Life and health

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The patient protection and affordable care act mandates that insurers provide coverage for adult children of the insured up to the age of

26

How long is the commissioner's term?

4 years

What is the waiting period on a Waiver of Premium rider in life insurance policies?

6 months

What is the maximum allowed rate of interest on policy loans from life insurance

8%

According to the Entire Contract provision, a policy must contain

A copy of the original application for insurance

A 63-year-old man is planning to be employed until age 68. When will he be eligible for Medicare?

Age 65, regardless of his employment status

Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company

Aleatory

Who can make a fully deductible contribution to an IRA?

An individual not covered by an employer-sponsored plan

The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's

Attained age

What document describes an insureds medical history including diagnosis and treatments

Attending Physician's Statement

Which of the following would describe a legal document which would dictate who can buy a deceased partners share of a business

Buy-sell agreement

After a person's employment is terminated, it is possible to obtain individual health insurance after losing the group health coverage provided by the employer. Which of the following is NOT true?

By law, the new, individual policy must provide the same benefits as the group insurance policy.

What characteristic makes whole life permanent protection

Coverage until death or age 100

What is another name for interest- sensitive whole life insurance

Current assumption life

What is not true regarding accidental death and dismemberment

Death benefits are paid only if death occurs within 24 hours of an accident

A waiver of premium provision may be included with what type of health insurance policies?

Disability Income

The requirement that agents not commingle insurance monies with their own funds is know as

Fiduciary responsibility

An annuity purchased with multiple payments that begins income payments after one year from the moment of purchase is known as what type of annuity?

Flexible premium deferred annuity

Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid

For 20 years or until death, whichever occurs first.

In direct transfer how is money transferred from one retirement plan to a traditional IRA

From trustee to trustee

A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits?

Immediate annuity

Which of the following entities has the authority to make changes to an institution policy

Insurers executive officer

The type of dental plan which is incorporated into a major medical expense plan is a

Integrated dental plan

A guaranteed renewable disability insurance policy

Is renewable at the insureds option to a specified age

Why is an equity indexed annuity considered to be a fixed annuity?

It has a guaranteed minimum interest rate.

Which of the following best describes the MIB

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance.

Which of the following is true of a children's rider added to an insureds permanent life insurance policy

It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age

Which of the following is an example of a limited pay life policy

Life Paid-up at Age 65

A whole life policy that the policy owner only pays premiums for a specified number of years is known as what kind of policy

Limited-pay whole life

Which term describes the benefits of a life insurance policy that the policy owner does not automatically relinquish even if the policy lapses

Nonforfeiture values

An insured has a life insurance policy from a participating company and receives quarterly dividends. He has instructed the company to apply the policy dividends to increase the death benefit. The dividend option that the insured has chosen is called

Paid-up additions

Which of the following instances would the premium be tax deductible

Premiums paid by an employer on a $30,000 group term life insurance plan for employees

What does not describe the principle goal of a preferred provider organization

Provide medical services only from physicians in the network

A nonresident agent is allowed to conduct insurance transactions in Georgia because his home state allows Georgia residents to transact insurance business in it. This is known as a/n

Reciprocity agreement

Which of the following determines the length of time that benefits will be received under the fixed amount settlement option

Size of each installment

Which of the following when attached to a permanent life insurance policy, allows the policy owner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members

Term rider

Which of the following is true about the requirements regarding HIV exams

The applicant must give prior informed written consent

Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean?

The beneficiary will only receive payments of the interest earned on the death benefit.

If an insured withdraws a portion of the face amount in the form of accelerated benefits because of a terminal illness, how will that affect the payable death benefit from the policy?

The death benefit will be smaller

An employee insured under a group health policy is injured in a car wreck while performing her duties for her employer. This results in a long hospitalization period. Which of the following is true?

The group plan will not pay because the employee was injured at work.

An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term?

The insured may renew the policy for another 10 years, but at a higher premium rate.

Which is not a feature of a guaranteed renewable provision

The insurer can increase the policy premium on an individual basis

Hospital indemnity / hospital confinement indemnity policy will provide payment based on

The number of days confined in a hospital.

Which is generally true regarding insureds who have been classified as preferred risks

Their premiums are lower.

What is the purpose of COBRA

To allow continuation of health insurance coverage for terminated employees

What is the purpose of coinsurance provisions

To help the insurance company to prevent overutilization of the policy

An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?

Universal Life

Which of the following is a key distinction between variable whole life and variable universal life products

Variable whole life has a guaranteed death benefit

When would a 20-pay whole life policy endow?

When the insured reaches age 100

Which of the following is not covered under a long term care policy

acute care hospital

Which of the following products provides income for a specified period of years or for life and protects a person against outliving their money

an annuity

Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance

defamation

How is the Commissioner of Insurance selected to be the chief officer of the Department of Insurance?

elected office

If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?

fixed period

Who bears all of the investment risk in a fixed annuity?

insurance company

An insured purchased a Life Insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is a/an

interest-sensitive whole life

The premium of a survivorship life policy compared with that of a joint life policy would be

lower

Premium payments for personally owned disability income policies are

not tax deductible

Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early

paid up option

Which of the following is called a second to die policy

survivorship life


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