PA Life and Health Insurance Exam missed questions

8 days

A disability income policy has a waiting period of 7 days . If the insured is disabled for 15 days, how may days of the benefits will the policy pay?

Twisting

An Agent who knowingly misrepresents material information for the purpose of inducing and insured to lapse, forfeit, change or surrender a life insurance policy of annuity has committed an illegal practice is known as?

Either term insurance or permanent insurance

An adjustable life policy can assume the form of?

$10,000

An agent received some inaccurate information, an , as a result, he publicly misstated the financial condition of another entity 12 times over a period of 3 months. If this fact is revealed, the agent may face a fine up to?

Twisting

An agent tells and insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premiums will be slightly lower. The policy however, would not offer either one of these things. What type of misrepresentation is being committed?

The insurance company accepts the risk

An applicant completes an application for a disability policy and pays the initial premiums. The producer gives the applicant a conditional receipt? Insurance coverage for the applicant will become effective when?

Fair Credit Reporting Act

An applicant may challenge information discovered as a result of an investigation consumer report under which of the following acts?

$60,000 and a third degree misdemeanor

An individual acted as an exclusive general agent even though she was not licensed to do so. Since this offense occurred a period of 60 days, what is the maximum penalty she faces?

Grace Period

An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He then takes an extended vacation and forgets to pay the premium. Ten days later, his policy is still in effect and has not lapsed. Which policy allowed for this?

Variable Universal Life

An insureds flexible premium is invested into separate account. What type of insurance did he purchase?

Capital Amount

Conrad receives $50,000 from a $100,000 accidental health and dismemberment policy as a result of the loss on his left arm in an accident.Conrad has received the?

The applicants earned income

Disability benefits are calculated based on

From the moment of birth, and the insurer must be notified within 31 days

How long is a newborn covered without notification to the insurer

1 month

How long is the grace period for an individual life insurance policy?

Express Authority

If an agent follows the rules and terms of his agent contract he is exercising his?

The interest rate will never drop below the guaranteed minimum

If an annuity has a guaranteed minimum interest rate, this means?

It is an unfair trade practice to mention the Associate in advertisements

Insurance Guaranty Association (what statement is true?)

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

Insureds have the right to do which of the following if they have no received the proper claim form within 15 days of their notice to the insurer of a covered loss under a major medical policy?

Fixed Amount

J is receiving fixed amount benefit payments from his late wifes insurance policy. He was told that if he dies before all of the benefits paid, the remaining amount will go to the contingent beneficiary. Which settlement option did J choose?

Acute

LTC policies would provide necessary coverage at all levels EXCEPT

10 working days

Once an insurer receives a claim, within how many days must the insurer provide claim forms to the insured?

Insuring clause

Riley reads and agreement on the first page of her policy which includes a list of losses that will be covered by her insurer?

Stating that dividends are not guaranteed

What action does NOT constitute false advertising?

Offering and inducement of something of value not specified in the policy

What best defines the unfair trade practice of rebating

A producer returning part of her commission to her client, as an inducement to buy

What best describes rebate?

Waiving licensing requirements for nonresident applicants who are licensed in their home state, if the home state awards license to the producers in this state on the same basis?

What does the term reciprocity mean?

The face amount is paid to the insured

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

Risk Retention

What is NOT a characteristic of Managed Care Plan

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

What is NOT a characteristic of a group health plan?

Benefits are determined solely based on the policy premium

What is NOT a characteristic of variable insurance and annuities?

Dental procedure due to birth defect

What is NOT a common exclusion found in most health policies?

The plan must be temporary

What is NOT a requirements of a qualified plan?

Disability

What is NOT a standard exclusion in life insurance polices?

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

What is NOT true about MET (multiple employer trust)?

Policy dividends issued by mutual companies and guaranteed and not taxable

What is NOT true about mutual insurance companies?

Reports may be sent to anyone who requests one

What is NOT true about the Fair Credit Reporting act?

The owner may renew the policy for a specified term

What is NOT true regarding term health coverage

Fixed annuities do not provide protection against inflation

What is a correct statement about annuities?

Insurability

What is not a medicaid qualifier?

The death benefit is taxable to the business

What is not true about a key-person insurance

A customer service representative who solicits no more than one policy a year

What is required to become licensed as an insurance producer?

Joint Life

What is the most common name for a single policy that is designed to insure two or more lives with a standard premium and that pays the death benefit upon the first death?

To allow the business buyout in case of the owners disability

What is the purpose of a disability buy-sell agreement

It is a temporary protection

What is true about level term insurance?

The company's stock value lowers

What reason may group coverage not be discontinued?

Charging the insured higher premiums based on her race

What would be an example of an insurer participating in the unfair trade practice of discrimination?

The insurer

Which entity has the option of including optional provisions in a health insurance policy?

Consideration

Which of the following elements of an insurance contract requires payment of premium?

Intermediate care

Which of the following is provided by skilled medical personnel to those who need occasional medical assistance or rehabilitative care?

Peril

Which of the following is the cause of loss?

Express Authority

Which type of authority is found in the agents contact?

The agents

Whose responsibility is it to ensure that the application for health insurance is complete and accurate?

Misrepresentation

guaranteeing future dividends is considered to be an unfair or deceptive act know as?

a percentage of the workers income

the benefits for group disability plans are based on

SEC AND FINRA and Departments of insurance

variable insurance and variable annuities are regulated by?

Insurer can only cancel the policy for the reasons stipulated in the contract

what is NOT true regarding an optionally renewable policy?

outpatient services

what is a preferred solution for reducing the cost of hospitalization?

Automatic Premium Load Option

which provision may be added to a permanent life policy, at no cost, that insures the policy will not lpse so longs there is cash value?