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Ohio life accident and health insurance
state Exam Solved 100% Correct!!
The factor used most often when underwriting a disability income policy is - ✔️ ✔️ annual earnings
the fair credit and reporting act's main purpose is to - ✔️ ✔️ protect consumers w guidelines regarding credit reporting and distribution
the federal employees benefit program consists of two types of health plans for federal civilian employees. the two plans are fe-for-sercive and - ✔️ ✔️ prepaid
a permanent life insurance policy where the policy owner pays premiums for a specified number of years is called - ✔️ ✔️ limited pay policy
A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - ✔️ ✔️ preferred
a plan in which an employer pays insurance benefits from a fund derived form the employers current revenues is called - ✔️ ✔️ a self-funded plan
a health insurance policy that allows an insurer to change the policy owners premiums but not cancel the policy is called - ✔️ ✔️ guaranteed renewable policy
a health insurance policy will typically cover - ✔️ ✔️ preventative health services
a life insurance applicant in ohio may backdate the application for up to __ months - ✔️ ✔️ three
a life insurance poincyowner does not have the right to - ✔️ ✔️ revoke an absolute assignment
a life insurance policy owner is allowed __ days upon policy delivery to return the policy for a full premium refund - ✔️ ✔️ 10 days A beneficiary change can occur - ✔️ ✔️ normally at any time during the policy term
a common exclusion for limitation on a dental policy is - ✔️ ✔️ endodontics
a company that is authorized by superintendent to transact insurance business in ohio is called - ✔️ ✔️ authorized insurer
a field underwriters main task is - ✔️ ✔️ ensure info is accurate and complete
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? - ✔️ ✔️ disability income rider
a life insurance policy that has premiums fully paid up within a stated time period is called - ✔️ ✔️ limited payment insurance
a life insurance policy which contains cash values that vary according to its investment performance of stocks is called - ✔️ ✔️ variable whole life
a long-term care policy typically provides all the following levels of care except - ✔️ ✔️ acute care
A medicare supplement plan can be canceled by the insurer - ✔️ ✔️ for nonpayment of premiums
a minor may receive a life insurance policy death benefit only - ✔️ ✔️ if the minor has an appointed guardian
a policy owner may change two policy features on what type of life insurance - ✔️ ✔️ adjustable life
a proposed insured a health insurance policy was treated for heart disease within the past year. when applying for health insurance, the hearty disease treatment - ✔️ ✔️ indicates a preexisting condition
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 - ✔️ ✔️ nonforfeiture provision
a provision that allows a policy owner to withdraw a policy cash value interest free is a - ✔️ ✔️ partial surrender
A Roth IRA owner must be at least what age in order to make tax-free withdrawals?
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 - ✔️ ✔️ c
an employer is issued a group medical insurance policy. this single contract is known as a - ✔️ ✔️ master policy
An example of a health insuring corporation (HIC) specialty care provider is - ✔️ ✔️ neurologist
an example of a primary care physician would be an - ✔️ ✔️ internist
an example of replacement is - ✔️ ✔️ cancelling a term life policy to buy a whole life policy
An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called - ✔️ ✔️ coinsurance
an individual most likely will have an insurable interest in insuring a persons life if - ✔️ ✔️ an economic interest exists for the continuance of the insureds life
an insurance company has just received a request for verification from a vatical settlement provider. the insurer is required to respond within ___ calendar days to this request - ✔️ ✔️ 30
an insurance company needs to obtain personal info from a 3rd part concerning an applicant. which law do all insurers and their producers need to comply with? - ✔️ ✔️ fair credit reporting act
An insurer has a right to screen applicants for HIV in which of the following ways? Blood test for HIV Inquiring about risky sexual behavior Inquiring about sexual orientation Automatically declining an application due to sexual orientation - ✔️ ✔️ blood test
an insurer has the right to recover payment made to the insured from the negligent party. these rights are called - ✔️ ✔️ subrogation
an insurer is required to off which of the following to each long term care applicant at the time of purchase - ✔️ ✔️ inflation protection feature
An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. - ✔️ ✔️ 15 days
an order issued by the superintendent that prohibits a specific practice listed in the order is called - ✔️ ✔️ cease and desist
Andy the annuitant dies before the annuity start date. Which of the following is a TRUE statement? - ✔️ ✔️ premiums paid plus interest earned is returned to the beneficiary
As classified by the Affordable Care Act (ACA), a Silver Plan offers - ✔️ ✔️ 70 % actuarial level of coverage provided
confidentiality of health info applies to info supplied by - ✔️ ✔️ both the covered ind and the providers
