Simulate your exam missed questions
Which statement accurately describes group disability income insurance?
The extent of benefits is determined by the insured's income.
An insured submitted a notice of claim to the insurer, but never received claims forms. He later submits proof of loss, and explains the nature and extent of loss in a hand-written letter to the insurer. Which of the following would be true?
The insured was in compliance with the policy requirements regarding claims.
What size companies are eligible for health reimbursement accounts (HRAs)?
Companies of all sizes
What is another name for interest sensitive whole life insurance?
Current assumption life
Which of the following is true regarding health insurance?
It could provide payments for loss of income.
How is the amount of Social Security disability benefits calculated?
It is based upon the worker's Primary Insurance Amount (PIA), which is calculated from their Average Indexed Monthly Earnings over their highest 35 years.
What type of instrument would be most effective in funding a dependents educational plan?
Life Insurance
Which of the following describes the taxation of an annuity when money is withdrawn during the accumulation phase?
Withdrawn amounts are taxed on a last in, first out basis.
When selling or soliciting variable life insurance, an insurer must provide the state corporation commission with a financial statement every
Year
If one takes Social Security retirement benefits at age 62, what needs to be done at age 65 to qualify for Medicare?
nothing
An insured has health insurance that covers them at work and at home. This policy was written on what basis?
occupational
Which of the following best describes the concept that the insured pays a small amount a premium for a large amount of risk on the part of the insurance company?
Aleatory
A 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
To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters?
6 credits