Mini Exam - Everything
Which brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for ALL lossess?
"Own occupation" - less restrictive than other definitions
Viatical settlements may be rescinding within what time period after the viator receives the proceeds?
15 days
The Commissioner of Insurance issues a cease and desist order to an agent. if the agent wishes to contest the charges in court, how many days after the order was issued does the agent have to make the request?
30 days
How long is the grace period in group policies?
31 days
Most policies will pay the accidental death benefits as long as the death is caused by the accident and occurs within
90 days
An insured in a group policy has misstated his age on the insurance application. As a result, the insurer will most likely
Adjust the premium.
Group health insurance is characterized by all of the following EXCEPT
Adverse Selection
While a claim is pending, an insurance company may require
An independent examination as often as reasonably required
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?
As of the application date
The premium charged for exercising the Guaranteed Insurability Rider is based upon
Attained Age
Occasional visits by which of the following medical professionals will NOT be covered under the LTC's home health care?
Attending Physician
A life insurance policy used to fund an agreement that contractually establishes the intent of someone to purchase a business upon the insured business owner's death is a
Buy-Sell Agreement
What type of the policy allows the insurance company to cancel a policy at any time?
Cancellable
The type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called
Credit Life
Which of the following types of insurance policies is most commonly used in credit life insurance?
Decreasing term
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were "maliciously critical" of that other insurer. The producer could be found guilty of
Defamation
The owner of a small restaurant submits a claim to his insurer after a loss due to fire. The insurer's investigation finds a police report that shows that a fire may have been of suspicious origin. The insurer can do which of the following?
Delay an acceptance or rejection decision
How many pints of blood will be paid for by Medicare SUPPLEMENT core benefits?
First 3
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?
Fixed Period
How long is a newborn covered without notification to the insurer?
From the moment of birth, and the insurer must be notified within 31 days
Which of the following type of LTC (Long Term Care) is NOT provided in an institutional setting?
Home Health Care
Which of the following must be included in all the life insurance advertisements?
IDentity of the actual insurer
Issue age policy premiums increase in response to which of the following factors?
Increased Benefits
All of the following are differences between individual and group health insurance EXCEPT
Individual insurance does not require medical examinations, while group insurance does require medical examinations
Which of the following best describes the MIB (Medical Information Bureau)
It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance.
Under workers compensation, which of the following benefits are NOT included?
Legal Benefits (will cover death benefits)
The premium of a survivorship life policy compared with that of a joint life policy would be
Lower
Which of the following best describes the unfair trade practice of defamation?
Making derogatory oral statements about another insurer's financial conditon
Under which of the following organizations are the practicing providers compensated on a "Fee-for-Service" basis?
PPO
An employee has group life insurance through her employer. After 5 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.
Which of the following special policies covers unusual risks that are NOT normally included under Accidental Death and Dismemberment coverage?
Special Risky Policy
Which of the following terms describes the specified dollar amount beyond which the insured no longer participates in the sharing of expenses?
Stop-Loss Limit
Which of the following is NOT covered under Plan A in Medigap Insurance?
The Medicare Part A deductible
All of the following are TRUE statements regarding the accumulation at interest option EXCEPT
The interest is not taxable since it remains inside the insurance policy
Which of the following will vary the lenngth of the grace period in health insurance policies?
The mode of the premium payment
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
The policy is owned by the company (The policy is however owned by the employee)
Which is true about a spouse term rider?
The rider is usually level term insurance
Why should the producer personally deliver the policy when the first premium has already been paid?
To help the insured understand all aspects of the contract
What is the name of the insured who enters into a viatical settlement?
Viator
Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?
Warranty
How soon following the occurrence of a covered loss must an insured submit written proof of such loss to the insurance company?
Within 90 days or as soon as reasonably possible, but not exceed 1 year