Consolidated Omnibus Budget Reconciliation Act (COBRA) - ✔️ ✔️ in the event of employment termination, group health insurance can be kept if the employee pays the premiums
Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called - ✔️ ✔️ skilled nursing care
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? - ✔️ ✔️ unpaid premium
custodial care at home would require - ✔️ ✔️ long term care coverage
Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered? Qualified retirement annuity Key employee retirement annuity Executive compensation plan Keogh annuity plan - ✔️ ✔️ qualified retirement annuity
decreasing term life insurance is often used to - ✔️ ✔️ to provide coverage for a home mortgage
defamation occurs when an agent makes a false statement intended to - ✔️ ✔️ malign another insurer
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 - ✔️ ✔️ 60% of the benefit
in order to activate the reinstatement clause of a lapsed life insurance policy, the insured must - ✔️ ✔️ provide evidence of insurability to the insurer
in which of the following situations would the insurer be liable for a loss - ✔️ ✔️ the insured suffered an injury as an innocent bystander
indemnity plan - ✔️ ✔️ provides the insured a specific dollar amount for service
insurable interest does not occur in which group - ✔️ ✔️ bus owner and bus client
insurance agent kelly offers a prospect a $1000 shopping card if an insurance policy is purchased through her. what illegal activity is this - ✔️ ✔️ rebating
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 - ✔️ ✔️ c
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) - ✔️ ✔️ deductible
kurt is an active duty servicemen who was recently killed in an accident while home on a leave. which military service exclusion clause would pay upon his death? - ✔️ ✔️ results
legal purpose is a term used in contract law meaning - ✔️ ✔️ there must be legal reasons for entering into the contract
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 - ✔️ ✔️ universal life `
Loans obtained by a policyowner against the cash value of a life insurance policy
are treated as taxable income
would not be treated as taxable income
are limited by the face amount of the policy
would be subject to a Federal estate tax - ✔️ ✔️ would not be treated as taxable income
long term care policy activities of daily living does not include - ✔️ ✔️ talking
long-term care policies or certificates issued in ohio are required to have - ✔️ ✔️ non- forfeiture value
loss of income insurance provides - ✔️ ✔️ individual w means to replace wages
maria the agent would like to advertise an annuity product on a highway billboard. which of the following must be included in the advertisement - ✔️ ✔️ her name
medicare part a does not pay for medical benefits provided for treatment in a skilled nursing facility beyond - ✔️ ✔️ 100 days
Mortality is calculated by using a large risk pool of
hobbies and time
people and time
family history and geographical area
insurance companies and agents - ✔️ ✔️ ppl and time
one of the most important considerations when replacing health insurance would be the
- ✔️ ✔️ exclusions on a new policy
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 - ✔️ ✔️ 0
Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has - ✔️ ✔️ better than average mortality
Premium mode is a term used to describe the - ✔️ ✔️ frequency of the premium payment
the ire states that taxpayers medical expenses that exceed 7.5% of their adjusted gross income is tax deductible. which of the following may be considered a medical expense under this rule? - ✔️ ✔️ long term care insurance premium
the legal action provision in a health contract is limited to no more than __ years - ✔️ ✔️ 5
the limited period of time given to all members to sign up for a group health plan is called the - ✔️ ✔️ enrollment period
the open enrollment period for medicare part b is - ✔️ ✔️ jan 1 through march 31
the open enrollment period for medicare supplements begins at age - ✔️ ✔️ 65
the premium payment mode that results in the highest overall cost - ✔️ ✔️ monthly
The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? - ✔️ ✔️ Insurable interest can be based on the love and affection of individuals related by blood or law
the purpose of medicare supplement insurance is to address gaps in medicare coverage, which can include - ✔️ ✔️ medicare in hospital deductible
the suicide clause of a life insurance policy states that if an insured commits suicide w in a stated period from the policy inception, the insurer will only be liable for a return of prisms paid - ✔️ ✔️ minus indebtedness and without interest
The superintendent determines an examination of an insurers books and records is necessary. after receiving the notification, the insurer - ✔️ ✔️ must not impede the examination
the type of multiple protection coverage that pays on the death of the last persons is called - ✔️ ✔️ survivorship life policy
The waiver of premium does NOT include which provision? - ✔️ ✔️ Al future premiums are waived if the insured recovers from the disability
