Missed Questions

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insurance companies may be classified according to legal form of their ownership. the type of company organized to return any surplus money to their policyholder is

a mutual insurer

according to the life insurance replacement regulations, which of the following would be an example of policy replacement

a policy is reissued with a reduction in cash value

The term "illustration" in a life insurance policy refers to

a presentation of non guaranteed elements of a policy

all of the following are the general qualifications for an agents license except

have a high school diploma

The provision which prevents the insured from bringing any legal action against the company for at least 60 days after proof of loss is known as

legal actions

a policy will pay the death benefit if the insured dies during the 20-year-premium paying period, and nothing If death occurs after the 20-year-period. what type of policy is this

level term

which of the following settlement options in life insurance is known as straight life

life income

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary?

life income with period certain

An annuity would normally be purchased by an individual who wants to

provide income for retirement

an insured who has an accident death and dismemberment policy loses her left arm in an accident. what type of benefit will she most likely receive from this policy

the capital amount in a lump sum

Who examines the books and records of insurance companies in Florida?

the chief financial officer

what type of information is not included in a certificate of insurance

the cost of the company is paying for monthly premiums

which of the following dates must be contained in a policy summary

the date the summary was prepared

which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium

the insurance contract

A man works for Company A and his wife works for Company B. The spouses are covered by health plans through their respective companies that also cover the other spouse. If the husband files a claim,

the insurance through his company is primary

Under the mandatory uniform provision Notice of Claim, the first notice of injury or sickness covered under an accident and health policy must contain

a statement that is sufficiently clear to identify the insured and the nature of the claim

what guarantees that the info explained in the insurance contract is true

a warranty

all of the following statements concerning workers compensation are correct EXCEPT

a worker receives benefits only if the work related injury was not his/her fault

an insured has a primary group health plan and an excess plan, each covering losses up to 10,000. the insured suffered a loss 15,000, disregarding any copayments or deductibles how much will the excess plan pay

5,000

When would a 20-pay whole life policy endow?

When the insured reaches age 100

HMOs that contract with outside physicians to provide health care service to their subscribers compensate those providers on a

capitation basis

An insured receives an annual life insurance dividend check. What term best describes this arrangement?

cash option

In a basic expense policy, after the limits of the basic policy are exhausted, the insured must pay what kind of deductible?

corridor

Bethany studies in England for a semester. While she is there, she is involved in a train accident that leaves her disabled. If Bethany owns a general disability policy, what will be the extent of benefits that she receives?

none

premium payments for personally-owned disability income policies are

not tax deductible

on a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are

not taxable since the IRS treats them as a return of a portion of the premium paid

the dividend option in which the Policyowner uses dividend to purchase a term policy for one year is referred to as the

one-year term option

The policyowner pays for her life insurance annually. Until now, she has collected a nontaxable dividend check each year. She has decided that she would rather use the dividends to help pay for her next premium. What option would allow her to do this?

reduction of premium

An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?

reinstatement provision

the interest earned on policy dividends is

taxable

which is true regarding obtaining underwriting sources

the applicant must be informed of the sources contacted and how the info is being gathered

which of the following is true about the requirements regarding HIV exams?

the applicant musty give prior informed written consent

How will a life insurance beneficiary designation naming a spouse be changed by divorce?

the beneficiary designation will be voided

which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information

the fair credit reporting act

an individual applies for a life policy. two years ago he suffered a head injury from an accident, so he cannot remember parts of his past but is otherwise competent. he has also been hospitalized for drug abuse, but does not remember this when applying for insurance. the insurer issues the policy and learns of his history one year later. what will probably happen

the policy will not be affected

an annuity has accumulated the cash value of $70k of which $30k is from premium payments, the annuitant dies during the accumulation phase. the beneficiary will receive

$70k

L has a major medical policy with a $500 ded and 80/20 coinsurance. L is hospitalized and sustains a $2,500 loss. what is the maximum amount that L will have to pay

$900 (ded + 20% of the bill after the ded)

If a parent would like to enroll a child over the ane of 5 into the Florida Healthy Kids Program, their family income must be under what percentage of the federal proverty level?

