Life and Health insurance Test| 330 questions| with complete solution
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Course
Life + Health insurance
Institution
Liberty University
which of the following is not a term for the period of time during which the annuitant receives income? Correct Answer: depreciation period
in an adjustable life policy all of the following can be changed by the policy owner except Correct Answer: the type of investment
any licensed person ...
life and health insurance test| 330 questions| with complete solution
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Liberty University
Life + Health insurance
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Life and Health insurance Test| 330 questions| with complete solution
which of the following is not a term for the period of time during which the annuitant receives
income? Correct Answer: depreciation period
in an adjustable life policy all of the following can be changed by the policy owner except
Correct Answer: the type of investment
any licensed person whose activities affect interstate commerce and who knowingly make false
material statements related to the business of insurance may be imprisoned for up to Correct
Answer: 10 years
within how many days must a producer respond to an inquiry from the commissioner Correct
Answer: 30 days
which of the following is not a goal of risk retention Correct Answer: to minimize the insureds
level of liability in the event of loss
which of the following best defines target premium in a universal life policy Correct Answer:
the recommended amount to keep the policy in force throughout its lifetime
the annual contribution limit of a dependent care flexible spending account is set by Correct
Answer: the IRS
an individual is purchasing a permanent life insurance policy with a face value of $25,000. while
this is all the insurance that he can afford at this time, he wants to be sure that additional
coverage will be available in the future. which of the following options should be included in the
policy Correct Answer: guaranteed insurability option
what is a foreign insurer Correct Answer: an insurer with a home office in another state
an insured receives an annual life insurance dividend check: what term best describes this
arrangement Correct Answer: cash option
the term illustration in a life insurance policy refers to Correct Answer: a presentation of
nonguaranteed elements of a policy
the omnibus budget reconciliation act of 1990 requires that large group health plans must provide
primary coverage for disabled individuals under Correct Answer: age 65 who aren't retired
which of the following licensees is classified as a representative of the insurance company and
not allowed to represent an insured or claimant Correct Answer: producer
which of the following statements about a suicide clause in a life insurance policy is true Correct
Answer: suicide is excluded for specific period of years and covered thereafter
,HIPAA applies to groups of Correct Answer: 2 or more
an individual was just caught acting as an exclusive general agent- even though he is not
properly licensed. assuming that this occurred in a single day what is the maximum penalty he
faces Correct Answer: a third degree misdemeanor and a 1,000$ fine
which statement best defines a multiple employer welfare arrangement Correct Answer: a
joining together by employers to provide health benefits for employee
which of the following entities established the DO NOT CALL registry Correct Answer: the
federal trade commission
the insured had his wife named as the beneficiary of his life insurance policy. to ensure that his
wife had income for life after the insureds death he chose the life income settlement option. the
amount of payments will be determined by taking into account all of the following except
Correct Answer: the insureds age at death
which of the following can surrender a deferred annuity contract Correct Answer: only the
annuity owner
an insured has a major medical policy with a $500 deductible and a coinsurance clause of 80/20.
if he incurs medical expenses of $4,000 the insurer would pay Correct Answer: $2,800
which of the following is true regarding medicare supplement policies Correct Answer: they
must be guaranteed renewable
the death benefit in a variable universal life policy Correct Answer: depends on the performance
of a separate account
which of the following includes information regarding a persons credit character reputation and
habits Correct Answer: consumer report
which of the following health care plans would most likely provide the insured with
comprehensive health care coverage Correct Answer: health maintenance organization plan
if someone wants to buy life insurance policy that will provide lifetime protection against
premature death, what type of policy should that person buy Correct Answer: permanent
all of the following are examples of risk retention except Correct Answer: premiums
which of the following is incorrect concerning taxation of disability income benefits Correct
Answer: if paid by the individual, the premiums are tax deductible
in comparison to consumer reports which of the following describes a unique characteristic of
investigative consumer reports Correct Answer: the customers associates friends and neighbors
provide the reports data
, which of the folllowing would be required to be licensed as an insurance producer Correct
Answer: a salaried employee who advertises and solicits insurance
when an insured makes truthful statements in the application for insurance and pays the required
premium, it is also known as which of the following Correct Answer: consideration
all of the following are true regarding the medical information bureau except Correct Answer:
MIB reports are based upon information supplied by doctors and hospitals
if an insured continually uses the automatic premium loan option to pay the policy premium
Correct Answer: the policy will terminate when the cash value is reduced to nothing
in which of the following locations would skilled care most likely be provided Correct Answer:
in an institutional setting
which of the following statements is correct about HMO Correct Answer: HMO may pay for
services not covered by Medicare
what types of services may not be provided under the long term cares assisted living care Correct
Answer: visits by an RN
an insured is hospitalized with a back injury. upon checking his disability income policy, he
learns that he will not be eligible for benefits for at least 30 days. this indicates that his policy is
written with a 30 day Correct Answer: elimination period
a life insurance policy does not have a war clause. if the insured is killed during a time of war,
what will the beneficiary receive from the policy Correct Answer: the full death benefit
all of the following are true regarding a decreasing term policy except Correct Answer: the
payable premium amount steadily declines throughout the duration of the contract
which of the following is a statement that is guaranteed to be true and if untrue may breach an
insurance contract Correct Answer: warranty
which of the following factors determines the amount of each installment paid in a life income
option arrangement Correct Answer: recipients life expectancy and amount of principal
which type of life insurance policy allows the policyowner to pay more or less than the planned
premium Correct Answer: universal life
an insured loses her left arm in an accident that is covered by her accidental death and
dismemberment policy. what kind of benefit will she most likely receive from this policy Correct
Answer: the capital amount in a lump sum
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