test 15

an employee has group life insurance through her employer. After five years, she decides to leave the company and work independently. How can she obtain an individual policy?

she can convert her group policy to an individual policy without proof of insurability within 31 days of leaving the group plan only after 5 years of coverage

who must determine a Medicare Supplement policy is best for the client?

the agent

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

the original age is used for premium determination

all of the following are true regarding a guaranteed renewable policy except:

the premiums will remain the same for the life of the policy

K is married to J and has a sister named L; K recently purchased an Accidental Death & Dismemberment policy in the amount of $20,000 that she named J as the contingent beneficiary and L as the primary beneficiary. J, K and L are planning to visit family for Christmas when they are involved in a train wreck; K and L die immediately in the accident, who will receive the benefits in this scenario? `

J

J has an Accidental Death & Dismemberment policy in the amoun of $100,000 with his mother as primary beneficiary. J is involved in a car accident and dies, 2 months later J's mother dies. How was the death benefit paid?

J's mother received the death benefit

which of the following statements is true about Medicaid?

Medicaid is regulated by federal and state government

all of the following are eligible for Medicare Except

a 63 year old receiving social security benefits

which of the following may influence a persons Short Term Disability payments?

an insureds income

which of the following is true in a noncontributory long-term nonmedical Key Person policy?

benefits are received without any taxes needing to be paid

a commercial airline purchases a $100,000 blanket accidental death policy. In the event one of the airliners is involved in an accident, how much will the families receive?

$100,000

an employer may set a SIMPLE plan for a maximum of how many employees earning over $50,000?

100

under the proof of loss provision in a health insurance contract, how long does an insurance have to submit proof of loss on a claims form?

90 days

M is 25 years old and looking to purchase a permanent whole life policy to cover her for burial expenses later on in life. She understands that inflation devalues the effect of life insurance benefits which rider can she add to the policy to ensure it will maintain its purchasing power in the event of death?

cause of living adjustment rider

In a qualified plan such as a Simplified Employee Pension Plan (SEP), which of the following is true about the employers contribution amounts?

contributions have vesting requirements

what is the most important factor of disability insurance when determining benefits?

income

If a person takes a loan against a Variable Universal Life insurance policy, what will most likely happen next year?

interest will accrue on the loan

which of the following would not be eligible for disability insurance benefits?

retired

which of the following is an agent allowed to do?

sell insurance with a nonresident license

which of the following conversions would likely be completed as nonmedical?

whole to term