200%

who is a third party owner

A policyowner who is not the insured

an insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. what is this an example of

false advertising

the presumptive disability provision assumes that the insured is totally disabled upon loss of all of the following except

feeling

if an insured is not required to pay a deductible, what kind of coverage does he/she have

first dollar

J is receiving feed amount benefit payments from his late wife's insurance policy. he was told that if he dies before all of the benefits are paid, the remaining amount will go to the contingent beneficiary. which settlement option did J choose

fixed amount

who regulates the min standards for coverage in health insurance

florida law

how long must insurers maintain records of the information collected from senior consumers and other information used in making recommendations that were the basis for insurance transactions?

for 5 years after the insurance transaction is completed by the insurer

When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?

foreign

what does the guaranty association guard against

insurer insolvency

During partial withdrawal from a universal life policy, which portion will be taxed?

interest

which of the following statements is not correct concerning the COBRA act of 1985

it requires all employers, regardless of the number or age of employees, to provide extended group health coverage

a married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured. which policy is that

joint life policy

A woman's health insurance policy dictates which doctors she is allowed to see. Her health providers share an assumed risk for their patients and encourage preventative care. What best describes the health system that the woman is using?

managed care

Under an individual disability policy, the MINIMUM schedule of time in which claim payments must be made to an insured is

monthly

Regarding the free-look provision, the insurance company

must allow the Policyowner to return the policy for a full refund

under the fair credit reporting act individuals rejected for insurance due to info contained in a. consumer report

must be informed of the source of the report

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

size of each installment

traditional IRA contributions are

tax deductible

a man is an attorney when he applies for a health policy. he decides to become a professionalisms bungee jumper. he files a claim. what should happen

the insurance company will pay the claim according to benefits available if the correct premium had been paid

what is the only difference between blanket insurance and group health insurance

the insured members are not named

who does the secondary addressee provision protect

the insured over the age of 64

which of the following is not a typical type of long term coverage

child day care

what is the typical deductible for basic surgical expense insurance

$0

which of the following is not normally an excluded cause of disability in an invidividual disability income policy

complications from pregnancy

Most LTC plans have which of the following features?

guaranteed renewability

which of the following does NOT describe hospice care

it provides care to people with life expectancies of 1 to 2 years

An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy?

10 days

within how many days after receiving a written communication of replacement must an existing insurer provide a policyowner with a policy summary

10 days

an annuity contract is issued to a senior consumer over age 65. what is the max surrender charge for a withdrawal of money allowed on this annuity

10%

the min, age for purchasing life insurance policy in Florida is

15

An agent has been convicted of a crime punishable by a 1-year imprisonment. Within how many days must the agent notify the department of insurance?

30 days

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

what is the statute of limitations on lawsuits for health insurance policies

5 years

A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?

60

assuming that all of the following people are covered by a high deductible health plan and are not claimed as dependents on anyones tax returns which would not be eligiblee for a health savings account

Amanda is 67 and is covered by a basic medical expense policy

the equity in an equity index annuity is linked to

An index like Standard & Poors 500.

what is a foreign insurer

An insurer with a home office in another state

An agent selling variable annuities must be registered with

FINRA

all of the following are dividend options EXCEPT

Fixed period installments

which of the following was designed to ensure continued access to affordable health insurance coverage for employees of small employers, their dependents, and other qualified beneficiaries not currently protected by COBRA

Florida health insurance coverage continuation act

under which of the following organizations are the practicing providers compensated on a fee-for-service basis

PPO

To sell variable life insurance policies, an agent must receive all of the following EXCEPT

