XCEL Life and Health Insurance Test Review

Accumulation at interest

Of the following dividend options, which of these is taxable?

a statement that the policy is limited

Ohio requires advertisements for accident and health insurance policies covering ONLY a specified illness to prominently display

promises made

According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's

30 calendar days

After a request has been received for verification from a viatical settlement provider, an insurance company authorized to do business shall respond within

30 days

After the date of marriage, an insurer is REQUIRED to provide what MINIMUM period of time for an employee to add a new spouse to a small group health plan?

preventative health services

All Health Benefit Plans issued after January 1, 2014 must provide

protecting key employees with life insurance

All of the following are considered appropriate uses of life insurance for business purposes EXCEPT

outpatient medical services

All of the following are defined as supplemental health insuring corporation (HIC) services EXCEPT

enrolled in a health plan with a prescription drug benefit

All of the following are qualifications for establishing a health savings account (HSA) EXCEPT

surgeons

All of the following doctors provide primary care to health insuring corporation (HIC) members EXCEPT

Refusing to pay persons bringing false or fraudulent claims

All of the following may be an unfair claims practice EXCEPT

Health Reimbursement Arrangement Plan

All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT

hearing screenings for adults

All of the following preventative care services are provided by health insuring corporation (HIC) primary care physicians EXCEPT

Waiver of Premium

All of the following riders can increase the death benefit amount EXCEPT

elimination periods

All of these are characteristics of a major medical expense policy EXCEPT

accidental death

All of these are common exclusions to a life insurance policy EXCEPT

National Association of Insurance Underwriters

All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT

a nonforfeiture option can be used to increase the death benefit

All of these are valid options for an Adjustable Life Policy EXCEPT

insured

Ambiguities in an insurance policy are always resolved in favor of the

continuing education

An agent license is renewed by paying the applicable renewal fee and completing

fraud

An agent who knowingly submits a FALSE statement in support of a claim may be found guilty of

25

An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees?

root canal

An example of endodontic treatment is a

"To the children born of my union with Ned Jackson"

An example of naming a beneficiary by class would be

canceling a term policy to buy a whole life policy?

An example of replacement is

When becoming eligible for Medicare

An individual can enroll in a Part C Medicare Advantage Plan at what time?

subscriber

An individual covered under a Blue Cross Blue Shield plan is called a(n)

2 years

An individual life insurance policy will become incontestable no later than how long after its effective date?

Fair Credit Reporting Act

An insurance company needs to obtain personal information from a third party concerning an applicant. Which law do all insurers and their producers need to comply with?

the insured outlived the beneficiary

An insured individual and the policy's beneficiary die from the same accident. The common disaster provision states the insurer will continue as if

has a nonforfeiture value

An insurer MUST offer a Long-Term Care Policy or certificate that

blood test for HIV

An insurer has a right to screen applicants for HIV in which of the following ways?

15

An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim.

grace period

An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period?

State insurance departments

An insurer's claim settlement practices are regulated by the

an unfair claim settlement practice

An insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. This is considered to be

Partial Surrender

An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. The provision that allows this is called

50%

As of January 1, 2014, an employer with up to 25 full time equivalent (FTE's) with average annual wages of less than $50,000 may be eligible for a tax credit of ___ of the premiums paid by the employer.

age 65

At what age will a person normally enroll with an insurance carrier under a Part C Medicare Advantage Plan?

30 days

Both long-term care insurance and Medicare Supplement policies may be returned by the insured for a full refund within

the conversion being applied within one month of termination

Converting a group plan to permanent life insurance requires

Preferred Provider Organization plan (PPO)

Coordination of Benefits regulation applies to all of the following plans EXCEPT

estate conservation

Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this called?

Unpaid provision

David submits a $500 claim for medical expenses. There is a past-due amount owed for insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This deduction came as a result of which provision?

provide coverage for a home mortgage

Decreasing term life insurance is often used to

can be converted to permanent coverage without evidence of insurability

Donald is the primary insured of a life insurance policy and adds a children's term rider. What is the advantage of adding this rider?

policyowner

During the accumulation period, who can surrender an annuity?

guaranteed issue

Each application for long-term care insurance shall contain clear and unambiguous questions to determine the health condition of the applicant EXCEPT applications for

59 1/2

Erica is 35 years old and owns an IRA. At what age can she begin to receive distributions without a tax penalty?

14 day waiting period / 10 year benefit period

Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium?

