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Life, health, & accident insurance exam|261 Questions with Answers
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Life, health, & accident insuranceexam|261 Questions with Answers
Regarding an organizational license, what happens when a corporation is
dissolved? - -The license is terminated
-john applies for a variable annuity and does not request that the premiums
be immediately invested in a stock or bond portfolio. After the annuity is
issued, John returns the annuity contract to the insurer within the free look
period. What will John receive from the insurer? - -The entire premium
-Which of the following in NOT of the common personal uses for life
insurance? - -Funding a buy-sell agreement
-Which type of life insurance policy gives the policy owner the right to share
in the insurer's surplus? - -Participating
-The insured bought an annuity ten years ago. He will retire in five years. To
determine the value of his annuity, he must multiply the value of the
"accumulation units" he owns, times the value of the "separate account".
This type of annuity is known as a - -Variable annuity
-Medicare Part A begins automatically at age: - -65
-An individual license is considered terminated: - -On the death of the
licensee
-Usually, in order to join a group insurance plan without proving insurability,
an employee must: - -Join the plan during the enrollment period
-A single deductible amount for all members of the same family and a right
to single family member deductibles is known as: - -Family deductible
-COBRA applies to employers with at least - -20 employees
-The policy provision which comes into effect when the insured and primary
beneficiary die in a simultaneous (common) accident with no evidence as to
who died first is: - -Common disaster provision
-Unless it is merely a statement of an expectation or a belief, a
representation as to the future is considered which of the following? - -
Promise
,-In group insurance the Certificates of Insurance are issued to: - -The group
members
-What is a disability income policy that covers injuries suffered by an insured
on or off the job called? - -An occupational policy
-Twelve months ago, a man slipped and fell down a flight of stairs at his
workplace. As a result he has a paralysis for which he is not expected to
recover. This 46 year old person will probably be able to collect disability
income benefits from: - -Workers Compensation
-What must an insurer do who accepts an application from an agent who is
not specifically appointed by an insurer and then issues a policy from that
application? - -Forward to the Insurance Commissioner a Notice of
Appointment within 14 days of receipt of application
-If one were to receive the principal sum benefit of death in a disability
policy, the death must occur: - -Within a specified number of days after
injury occurs
-Which of the following is true regarding participation in a group health
plan? - -A non-contributory group health plan must involve all members
-An insurer owned by policyholders is a: - -Mutual insurer
-Why should a contingent beneficiary be named in a life insurance policy? -
-To determine who receives the policy benefits if the primary beneficiary is
deceased
-When a family policy covers children, all of the following are true EXCEPT -
-Evidence of insurability is required if coverage for children is permanent
insurance
-Each of the following terms is an important characteristic of a major
medical policy, EXCEPT: - -Capitation
-What would a person be guilty of who refuses to submit books and records
to the Commissioner? - -Misdemeanor
-An insured bought a $150,000 non-participating whole life policy many
years ago. She is 100 years old today. She has never borrowed from the
policy, and has made all premium payments when due. The policy cash value
is: - -$150,000
, -Accidental Death and Dismemberment insurance, which of the following
would not be considered accidental? - -Employee requires abdominal
surgery after food poisoning in the lunch room
-An association of industry specific employers who are joined together in
order to qualify for, or gain premium advantages, in group insurance is: - -
MET
-Which of the following is a true statement regarding the social security
(OASHI) program? - -The program provides a minimum floor of income, and
is meant to supplement a retiree's own personal program
-Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), which
of the following is a qualifying event? - -Divorce
-Which is NOT part of transacting insurance? - -Establishing a list of clients
-Which party has rights in a life insurance policy only after the death of the
insured? - -The beneficiary
-Unless the applicant indicates otherwise during the right-to-return period in
an individual annuity, the premium for a variable annuity would be invested
only in: - -Fixed income investments and money market funds
-HMO's are involved in all of the following EXCEPT: - -Emphasizing the use
of specialty physicians
-A person has a disability policy with the following definition of disability:
"the inability to perform any occupation for which the insured is suited
through education, training, experience or prior economic status." This is an:
- -Any occupation definition and is very restrictive
-If the financial loss on a certain group of people occurring over a certain
period of time defines the pricing of a disability policy, it is the pricing
principle known as: - -Frequency
-Terminally ill persons would need which of the following? - -Hospice care
-Who has the right to change life insurance policy beneficiaries? - -The
policyholder
-How is the Insurance Commissioner selected? - -An election by the people
-A person has paid $50,000 into a fixed annuity over 20 years. When he
decides to begin income payments the insurer calculates that he will receive
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