on the application.

All of the following are characteristics of group health insurance plans excep

The parties that hold a group health insurance contract are the employees and the employer

The Common Disaster clause provides that if both the insured and the sole named beneficiary were to die in a common accident, which of the following is true?

This clause provides the payment of proceeds to the insured's estate

Impairment Rider's purpose?

To exclude coverage for a specific impairment

Induicing an insured to lapse, forfeit or change a policy for extra commision?

Twisting

If an applicant submits the initial premium with an application, which action constitutes acceptance

Underwriters approve the application

Regulations apply in what policy in this state?

Whole life insurance

Which of the following types of insurance policies would perform the function of cash accumulation?

Whole life insurance

W whole policy is surrendered for a reduced-paid up policy. The cash value in the new policy will?

Will continue to increase

Written notice of a claim must be submitted to the insurer within what time parameters?

Within 20 days

Which of the following statements describes one of the reasons individuals purchase life insurance?

creates an immediate estate

Which of the following is a correct statement about annuities

fixed annuities do not provide protection agains inflation