31 days

Greg had recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?

injury due to accident

Health insurance will typically cover which of the following perils?

private duty nursing

Hospital care under a typical health insuring corporation (HIC) plan includes all of the following EXCEPT

gains are taxed at distribution

How are annuities given favorable tax treatment?

not tax deductible

How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes?

law of large numbers

How do insurers predict the increase of individual risks?

After first premium is paid, the face amount may be available to the beneficiary

How does life insurance create an immediate estate?

Must have Medicare coverage

How does one become eligible for Part D: Prescription Drug coverage?

general tax revenue and user premiums

How is Medicare Part B funded?

80%

How much does Medicare Part B pay for physician fees?

a minimum of 12 months after date of purchase

How soon can the benefit payments begin with a deferred annuity?

0 months

If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy may impose which of the following time exclusions for pre-existing conditions?

the 12 month period following the date when the license should have been renewed

If a licensee is suspended for non-renewal, the licensee may apply for reinstatement within

3 years

In Ohio, legal action can be taken against an insurer for failure to pay HEALTH insurance claims for a period not to exceed

any applicable benefit reduction

In Ohio, when an advertisement for accident and health insurance refers to dollar amount benefits, the advertisement must also disclose

offer and acceptance?

In an insurance contract, the applicant's "consideration" is the

provide evidence of insurability to the insurer

In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST

be at least 18 years old

In order to transact insurance business in Ohio, an insurance agent must

Declarations

In what part of an insurance policy are policy benefits found?

Concurrent review

In which of the following processes will the insurer oversee the insured's hospital stay to confirm everything is going according to schedule and that the insured will be released as planned?

Hedge against inflation

Index whole life insurance contains a securities component that acts as a(n)

hedge against inflation

Index whole life insurance contains a securities component that acts as a(n)

liquidity

Insurance premium is determined by each of the following factors EXCEPT

the death benefit paid will be what the premium would have purchased at the correct age

James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

Part C

Joe is a Medicare participant who receives his benefits through a Managed Health Care Plan. Which Medicare plan does he have?

Child term rider

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this?

Taxable income

Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes?

10 days

Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

Results

Kurt is an active duty serviceman who was recently killed in an accident while home on leave. Which military service exclusion clause would pay upon his death?

3 years?

Lapsed individual life insurance may be reinstated at any time within

100% of his health insurance costs can be deducted from his gross income

Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?

an individual the means to replace wages

Loss of income insurance provides

Limited Policies

Low frequency diseases can be exclusively covered by what kind of health insurance policies?

annuity certain

Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called

100 days

Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond

doctor's charges

Medicare Part B covers

inducement

No insurer, agent, broker, solicitor, or person, in connection with an insurance transaction shall offer or promise to buy, sell, give, or allow the prospective insured employment, stock or special favors. This is the definition of

seeks temporary protection and lower premiums

Term insurance is appropriate for someone who

enact legislation dealing with insurance

The Ohio insurance superintendent is appointed to office and has all of the following powers and duties EXCEPT

prosthodontics

The branch of dentistry which deals with the replacement of missing parts is called

individual plan upon employment termination

The conversion privilege under a group life plan allows an employee to convert to a(n)

maintain the same coverage and increase premium

The election of COBRA for continuation of health coverage will

maintain the same coverage and increase the premium

The election of COBRA for continuation of health coverage will

annual earnings

The factor used most often when underwriting a disability income policy is

5 years

The legal action provision in a health contract is limited to no more than ___ years.

January 1 through Match 31

The open enrollment period for Medicare Part B is

employer

The policyholder for a group health benefit plan is considered to be the

lower during the first few years then higher

The premium for a Modified whole life policy is

monthly

The premium payment mode that results in the highest overall cost would be

Insurable interest can be based on the love and affection of individuals related by blood or law

The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement?

avoid overpayment of claims

The purpose of the Coordination of Benefits provision in group accident and health plans is to

mandatory

The reinstatement provision in a health insurance policy is

endorsing insurers

The superintendent is NOT responsible for

legal actions

The time limit for filing claim disputes is addressed in which provision of an accident and health policy?

survivorship life

The type of policy which pays on the death of the last person is called

excludes payments for a short-term illness or injury

The waiting period for a disability insurance policy

all future premiums are waived if the insured recovers from the disability

The waiver of premium does NOT include which provision?

the entire insurance contract between the parties

This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes

through limited lines agent

Through what means can an unauthorized insurer place business in Ohio?

