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LIFE ACCIDENT AND HEALTH INSURANCE
STATE EXAM | ALL QUESTIONS AND
CORRECT ANSWERS | LATEST VERSION
2024 | VERIFIED ANSWERS
Which payment method for a health claim settlement is typically made directly to the provider of the services ------CORRECT ANSWER--------------
- prepaid The type of multiple protection coverage that pays on the death of the last persons is called ------CORRECT ANSWER---------------survivorship life policy What is true about the federal income tax liability owed ------CORRECT ANSWER---------------no federal income tax is owed on life insurance proceeds Signatures for an insurance application must be obtained by the producer from all of the following sources except ------CORRECT ANSWER------------ ---the beneficiary Long-term care policies or certificates issued in ohio are required to have -- ----CORRECT ANSWER---------------non-forfeiture value Proceeds from a life insurance policy are protected from the beneficiary's creditors by which clause? ------CORRECT ANSWER---------------spendthrift trust clause
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? ------CORRECT ANSWER--- ------------deferred compensation option Which of these will have the highest monthly payout upon annutizationq ---- --CORRECT ANSWER---------------straight life Premiums that exceed 7.5% of an insured adjusted gross income are tax deductible when paid for which of the following plans ------CORRECT ANSWER---------------group disability income plan Custodial care at home would require ------CORRECT ANSWER--------------
- long term care coverage Which of the following is not a power for the superintendent ------ CORRECT ANSWER---------------enact insurance legislation. they can administer oaths, issue subpoenas and approve policy forms written notice for health claim must be given to the insurer ___ days after the occurrence of the loss ------CORRECT ANSWER--------------- 20
An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. ------CORRECT ANSWER--------------
- 15 days Violation of us code 1033 who deals w it ------CORRECT ANSWER----------- ----us attorney general Reduced paid-up nonforfeiture ------CORRECT ANSWER---------------policy has a decreased face amount Eligible for part d: prescription drug coverage ------CORRECT ANSWER---- -----------must have medicare coverage valid prescription is incorrect the first payment for newborn accident and health coverage is due ___ days after the birth ------CORRECT ANSWER--------------- 31 Premium mode is a term used to describe the ------CORRECT ANSWER---- -----------frequency of the premium payment A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? ------CORRECT ANSWER- --------------preferred
Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has ------CORRECT ANSWER---------------better than average mortality The waiver of premium does NOT include which provision? ------CORRECT ANSWER---------------Al future premiums are waived if the insured recovers from the disability An advertisement for an insurance product may contain ------CORRECT ANSWER---------------the insurer's name A medicare supplement plan can be canceled by the insurer ------ CORRECT ANSWER---------------for nonpayment of premiums The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? ------CORRECT ANSWER--------- ------Insurable interest can be based on the love and affection of individuals related by blood or law Craig submits a %500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. which of the uniform optional provisions covers this situation? ------CORRECT ANSWER--------------- unpaid premium An example of a health insuring corporation (HIC) specialty care provider is ------CORRECT ANSWER---------------neurologist
a life insurance policy that has premiums fully paid up within a stated time period is called ------CORRECT ANSWER---------------limited payment insurance shopping for annuity that guarantees he cannot outlive the benefits. which of these benefit options would he choose ------CORRECT ANSWER---------- -----guaranteed lifetime withdrawal benefit what is medicare part b known as ------CORRECT ANSWER--------------- supplementary medical insurance field underwriting performed by the producer involves ------CORRECT ANSWER---------------completing the application and collecting initial premium a life insurance policy which contains cash values that vary according to its investment performance of stocks is called ------CORRECT ANSWER-------- -------variable whole life a life insurance policy owner was injured in an automobile accident which results in total and permanent disability. which rider would pay a monthly amount bc of this disability? ------CORRECT ANSWER---------------disability income rider pierre is covered by his employers group major medical plan. his employer pays for 75% of the premium and he pays for 25%. how much would a 10000 benefit be taxable as income under this plan ------CORRECT ANSWER--------------- 0
what is not an element of a valid contract ------CORRECT ANSWER---------- -----countersignature a health insurance policy will typically cover ------CORRECT ANSWER------ ---------preventative health services which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? ------ CORRECT ANSWER---------------interest only all of the following are qualifications for establishing a health savings act (HSA) except ------CORRECT ANSWER---------------enrolled in a health plan with a prescription drug benefit legal purpose is a term used in contract law meaning ------CORRECT ANSWER---------------there must be legal reasons for entering into the contract 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? ------ CORRECT ANSWER---------------can be converted to a permanent coverage The factor used most often when underwriting a disability income policy is - -----CORRECT ANSWER---------------annual earnings
what can increase death benefit amount? ------CORRECT ANSWER--------- ------cost of living, accidental death rider and guaranteed insurability but waiver of premium cannot the open enrollment period for medicare supplements begins at age ------ CORRECT ANSWER--------------- 65 an example of replacement is ------CORRECT ANSWER--------------- cancelling a term life policy to buy a whole life policy replacement can be best described as ------CORRECT ANSWER------------- --exchanging a new policy for one already in force a common exclusion for limitation on a dental policy is ------CORRECT ANSWER---------------endodontics group health plans may deny participation based upon the ------CORRECT ANSWER---------------member part-time employment status which of the following employers is required to follow ERISA regs ------ CORRECT ANSWER---------------a local business of 12 employees renewable term life insurance policy can be renewed ------CORRECT ANSWER---------------at a predetermined date or age, regardless of the insureds health