SEC registration

two types of assignment

absolute and collateral

HMO contracts may only be sold by a licensed and appointed health insurance agent or a full-time salaried employee or officer of an HMO who devotes most of his or her services to

activities other than soliciting HMO contracts from the public and who receives no commissions or compensation for procuring such contracts

which of the following is NOT covered under a long term care policy

acute care in a hospital

which of the following is true regarding branch agency licensing

agent in charge must be licensed

an insurer who transacts insurance in this state but whose articles of incorporation are registered in Canada is considered what type of insurer

alien

group life policies are usually issued as what type of coverage

annually renewable term

which of the following types of policies would not be subject ton Florida regulations on life insurance solicitation

annuities

The type of policy that can be changed from one that does not accumulate cash value to the one that does, is a

convertible term policy

the term "fixed" in a fixed annuity refers to all of the following EXCEPT

death benefit

a 70 year old who bought a Part B Medicare policy 2 months ago just began kidney dialysis treatments this week. the individual is now applying for a medicare supplement policy, which would begin in 8 months. which of the following could the insurer do to avoid paying for the dialysis

declare a pre-existing condition

which of the following is not a standard exclusion in life insurance policies

disability

which of the following terms is used to name the non taxed return of unused premiums

dividend

Fixed annuities provide all of the following EXCEPT

hedge against inflation

which of the following types of LTC is NOT provided in an institutional setting

home health care

the policyowner wants to make sure that upon his death, the policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. which settlement option should the policyowner choose

interest only option

in a health insurance, if a doctor charges $50 more than what the insurance company considers usual, customary and reasonable the extra cost

is not covered

a guaranteed renewable disability insurance policy

is renewable at there insured's option to a specified age

which of the following best describes a misrepresentation

issuing sales material with exaggerated statements about policy benefits

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

it has a guaranteed minimum interest rate

all of the following statements concerning medicaid are correct except

medicaid is a state funded program that provides health care to person over age 65 only

An insured purchased a life policy in 2010 and died in 2017. the insurance company discovers at that time that the insured had concealed information during the application process. what can they do

pay the death benefit

what is the difference between a straight life policy and a 20-pay-whole life policy

premium payment period

the guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all fo the following except

purchase of a new home

an insured has endured multiple surgeries and hospitalizations for an illness during the summer months. Her insurer no longer bills her or medical expenses. What term best describes the condition she has met

stop loss limit

which of the following would help prevent a universal life policy from lapsing

target premium

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?

the surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

all of the following are correct about life insurance policy loan interest rate except

there are no restrictions or limitations on policy loan rates

which of the following is TRUE about nonforfeiture values

they are required by state law to be included in the policy

when an inured terminates membership in the insured group, the insured can convert to

whole life without proof of insurability

When do HMOs file reports of their activities to the Department?

within 3 months of the end of each fiscal year

in individual health insurance coverage the insurer must cover a newborn from the moment of birth and if additional premium payment is required how many days should be allowed for payment

within 30 days of birth

Under special circumstances, continuing education requirements may be extended beyond the 2-year period for a maximum period of

12 months

how long must an insurer retain advertisement for its long-term care policies

3 years

when an individual obtains an insurance license for the primary purpose of writing insurance on him or herself or for members of his or her immediate family or business this is called

controlled business

annually renewable term policies provide a level death benefit for a premium that

increases annually

a corp has 41 members. which classification would the employer receive

small grou-p

life insurance creates an immediate estate. which of the following best explains this statement

the face value of the policy is payable to the beneficiary upon the death of the insured

in a survivorship life policy, when does the insurer pay the death benefit

upon the last death

what is the maximum penalty for habitual willful noncompliance with the fair credit reporting act

$2,500

In order for debtor group to qualify for group life insurance what is the minimum number of participants joining the plan each year be?

100

if a person disabled at age 27 and meets social security definition of total disability, how many work credits must he/she have earned to received benefits

12

An agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?

