FX Life and Health Insurance

Which of the following is NOT true regarding variable life insurance and annuities? a. they are not regulated by the DOI b. agents selling variable products must be registered with FINRA c. they are regulated by the state and federal government d. they ae regulated by bot the SEC and the FINRA

a. they are not regulated by the DOI

Which of the following is NOT a standard exclusion in life insurance policies? a. hazardous occupation b. war and military service c. aviation d. disability

d. disability

An IRA contribution can be made form which of the following? a. Collectibles b. Stocks and bonds c. cash d. Life insurance

c. Cash

Refusing to pay claims without conducting a reasonable investigation based upon all available information is an example of what? a. A Required Practice b. An unfair Clams Practice c. A fair trade practice D. A typical insurance practice

b. an unfair claims practice

Which portion of a nonqualified annuity payment is taxable? a. both principal an interest b. the entire payment c. interest earned on principal d. actual payment amount

c. interest earned on principal

After a producer's license expires, he may reinstate his license without having to take the licensing exam if he files for reinstatement within A. 3 months B. 6 Months C. 12 Months D. 24 Months

D. 24 Months

Which of the following meets the insured's personal needs, and is provided by nonmedical personnel? a. Custodial care B. skilled care C. assisted living d. Intermediate care

a. Custodial care

Which of the following is NOT true regarding a deferred annuity? a. Income payments begin within 1 year form the date of purchase b. it is used to accumulate funds for retirement c. it can be purchased with a single lump sum d. the annuity grows tax deferred

a. Income payments begin within 1 year form the date of purchase

All of the following must sign an application for health insurance EXCEPT the a. insurer b. the proposed insured c. applicant D. Producer

a. insurer

When Life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as a. Life settlement b. Estate conservation c. Estate creation d Liquidation

b. Estate conservation

Which of the following is not true regarding term health coverage? a. the policy expires at the end of the term. b. the policy could be written as accident only policy c. the owner may renew the policy for a specified term d. The policy is issued for a specified period of time only

c. the owner may renew the policy for a specified term

Once the initial benefit limit in Medicare Part D is reached, how is the beneficiary affected? a. the beneficiary is no longer responsible for prescription drug costs b. Medicare Part A will cover all costs c. the beneficiary is then responsible for a portion of prescription drug costs d. the beneficiary is then responsible for 75% of prescription drug costs

c. the beneficiary is then responsible for a portion of prescription drug costs

Which of the following is true regarding a joint life annuity? A.) The payments go to a beneficiary upon the last death B.) The payments go to the surviving annuitant after the first death. C) The Payments stop at the first death. D) The payments stop at the last death.

C. The payments stop at the first death