which type of disability would be less than total impairment and equal to permanent impairment? ------CORRECT ANSWER---------------permanent partial disability how is medicare utilized in group situatoins ------CORRECT ANSWER------- --------your group plan will pay first on you hosp and med bill for 30 months ex of business continuation plan ------CORRECT ANSWER---------------key person insurance, cross-purchase agreement, stock redemption plan BUT NOT deferred compensation loss of income insurance provides ------CORRECT ANSWER--------------- individual w means to replace wages A Roth IRA owner must be at least what age in order to make tax-free withdrawals? 59 1/2 and owned account for a minimum of 10 years 59 1/2 and owned account for a minimum of 5 years 70 1/2 and owned account for a minimum of 10 years 70 1/2 and owned account for a minimum of 5 years ------CORRECT ANSWER---------------59 1/2 ad owned for 5 years In an employer-sponsored contributory group Disability Income plan, the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at ------ CORRECT ANSWER---------------60% of the benefit
which of the following is considered to be an act of misrepresentation? ------ CORRECT ANSWER---------------falsifying the terms, benefits, advantages or conditions of an insurance policy the limited period of time given to all members to sign up for a group health plan is called the ------CORRECT ANSWER---------------enrollment period how is the cost of a policy affected when a policy owner pays premiums more frequently? ------CORRECT ANSWER---------------increases 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? The original face amount will be paid to the beneficiary The policy will be voided with no death benefits paid The death benefit paid will be what the premium would have purchased at the correct age The amount of premiums paid will be returned with interest ------CORRECT ANSWER---------------c Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called ------CORRECT ANSWER----- ----------skilled nursing care the open enrollment period for medicare part b is ------CORRECT ANSWER---------------jan 1 through march 31
a minor may receive a life insurance policy death benefit only ------ CORRECT ANSWER---------------if the minor has an appointed guardian all of the following are considered appropriate uses of life insurance for bus purposes except ------CORRECT ANSWER---------------protecting the bus by covering entry level employees w life insurance life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called ------ CORRECT ANSWER---------------universal life ` a plan in which an employer pays insurance benefits from a fund derived form the employers current revenues is called ------CORRECT ANSWER--- ------------a self-funded plan confidentiality of health info applies to info supplied by ------CORRECT ANSWER---------------both the covered ind and the providers one of the most important considerations when replacing health insurance would be the ------CORRECT ANSWER---------------exclusions on a new policy
decreasing term life insurance is often used to ------CORRECT ANSWER--- ------------to provide coverage for a home mortgage the double indemnity provision in a life insurance policy pertains to an insured death caused by an ------CORRECT ANSWER---------------accident An attending physician's statement would be appropriate for which life insurance purpose? Attending physician's statements are mandatory during the application process At the request of the applicant to assist in the underwriting decision At the request of the producer to assist in the underwriting decision At the request of the insurer to assist in the underwriting decision ------ CORRECT ANSWER---------------c a long-term care policy typically provides all the following levels of care except ------CORRECT ANSWER---------------acute care which of these would not be considered a presumptive disability? ------ CORRECT ANSWER---------------loss of a leg OR arm if an agent is believed to be causing considerable harm, the superintendent ------CORRECT ANSWER---------------may issue a cease and desist order against the agent A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n)
insuring clause payor provision reinstatement provision nonforfeiture provision ------CORRECT ANSWER---------------nonforfeiture provision The superintendent determines an examination of an insurers books and records is necessary. after receiving the notification, the insurer ------ CORRECT ANSWER---------------must not impede the examination Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. Her health policy most likely contains a(n) ------ CORRECT ANSWER---------------deductible the legal action provision in a health contract is limited to no more than __ years ------CORRECT ANSWER--------------- 5 when a preferred provider organization insured goes out of network, which of the following actions occur? ------CORRECT ANSWER---------------the insurer will pay a reduced amount what is the primary factor that determines the benefits paid under a disability income policy ------CORRECT ANSWER---------------wages
treatment ------CORRECT ANSWER---------------indicates a preexisting condition the cause of a loss is referred to as ------CORRECT ANSWER--------------- peril insurance agent kelly offers a prospect a $1000 shopping card if an insurance policy is purchased through her. what illegal activity is this ------ CORRECT ANSWER---------------rebating an order issued by the superintendent that prohibits a specific practice listed in the order is called ------CORRECT ANSWER---------------cease and desist which is true regarding HIC ------CORRECT ANSWER---------------benefits are provided on a reimbursement basis which does not provide a form of managed care? ------CORRECT ANSWER---------------major medical indemnity plan the purpose of medicare supplement insurance is to address gaps in medicare coverage, which can include ------CORRECT ANSWER------------- --medicare in hospital deductible which of these will typically authorize treatment from a specialist ------ CORRECT ANSWER---------------gatekeeper
an employer is issued a group medical insurance policy. this single contract is known as a ------CORRECT ANSWER---------------master policy An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called ------CORRECT ANSWER------------- --coinsurance defamation occurs when an agent makes a false statement intended to -----
- CORRECT ANSWER---------------malign another insurer All of these are characteristics of a major medical expense policy except --- ---CORRECT ANSWER---------------elimination periods generally speaking, which three levels of care are long-term care policies provided with? ------CORRECT ANSWER---------------skilled nursing, intermediate, and custodial care which type of annuity stops all payments upon the death of the annuitant --- ---CORRECT ANSWER---------------life annuity an agent is legally permitted to share his/her commissions ------CORRECT ANSWER---------------w another licensed agent
