Ready exam
An annuity has accumulated the cash value of $70,000, of which $30,000 is from premium payments. The annuitant dies during the accumulation phase. The beneficiary will receive
$70,000
Which of the following pays a beneficiary a death benefit that is double or triple the face amount if the insurance death was caused by an accident as defined in the policy
Accidental death rider
Which of the following would not trigger the payment of accelerated death benefits
Being permanently disabled
A dentist is off work for four months due to disability. His dental assistant salary will be covered by.
Business overhead insurance
An applicant gives her agent a completed application and the initial premium. What can the agent give that confirms the initial premium was received?
Conditional Recipt
Regarding the consideration clause, which of the following is NOT correct?
Consideration of the insurer and insured must be equal
A major medical expense policy with exclude coverage for all of the following treatment except
Drug addiction
Regarding health insurance policy following are tax deductible except
Employee paid group disability
A married couple wants to include the entire family in their whole life policy under one rider, which of the following riders will help them achieve that goal
Family term
The guarantee purchase option is also referred to as
Future increase option
Right after an insured reinstated his major medical policy, he was involved in an accident that required hospitalization. When would the accident be covered in the reinstatement of policy
Immediately
What happens to the copy of the application for health insurance wants to policy is issued
It becomes part of the entire contract
Which of the following is true of level term insurance
It is temporary protection
Which of the following time periods is the general enrollment? Period for Medicare part B
January 1 through March 31 each year
When comparing a joint life policy two individual life policies of the same amount on the insureds which condition is true
Joint life has a lower premium than the total of the two individual policies
For a contract to be enforceable by law, the purpose of the contract must be
Legal and not against public policy
Which of the following used to be called the Medicare plus choice plans?
Medicare advantage plans
Which statement best describes agreement as it relates to insurance contracts
One party excepts the exact terms of the other parties offer
What is the difference between a straight life policy and a 20 pay whole life policy
Premium payment period
Which of the following optional provisions allows insurers to limit benefits to an insurers to limit benefits to an insured's average income over the last two years
Relation of earnings to insurance
A whole life policy that would generate immediate cash value is
Single premium policy
The family term rider incorporates
Spouse term and children's term
All of the following would be classified as limited coverage except
Supplement social security coverage
If a basic medical insurance plan's benefits are exhausted, what type of plan will then begin covering those losses?
Supplementary Major Medical
If insurance premiums are not tax deductible, what is the taxation this will affect?
Taxation of benefits
An insured needs ongoing treatment for a diabetic condition. Under PPACA, which of the following is correct?
The condition must be covered under the insured's plan
An insured decides to surrender his whole life policy and the cash value at surrender is higher than the premiums paid into the policy. The surrender value would be income taxable.
The difference between the premium paid and the cash value
With Adjustable Life, the owner can change all of the following EXCEPT
The insured
Under the Payment of Claims provision, to whom will the insured benefits be paid if the insured is decreased.
The insured's primary beneficiary
Which of the following statements concerning the MIB is
The medical information, bureau assist underwriting in evaluating and classifying risk
What is the purpose of a benefit schedule?
To state what and how much is covered in the plan
Under the mandatory uniform provision Notice of Claim, written notice of a claim must be submitted to the insurer within what time parameters?
Within 20 days
What is it called when a doctor accepts the Medicare approved amount?
assignment
An IRA contribution can be made from which of the following?
cash
Medicare Part B covers all of the following except
long term care services
Ed is covered under a health plan provided by his employer. He was told that his insurance would pay the majority of the covered expenses if he would choose to see a provider in his plan's list. If Ed chose to be treated by a provider who was not on the list, his portion of the bill would be greater. Ed is covered under a/an
preferred provider plan
HMOs are known as what type of plans?
service
If an individual willfully violates provisions of the fair credit reporting act. What is the max civil penalty
2500
An insurer must notify the consumer in writing that an investigative consumer report has been requested within how many days of initial request
3 days
A distribution from an employer sponsored retirement plan from an IRA is eligible for a tax-free rollover if it is reinvested in IRA within
60 days
The probationary period is
specified period of time that a group hast to wait before becoming eligible for coverage