must have an appointed guardian

To receive proceeds from a death benefit, a minor

12 months

Under Ohio continuation rules, an employer with fewer than 20 employees must allow terminated employees to continue accident and health coverage for at least

US Attorney General

Under US Code 1033, crimes by or affecting persons engaged in the business of insurance which affect interstate commerce are prosecuted by the

upon distribution

Under a Traditional IRA, interest earned is taxed

exclusion ratio has been calculated

Under a non-qualified annuity, interest is taxed after the

considerable changes are made that reduce benefits

Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status?

be the same and the premium cannot exceed 102%

Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated employee's benefits must

responsible third party

Under the subrogation clause, legal action can be taken by the insurer against the

A good health statement

Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application?

policy owner has the right to select the investment which will provide the greatest return

Variable life insurance and Universal life insurance are very similar. Which of these features are held exclusively by variable universal life insurance?

an amount the premium would have purchased at the correct age

What amount will be paid under a policy where the insured misstated his/her age?

it is taxable

What happens to interest earned if the annuitant dies before the payout start date?

Coverage is eliminated

What happens to the coverage under a children's term rider when that child reaches a certain specified age?

increases

What happens to the total amount of premium paid for an insurance policy when the payment frequency increases?

the agent's compensation

What information is NOT required to be included in advertising material for a life policy?

comprehensive insurance?

What is Medicare Part B also known as?

the license required for an insurer to conduct business in the state

What is a certificate of authority?

the gap between the total death benefit and the policy's cash value

What is a corridor in relation to a Universal Life insurance policy?

certificate

What is issued to each employee of an employer health plan?

time period a disabled person must wait before benefits are paid

What is the elimination period of an individual disability policy?

determine the financial strength of an insurance company

What is the primary purpose of a rating service company such as A.M Best?

to help underwriters evaluate risk

What is the purpose of the Medical Information Bureau (MIB)?

on or before the last day of the licensee's birth month

What is the renewal date of a resident insurance agent's license?

no tax payment needed

What is the tax liability for employer contributions in Health Savings Accounts (HSA's)?

replacement

What is the term used when exchanging a new policy for one already in force?

Work-related

What type of injury would NOT be covered under a health insurance policy?

term, whole and universal

What types of life insurance are normally used for key employee indemnification?

Mortality costs

What would be an expense factor in an insurance program?

claim will be paid if application is approved

What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day?

level premiums

When a decreasing term policy is purchased, it contains a decreasing death benefit and

the insurer will pay a reduced amount

When a preferred provider organization (PPO) insured goes out-of-network, which of the following actions occur?

Gains

When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable?

31

When an accident and health policy requires payment of an additional premium to provide coverage for a newborn, how many days after the birth is the first payment due?

the licensee may be assessed the administrative costs incurred by the Department

When an agent's license is suspended or revoked because the licensee is found to be in violation of a state law

insurer

When an insurance appointment with an agent is terminated, the party that must notify the agent of the termination is the

when contribution or participation rules have been violated

When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)?

2 years

When can a policy no longer be cancelled for nonfraudulent misstatements after its date of issue?

provides a greater choice of providers

When comparing an HIC to a PPO, the PPO

issue a cease and desist order against the agent

When the superintendent believes an agent is causing substantial and material harm, the superintendent has the authority to

Period Certain

Which annuity payout option allows the policy owner to choose a pre-determined number of benefit payments?

Life only annuity

Which annuity payout option has no additional payouts regardless of when the annuitant dies

Own occupation clause

Which clause defines total disability as being unable to perform the major duties of the insured's regular occupation?

Legal purpose

Which contract element is insurable interest a component of?

a contract that requires certain conditions or acts by the insured individual

Which of the following BEST describes a conditional insurance contract?

increase the premiums on an individual basis

Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit?

life only

Which of the following annuity payout options makes no additional payments regardless of when the annuitant dies?

allows the secondary payor to reduce their benefit payment so that no more than 100% of the claim is paid

Which of the following does Coordination of Benefits allow?

medical insurance

Which of the following is Medicare Part B also known as?

physical therapy

Which of the following is NOT a common exclusion for a medical expense policy?

Employee must be able to make unlimited contributions

Which of the following is NOT a federal requirement of a qualified plan?

Social Security Disability Income (SSDI)

Which of the following is NOT a type of Medicare Advantage Plan?

ongoing inspection of accident prone individuals

Which of the following is NOT an example of utilization review?

a neurologist

Which of the following is a health insuring corporation (HIC) provider of specialty care?