14 days

core benefits are included in all medicare supplemental policies. what percentage of part b coinsurance is required

20%

disability income coverage specifies that the policy covers the insured if he is unable to perform any job for which he is qualified. in this case total disability is defined as

any occupation- more restrictive than other definitions

All of the following qualify for Medicare Part A EXCEPT

anyone who is willing to pay a premium

When must the Medicare Supplement Buyer's Guide be presented?

at the time of application

an applicant for an individual health policy failed to complete the application properly. Before being able to complete the application and pay the initial premium, she is confined to a hospital. this will not be covered by insurance because she has not met the conditions specified in the

consideration clause

If a change needs to be made to the application for insurance, the agent may do all of the following EXCEPT

erase the incorrect answer and record the correct answer

when life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as

estate conservation

When would a misrepresentation on an insurance application be considered fraud?

if it Is international material

which of the following riders would not increase the premium for a policyowner

impairment rider

which of the following is the primary source of info that an insurer uses to evaluate an insureds risk for life insurance

insurance application

when may an insurer require an insured to provide genetic info

never

if an insured is injured while committing an illegal act and his health policy contains the illegal occupation provision, what percentage of the claim will be paid

nothing

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

only if the individual is not identified

which of the following is a daily nursing and rehabilitate care that an only be provided by medical personnel, under the direction of a physician

skilled care

which of the following terms describes the specified the dollar amount beyond which the insured no longer participates in the sharing of expenses

stop loss limit

If a life insurer holds the proceeds of any policy it issues, which of the following is true?

the proceeds may be exempt from any credits claims against a beneficiary other than the policy owner

how many consecutive months of coverage(other than in acute care not of a hospital) must LTC insurance provide in this state

12

in order to maintain an insurance license, an agent will need to satisfy Florida's continuing education requirement of

24 hours of continuing education in every 2 year period

in a disability policy, the probationary period refer to the time

during which an illness-related disabilities are excluded from coverage

the guaranteed purchase option is also referred to as the

future increase option

all of the following are required for HIV testing except

if HIV is present, the person may be rated. but they cannot be declined

under what conditions will proof of insurability not be required of an employee wanting to enroll in a group insurance plan

if the employee enrolls within a certain time period

in which of the following scenarios would a producer be allowed to obtain insurance through an authorized insurer

if there are no authorized insurers for a specific type of coverage in this state

a typical accidental death & dismemberment policy covers all of the following losses except

income

During replacement of life insurance, a replacing insurer must do which of the following?

obtain a list of all life insurance policies that will be replaced

another name for a substandard risk classification is

rated

the federal fair credit reporting act

regulates consumer reports

in the event of a loss, business overhead insurance will pay for

rent

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy

required a premium increase each renewal

An insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of beneficiary?

revocable

when a life insurance policy was issued, the policyowner designated a primary and a contingent beneficiary. several years later both the insured and the primary beneficiary died in the same car accident, and it was impossible to determine who died first. which of the following would receive the death benefit

the insureds contingent beneficary

which of the following is NOT a feature of a guaranteed renewable provision?

the insurer can increase the policy premium on an individual basis

which of the following is not a feature of a noncancellable policy

the insurer mat terminate the contract only at renewal for certain conditions

An insured is hospitalized with a back injury. Upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. This indicates that his policy is written with a 30-day

elimination period

an insured cancelable health insurance policy is being cancelled. one day before the policy is scheduled to end, he is involved in a major accident and is hospitalized for a week. which of the following best describes the coverage that he would receive

full benefits, as if the policy were still completely in effect

which of the following is correct regarding the taxation of group medical expense premiums and benefits

premiums are tax deductible and benefits are not taxed

an insured had a heart attack while jogging, but is expected to return to work in approx. 6 weeks. the insureds disability income policy will

replace a percentage of his lost income

an insurance agent X has been found guilty of a felony and was sentenced to 3 years in prison. what would be the appropriate plan of action

send a written notification to the dept of insurance

all of the following are true of a multiple employer trust (MET) except

the employee has a right of conversion upon leaving the group coverage

the insured had his wife named as the beneficiary of his life insurance policy. to ensure that his wife had income for life after the insureds death he chose the life income settlement option. the amount of payments will be determined by taking into account all fo the following except

the insureds age at death

which of the following is true regarding elimination periods and the cost of coverage

the longer the elimination period, the lower the cost of coverage

according to the common disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed

the primary beneficiary died before the insured

the life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the

incontestability clause

all of the following are true regarding a decreasing term policy except

the payable premium amount steadily declines throughout the duration of the contract

which of the following statements regarding the change of beneficiaries provision is false

the policywoner has the right to change beneficiaries in any case

An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The insured knows that his financial state will worsen even more with the upcoming medical expenses. What option could the insured utilize?

