EXAM FX PART 2
Benefit for each day spent in hospital
A hospital indemnity policy will pay
The number of hours worked in a week
A part time employee that is 55 and has been working for 3 months but doesn't qualify for health insurance because of?
Debtor in Creditor
A relationship not considered to be insurable interest
Inspection Report
A report on a potential insured based on their habits, financial status and hobbies
Cash option
An insured receives an annual life insurance dividend check
Concealment
Applicant knowing fails to reveal information that would change the underwriting for coverage
Implied
Authority that is not stated in contract but is required to conduct business
Collateral Assignment
Business owner uses part of her whole life policy of $250,000 to secure a loan. What provision is this?
20
COBRA applies to employers with at least how many employees?
The National Do Not Call List
Calls that are placed outside the US are not an exception to what?
Reports are generated based on info from docs and hospitals
Considered to be false about MIB
Obtain a list of all life insurance policies that will be replaced
During replacement of life insurance what must the insurer do?
Life Paid up at 65
Example of limited pay life policy
Hospitalized for 3 consecutive days
For insured to receive Medicare Part A benefits for skilled nursing, what condition must be met?
Funerals
Health insurance doesn't cover what?
5 days
If a consumer requests additional information concerning an investigative consumer report the insurer must comply within how many days?
30 days
If a resident producer changes address how much time do they have to notify the commissioner?
30 days
If person demands a hearing how long does the commissioner have to comply?
4
In LA the commissioner is elected by the voters for how many years?
Copayment
In a group prescription drug plan, the insured typically pays what amount of the drug cost?
When an insurer's underwriter approves coverage
In forming an insurance contract when is acceptance?
Rates by class
Insurers may change what on a guaranteed renewable health insurance policy?
A compulsory program
It would be considered false for Medicare Part B if it is said to be
Joint life policy
Married couple get a policy that pays after the first to die
$2,500
Max penalty for habitual willful noncompliance with Fair Credit Reporting Act
Date of last doc visit
Prior to issuing LTC an applicant does not have to provide
Survivor protection
Producer is helping a married couple secure enough money for their future kids. This is considered use of life insurance as
Sleeping
Regarding LTC policies what is not included in a list of daily activities?
Universal Life - Option A
Requires an IRS corridor or gap between the cash values and death benefit
Suicide clause
Suicide is excluded for a specific period of years and then covered afterwards
Regulates consumer reports
The Federal Fair Credit Reporting Act
Flexible Premium Deferred Annuity
The annuity purchased with multiple payments whose benefits are paid more than one year after the purchase is what type of annuity?
Monthly
The minimum schedule that is paid out in a individual disability policy is
Medicare Part A
To sign up for a Medicare prescription drug plan, one must first be enrolled in
Policy assignment
Transfers rights of ownership from the owner to another
False. A trustee must handle it.
True or false. A minor son of the insured can collect the death benefit.
True
True or false. An insurer may change the wording of optional provisions, as long as the change doesn't adversely affect the policy holder.
Universal Life
Waiver of cost rider applies to what type of insurance?
Income lost by the insured's inability to work
What benefits would a disability plan likely pay?
Benefit payments are not guaranteed
What is a feature of variable annuities?
The insured must be unable to preform daily activities
What is necessary to be eligible for LTC benefits?
Education
What is not a factor for the applicant in the General Information section of the application?
Stay on group health insurance and defer eligibility for Medicare until retirement
What is recommend to an employee over 65 who is still working?
36 months
What is the period of coverage under COBRA
Premiums are not tax deductible but benefits are tax free
What is the taxation on individual disability policies
Mode
What is the term that signifies how frequently premiums are being paid?
A natural person
What must the annuitant be?
Written consent from insurance regulatory authority
What must you attain before conducting business if a breach of trust was made
Increasing term
What type of insurance would utilize Return of Premium rider?
Life Income with Period Certain
Which life insurance settlement option guarantees payments for the lifetime of a recipient but also specifies a guaranteed period that the payments will continue to be paid?
Paid-Up option
Which option is used when the insurer accumulates dividends at interest and then uses them, plus interest, and the policy cash value to pay up the policy early?
Impairment Rider
Which rider would not increase the premium for a policy owner?
The policy owner
Who must have an insurable interest in the insured?
The State
Who regulates the insurance industry?
The refund of the original amount minus payments already made
With the cash refund option when the annutiant dies, what does the beneficiary receive?