time is covered under a group plan and would like to changed his coverage to an individual policy w the same insurer bc of employment termination. which of these describes the change that will take place? - ✔️ ✔️ conversion
under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? - ✔️ ✔️ accidental bodily injury provision
Under a Modified Endowment Contract, what are the likely tax consequences? - ✔️ ✔️ pre-death distributions will become taxable
Under the subrogation clause, legal action can be taken by the insurer against the - ✔️ ✔️ responsible third party
under traditional ira interest earned is taxed - ✔️ ✔️ according to the capital gains rate
Underwriters can acquire information from all of the following sources EXCEPT Medical Information Bureau (MIB) consumer reports attending physician's statements genetic testing - ✔️ ✔️ genetic testing
violation of us code 1033 who deals w it - ✔️ ✔️ us attorney general
what can increase death benefit amount? - ✔️ ✔️ cost of living, accidental death rider and guaranteed insurability but waiver of premium cannot
what doe the word "level" in level term describe - ✔️ ✔️ the face amount
what guarantees that the statements supplied by an insurance applicant are true? - ✔️ ✔️ warranty
what happens when an insurance policy is backdated - ✔️ ✔️ the policy effective date is earlier than the present
what is medicare part b known as - ✔️ ✔️ supplementary medical insurance
what is not an element of a valid contract - ✔️ ✔️ countersignature
what is the immediate specific event causing loss and giving rise to risk - ✔️ ✔️ peril
what is the primary factor that determines the benefits paid under a disability income policy - ✔️ ✔️ wages
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? - ✔️ ✔️ no tax payment needed
what is true about the federal income tax liability owed - ✔️ ✔️ no federal income tax is owed on life insurance proceeds
which type of disability would be less than total impairment and equal to permanent impairment? - ✔️ ✔️ permanent partial disability
Who assumes the investment risk with a fixed annuity contract? - ✔️ ✔️ insurer
which of the following is considered to be an act of misrepresentation? - ✔️ ✔️ falsifying the terms, benefits, advantages or conditions of an insurance policy
which of the following is considered to be an alternative to a life settlement? - ✔️ ✔️ accelerated death benefit rider
which of the following is considered to be the period when the accumulated value in an annuity is paid out? - ✔️ ✔️ annutization phase
which of the following is ineligible to participate in section 125 plan? - ✔️ ✔️ highly compensated employee in a n s-corp
which of the following is not a power for the superintendent - ✔️ ✔️ enact insurance legislation.
they can administer oaths, issue subpoenas and approve policy forms
which of the following is not a required provision in an accident and health insurance policy - ✔️ ✔️ change of occupation
which of the following is not a type of medicare advantage plan - ✔️ ✔️ social security disability income
which of the following is not an example of utilization review - ✔️ ✔️ ongoing inspection of accident prone individuals
which of the following is not taken into consideration when determining eligibility for medicare benefits - ✔️ ✔️ income
which of the following is not typically included under "hospital care" for most health insuring corporation plans? - ✔️ ✔️ private duty nursing
which of the following is required for an insurer to conduct business in this state - ✔️ ✔️ certificate of authority
which of the following pertains to the analysis of an applicants perusal info and determine whether insurance should be issued or declinded - ✔️ ✔️ underwriting who is required to notify the agent in the event of appointment termination? - ✔️ ✔️ insurer
who provides all preventative and routine medical care given to a health insuring corporation member - ✔️ ✔️ primary care physician
who were keogh plans designed to provide pension benefits for - ✔️ ✔️ the self employed
written notice for health claim must be given to the insurer ___ days after the occurrence of the loss - ✔️ ✔️ 20
which of the following policies does not build cash value - ✔️ ✔️ term
which of the following would disqualify a company's retirement plan from receiving favorable tax treatment - ✔️ ✔️ it is temporary
Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance? - ✔️ ✔️ medicare in-hospital deductible
which of these is affected by the frequency of an insurance policy premium payments - ✔️ ✔️ cost
which of these premium payment frequencies is not typically available to a policy owner? - ✔️ ✔️ bi-weekly
which of these will have the highest monthly payout upon annutizationq - ✔️ ✔️ straight life
which of these will typically authorize treatment from a specialist - ✔️ ✔️ gatekeeper
which of these would be the best example of a limited pay life insurance policy? - ✔️ ✔️ whole life policy with premiums paid up after 20 years
which of these would not be considered a presumptive disability? - ✔️ ✔️ loss of a leg OR arm
which payment method for a health claim settlement is typically made directly to the provider of the services - ✔️ ✔️ prepaid
which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? - ✔️ ✔️ interest only
which signature is not required on an indiv insurance app - ✔️ ✔️ insurer