vatical settlement

which of the following statements about HMOs in Florida is false

HMOs can engage in selling insurance contracts

which statement below is incorrect regarding the type of term insurance that fits best with the applicants needs

applicants who may require a larger death benefit in the future should buy convertible term insurance

social security disability definition includes all of the following except

disability expected to last for at least 6 months

when the insured selects the extended term nonforfeiture option, the cash value will be used to purchase term insurance with what face amount

equal to the original policy for as long as the cash values will purchase

Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT

individual members of the group may select the level of benefits for their own coverage

If a retirement plan or annuity is "qualified", this means

it is approved by the IRS

what does the app of contract adhesion mean

since the insured does not participate in preparing the contract any ambiguities would be resolved in favor of the insured

why do health maintenance organizations offer prepaid services

to encourage preventive medicine for individual members

what is the purpose of the impairment rider in a health insurance policy

to exclude coverage for a specific impariment

in life policies issued in this state, insurers are permitted to charge interest during the policy grace period for the number of days elapsing before the premium is paid. what is the max annual interest rate

8%

Most HMOs operate through what type of system?

A group enrollment system either at their place of employment or as a member of an association

Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT

conditions

the agent in charge of an agency must hold which of the following licenses

general lines

what provision in an insurance policy extends coverage beyond the premium due date

grace period

The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?

the death benefit can be increased by providing evidence own insurability

which of the following statements is true concerning irrevocable beneficiaries

they can be changed only with the written consent of that beneficiary

all of the following are true regarding the guaranteed insurability rider except

this rider is available to all insureds with no additional premium

which of the following is not required to be states in the outline of coverage provided with a long term care policy

basic info about supplementary policies

How are state Insurance Guaranty Associations funded?

by their members-authorized insurers

agents in this state are required to promptly report all of the following to the Dept except

change in marital status

to be valid, an insurance policy must have all of the following except

countersignature

when filling out an app for insurance, the applicant makes a mistake. if a fresh app were not available, what could the applicant do to properly correct the mistake

cross the incorrect answer out, write the correct one beside it and initial the answer

the uniform provision law that prevents an insurance company from a altering its agreement with a policyholder by referring to documents or other items not contained in the policy is called the

entire contract provision

Under the Payment of Claims provision, to whom will the insureds benefits be paid if the insured is deceased

the insureds primary beneficiary

When Linda suffered a broken hip, she notified her agent, in writing, within 12 days of the loss. However, her agent did not notify the insurance company until 60 days after the loss. Which of the following statements correctly explains how this claim would be handled?

the insurer is considered to be notified since the notification to agent equals notification to the insurer

what is the advantage of reinstating a policy instead of applying for a new one

the original age is used for premium determination

which of the following would not be eligible for coverage under key person

the owner of a shop

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

all of the following are true of key person insurance except

the plan is funded by permanent insurance only

which of the following is required in order for a plan to be qualified

the plan must be formally written and communicated to the employees

which of the following best defines the "owner" as it pertains to life settlement contracts

the policyowner of the life insurance policy

an individual purchased a medicare supplement policy in march and decided to replace it 2 months later. his history of coronary artery disease is considered a pre-existing condition. which of the following is true

the pre-existing condition waiting period fulfilled in the old policy will be transferred to the new policy the new one picking up where the old one left off

all of the following are true of the survivorship life policy except

the premium is based non the age of each insured

which is true about a spouse term ider

the rider is usually level term insurance

what is the max age that a disabled insured worker may receive social security disability benefits