Multiple Employer Welfare Arrangement (MEWA)

Which of the following is a legal entity created for the sole purpose of providing affordable group health coverage to its participants?

change must be initialed by the applicant

Which of the following is a requirement for ANY change in an insurance application?

Accelerated death benefit rider

Which of the following is considered to be an alternative to a life settlement?

accelerated death benefit rider

Which of the following is considered to be an alternative to a life settlement?

Hazard

Which of the following is considered to be an event or condition that increases the probability of an insured's loss?

the insurer's name

Which of the following is permitted in an advertisement for an insurance policy?

temporary employee

Which of the following is typically NOT eligible for coverage in a group health policy?

Underwriting

Which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined?

private insurance companies

Which of the following provides Medicare supplement policies?

Insurer

Which of the following signatures is not required on an individual insurance application?

its content must be approved by the superintendent

Which of the following statements is CORRECT about a Buyer's Guide?

coverage is limited to a single devastating disease

Which of the following statements is NOT true regarding a Critical Illness Plan?

an insurer can require a blood test for HIV

Which of the following statements is TRUE about an insurer's right to screen applicants for HIV?

it provides benefits for nonoccupational illnesses and injuries

Which of the following statements regarding Group Disability Income insurance is TRUE

It provides benefits for nonoccupational illnesses and injuries

Which of the following statements regarding Group Disability Income insurance is TRUE?

the insurer must not impede an examination and is required to assist in the examination procedures

Which of the following statements regarding an examination of an insurer's books and records by the superintendent is true?

the insured does not meet established underwriting requirements

Which of the following would be a valid reason why a policy premium would be higher than the standard premium?

flexible premium deferred annuity

Which of these annuities require premium payments that vary from year to year?

pre-death distributions are typically taxable

Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?

average age

Which of these factors would an insurer consider when determining whether to accept a group life plan?

life income annuity

Which of these is NOT considered to be a common life insurance nonforfeiture option?

interest only

Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy?

Human life value

Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?

policy summary

Which of these is considered to be a document that describes the critical segments of a life insurance policy?

Roth IRA

Which of these retirement plans do NOT qualify for a federal income tax deduction?

funded by federal, state and local taxes

Which of these statements about Medicaid is CORRECT?

earnings are taxable when withdrawn

Which of these statements concerning Traditional IRAs is CORRECT?

Straight life

Which of these will have the highest monthly payout upon annuitization?

straight life

Which of these will have the highest monthly payout upon annuitization?

gatekeeper

Which of these will typically authorize treatment from a specialist?

loss of a leg or arm

Which of these would NOT be considered a presumptive disability?

Whole life policy with premiums paid up after 20 years

Which of these would be the best example of a limited pay life insurance policy?

exclusion

Which of these would limit a company's liability to provide insurance coverage?

prepaid

Which payment method for a health claim settlement is typically made directly to the provider of the services?

an individual who has a hobby of racing cars once a month

Which scenario would most life insurance policies exclude coverage for?

interest only

Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary?

life income

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

individual

Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?

Hospital Indemnity

Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance?

Juvenile insurance

Which type of life insurance is normally associated with a Payor Benefit rider?

Home health care

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home?

home health care

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home?

Variable universal life policy

Which type of policy combines the flexibility of a universal life policy with investment choices?

the insurer

Who assumes the investment risk with a fixed annuity contract?

insurance carriers

Who is responsible for assembling the policy forms for insureds?

the insurer

Who may terminate an agent's appointment?

the self-employed

Who were Keogh plans designed to provide pension benefits for?

because dividends are considered to be a return of premium

Why are dividends from a mutual insurer not subject to taxation?

10 days

With the majority of companies, within how many days does the free-look provision allow the insured the right to return the life insurance policy for full premium?

60

Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences?

It would be considered taxable income to the employee

Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA?

Errors and Omissions

a professional liability for which producers can be sued for mistakes of putting a policy into effect

Endodontics

common exclusion on a dental policy

a specified amount of money

life insurance policies guarantee the beneficiary what upon the death of the insured

irrevocable beneficiary

requires the beneficiary's signature for any change to the beneficiary

representations

statements made by an insurance applicant on an application

5

the legal action in a health contract is limited to no more than __ years?

a 70-year old NOT eligible for Social Security

Part A Hospital expense coverage provided under Medicare is automatically made available to each of the following EXCEPT

the policy may be paid up early by using policy dividends

Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true?

occupational disease

Paul is an employee who caught a disease unique to the trade in which he was exposed to. Paul has a(n)

adverse selection

People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called

equity index whole life

Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. What kind of policy is this?

guaranteed lifetime withdrawal benefit

Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits. Which of these benefit options would he choose?

