Life and Health: Guaranteed Missed Questions
When may HIV-related test results be provided to the MIB?
Only if the individual is not identified.
An employee is insured by a group major medical plan that is provided through her employer. The employer contributes 75% of the premium and the employee contributes the remaining 25%. If the insured received a benefit from the policy in the amount of $1000, how much of the benefit would be taxed as income?
$0
How long is the grace period for an individual life insurance policy?
1 month.
How many continuing education hours must be completed on the subject of ethics every license renewable period?
3
Where are premium from fixed annuities invested>?
A general account.
The Probationary period is
A specified period of time that a person joining a group has to wait before becoming eligible for coverage
Which of the following riders pay a beneficiary a death benefit that is double or triple the face amount if the insured's death was caused by an accident defined by the policy?
Accidental Death Rider
Which of the following types of care could be provided at a community center?
Adult day care.
When are the agents required to provide the outline of coverage to an applicant for individual long-term-care policy?
At the time of policy solicitation.
An underwriter is reviewing an applicant with an extensive medical history. Which of the following would give the underwriter a better understanding of how the applicant has been treated for various illnesses?
Attending Physician's Statement.
Conrad receives $50,000 from a $100,000 accidental death % dismemberment policy as a result of the loss of his left arm in an accident. Conrad has received the..
Capital amount
Which of the following is the distinguishing characteristic of the interest-adjusted net cost method?
Considering the time value of money in comparing life insurance costs.
A Major Medical Expense policy would exclude coverage for all of the following treatments EXCEPT
Drug Addiction
When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?
Extended Term.
A husband and wife both incur expenses that are attributed to a single major medical insurance deductible. Which type of policy do they have?
Family
All of the following information needs to be included on an application for life insurance EXCEPT
Health Insurance policies in force.
If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?
Immediately
Which of the following is NOT true regarding a deferred annuity?
Income payment begin within 1 year from the date of purchase.
Which of the following is NOT a Medicaid qualifier?
Insurability.
Which of the following is provided by a skilled medical personnel to those who need occasional medical assistance.
Intermediate care
Regarding the PPACA health care tax credit, which of the following is true?
Persons receiving Medicaid are NOT eligible.
All of the following are true regarding key person disability income insurance EXCEPT
Premiums are taxed deductible as a business expense.
An individual receives a lump-sum inheritance. He'd like to use the money to create a lifetime income since he'll be retiring soon. He purchases an annuity and wishes to receive payment beginning in 2 months. What did he buy?
Single Premium immediate Annuity.
Which entity has the option of including provisions in health insurance policy?
The Insurer
Which of the following would NOT be eligible for coverage under key person?
The owner of a shop.
If a credit life policy is terminated upon the payment of the death benefit , what happens to the premium paid into the policy ?
The premium is considered earned, so no refund is required.
What is the maximum period of time the Commissioner may revoke your agent's license?
There is no maximum time period.
If an insured pays a health insurance premium each month, how long would the grace period be under the policy?
10 days
The corridor deductible applies between
Basic and major medical coverage
Which of the following is true regarding coverage for chemical dependency treatment in group health insurance policies issued in this state?
Benefits provided must be the same as any other physical illness.
Medicare Part B covers all of the following EXCEPT
Long-term care services.
A core Medicare supplement policy (Plan A) will cover all of the following expenses EXCEPT
Part A deductible.
Once the initial benefit limit in Medicare Part D is reached, how is the beneficiary affected?
The beneficiary is then responsible for a portion of prescription drug cost.
What is the purpose of a buy-sell agreement?
To allow the business buyout in case of the owner's death
Why do Health Maintenance Organizations offer prepaid services?
To encourage preventative medicine for individual members
What is the purpose of a benefit schedule?
To state what and how much is covered in the plan