65

how does a member of an HMO see a specialist

The primary care physician refers the member

Which nonforfeiture option has the highest amount of insurance protection?

extended term

which of the following is correct regarding business overhead expense insurance

premiums are tax deductible

all of the following long-term care coverages would allow an insured to receive care at home except

skilled care

a provision found in insurance policies which prevents the insured from collecting twice for the same loss is called

subrogation

which of the following is incorrect regarding the definition of total disability

total disability is the inability to perform partial duties of any occupation for which a person is suited by reason of education, training or experince

which of the following is INCORRECT concerning medicaid?

it is solely a federally administered program

which statement is NOT true regarding a policy summary

it must be combined with a sales illustration

Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT

ltc policies are marketed effectively to prospective insureds

THe full premium was submitted with the app for life insurance, and the policy was issued two weeks later as requested. When does coverage become effective?

as of the application date

To comply with Fair Credit Reporting Act, when must a producer notify an applicant that a credit report may be requested?

at the time of application

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

it is reduced to the amount of what the cash value would buy as a single premium

insureds have the right to do which of the following if they have not received their 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

if a basic medical insurance plans benefits are exhausted, what type of plan will then begin covering those losses

supplementary major medical

which of the following, when attached to a permanent life insurance policy, allows the policyowner 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 statement is NOT true regarding underwriting group health insurance

the group is assessed individually for insurability

Who chooses a primary care physician in an HMO plan?

the individual member

when an insurer issues an individual health insurance policy that is guaranteed renewable the insurer agrees

to renew the policy until the insured has reached age 65

the Florida health insurance coverage continuation act requires that sell health plans to small employers to offer in those plans a right to elect to continue coverage, without providing evidence of insurability, to employees who lose their coverage and are unable to replace it. the premium rate for this coverage may not exceed

115% of the regular group rate

all of the following are correct about the required provisions of a health insurance policy except

a reinstated policy provides immediate coverage for an illness

Occasional visits by which of the following medical professionals will NOT be covered under LTC's home health care?

attending physician

what document describes an insureds medical history, including diagnoses and treatments

attending physicians statement

the automatic premium loan provision is activated at the end of the

grace period

what kind of policy does not typically require proof of insurability

group insurance

in the event of loss, after a notice of claim is submitted to the insurer, who is responsible for providing claims forms and to which party

insurer to the insured

The section of a health policy that states the causes of eligible loss under which an insured is assumed to be disabled is the

insuring clause

In a group health policy, a probationary period is intended for people

join the group after the effective date

a married couple owns a permanent life policy which covers both of their lives and pays the death benefit only upon the death own the first insured. which policy is that?

joint life policy

A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this?

level term

Which two terms are associated directly with the way an annuity is funded?

single payment of periodic payments

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

the insurance company

all of the following are true regarding the convertibility option under a term life insurance policy EXCEPT

upon conversion the death benefit of the permanent policy will be reduced by 50%

a medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as

usual, customary and reasonable

The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called

waiver of premium

can an individual who belongs to a POS plan use an out-of-network physician

yes, and they may use any preferred physician, even if not part of the HMO

which of the following riders would not cause the death benefit to increase

payor benefit rider

which option for universal life allows the beneficiary to collect both the death benefit and cash value upon the death benefit of the insured?

option B

An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued?

adjust the claim benefit to reflect the insured's true age

Level term insurance provides a level death benefit and a level premium during the policy term. If the policy renews at the end of a specified period of time, the policy premium will be

adjusted to the insureds age at the time of renewal

which type of life insurance policy generates immediate cash value

single premium

Under a health insurance policy, benefits, other than death benefits, that have not otherwise been assigned, will be paid to

the insured

a 40-year old man buys a whole life policy and names his wife as his only beneficiary. his wife dies 10 years later. he never remarries and dies at age 61, leaving 2 grown-up children. assuming he never changed the beneficiary, the policy proceeds will go to

the insured's estate


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