Qualified long-term care plan

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans?

creditors

Proceeds of the viatical settlement contract could be subject to the claims of

Universal life

Reggie purchased a life insurance policy with a face amount of $500,000. After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. Which type of life insurance policy is this?

deferred compensation option

Rob has a benefit at work which enables him to defer his current receipt of income and have it paid at a later date, when he will probably be in a lower tax bracket. Which benefit fits this description?

63

Ron has a new employer and wishes to enroll in the company's group health plan. In determining whether his pre-existing health condition applies, Ron cannot have more than a ___ day gap without previous health insurance.

Irrevocable

Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?

nothing

Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after the policy's inception date, how much will her beneficiary receive?

the beneficiary

Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT

MEWA

Small employers who are sponsored by an insurer to provide group benefits to its employees are called

May 30

Sonya applied for a health insurance policy on April 1. Her agent submitted the information to the insurance company on April 6. She paid the premium on May 15 with the policy indicating the effective date being May 30. On which date would Sonya have coverage?

will be the secondary insurer and pay for claims not fully covered by the group plan

A 70-year old insured individual has suffered from kidney failure for the past 24 months. She is covered by her spouse's large-group employer plan. How will Medicare be utilized in this situation?

a life insurance contract which accumulates cash values higher than the IRS will allow

A Modified Endowment Contract (MEC) is best described as

59 1/2 and owned account for a minimum of 5 years

A Roth IRA owner must be at least what age in order to make tax-free withdrawals?

prohibit a specific practice listed in the order

A cease and desist order issued by the superintendent against an agent

optional renewability clause

A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n)

100% of the billed amount

A closed network plan offers a a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay

fraud

A deliberate lie by an insured to the insurer to obtain a lower premium is an example of

Benefit period

A disability policyowner is injured and becomes totally disabled. The benefits pay for 2 years, starting from the date of the injury. What is this time period called?

to ensure an applicant's medical information is accurate and complete

A field underwriter's main task is

fee for service

A health care provider claim may be settled using which of the following payment methods?

guaranteed renewable

A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)

guaranteed renewable policy

A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)

conditionally renewable

A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called

primary care physician

A health insuring corporation (HIC) member receives all preventative and routine medical care from the

3

A licensee who is required to take continuing education must include how many ethics coursework hours?

named living primary beneficiaries

A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the

limited payment insurance

A life insurance policy that has premiums fully paid up within a stated time period is called

stated payment insurance

A life insurance policy that has premiums fully paid up within a stated time period is called

Universal life

A life insurance policy that is subject to a contract interest rate is referred to as

joint

A life insurance policy written on one contract for two people in which it is payable upon the first death is called

revoke an absolute assignment

A life insurance policyowner does NOT have the right to

lifetime protection

A limited payment whole life policy provides

accept payment based upon a defined Medicare schedule as payment in full

A medical provider that accepts Medicare Assignment must

stock insurer

A nonparticipating company is sometimes called a(n)

limited pay policy

A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n)

is issued a policy

A person covered with an individual health plan

drug formulary

A pharmacy benefit covers prescription drugs derived from a list called a(n)

until policy termination

A policyholder's unmarried child is incapable of self support and has proof of incapacity. The child is provided medical care coverage under the parent's policy

adjustable

A policyowner may change two policy features on what type of life insurance?

upper limit of the total lifetime benefits the insurance company will pay

"Maximum benefits" refers to the

collateral assignment

A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)

partial surrender

A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n)

without producing proof of insurability

A renewable Term Life insurance policy allows the policyowner the right to renew the policy

variable life insurance

A securities license is required for a life insurance producer to sell

a policy that is paid up after only one payment

A single premium cash value policy can be described as

nonforfeiture option

A whole life policy option where extended term insurance is selected is called a(n)

information supplied both by the covered individual and by providers

According to Ohio HIC laws, confidentiality of health information applies to

at the time of application

According to life insurance contract law, insurable interest exists

March 23, 2010

According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan?

Silver Plan

According to the Affordable Care Act, what metal tier is required to have an actuarial value of 70% with covered individuals paying 30% through deductibles, co-pays, and other cost sharing features?