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2024 HEALTH INSURANCE STATE EXAM SIMULATOR WITH VALID SOLUTIONS
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2024 HEALTH INSURANCE STATE EXAM SIMULATOR WITH VALID SOLUTIONS
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2024 HEALTH INSURANCE STATEEXAM SIMULATOR WITH VALID
SOLUTIONS
An applicant must receive an Outline of Coverage when an application is
taken for a(n): - CORRECT ANSWERS-Medicare Supplement Policy
When funds are shifted straight from one IRA to another IRA, what
percentage of the tax is withheld? - CORRECT ANSWERS-None
Eligible employees must be added to a group health policy no later than -
CORRECT ANSWERS-90 days after their first day of employment
Insurance policies that are offered on "take it or leave it" basis, which make
them - CORRECT ANSWERS-Contract of adhesion
Which of the following does Social Security NOT provide benefits for? -
CORRECT ANSWERS-Dismemberment
The Affordable Care Act (ACA) provides health coverage to dependents up to
the age of: - CORRECT ANSWERS-26
What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or
older who do not take the required minimum distributions from their
qualified retirement plan? - CORRECT ANSWERS-50%
Which of the following statements is correct regarding an
employer/employee group health plan? - CORRECT ANSWERS-the employer
receives a master policy and the employees receive certificates
According to Indiana Law how long is the free look period for a Medicare
Supplement Policy? - CORRECT ANSWERS-30 days
An engineering that suffer financially from the death of a project manager
should purchase a - CORRECT ANSWERS-Key Person Life Policy
Who is normally considered to be the owner of a 403(b) tax-sheltered
annuity? - CORRECT ANSWERS-The employee
,What type of policy has a death benefit that adjust periodically and is written
for a specific period of time ? - CORRECT ANSWERS-Decreasing Term
Consumer reports requested by an underwriter during the application
process of a life insurance policy can be used to determine - CORRECT
ANSWERS-probability of making timely premium payments
Insurers may request a hearing between - CORRECT ANSWERS-30 days if
their policy is rejected
Universal Life Insurance - CORRECT ANSWERS-characterized by flexible
premiums and an adjustable death benefit
Family Income Policy - CORRECT ANSWERS-combination of Whole life and
Decreasing Term insurance
A producer's license may be denied, suspended or revoked if the licensee -
CORRECT ANSWERS-is found guilty of misrepresentation in obtaining the
license
P is an employee who quits her job and wants to convert her group health
coverage to an individual policy. After the aspiration of COBRA laws , which
of the following statements is true? - CORRECT ANSWERS-She does Not need
to provide evidence of insurability.
The federal income tax treatment of employer-provided group Medical
Expense insurance can be accurately described as: - CORRECT ANSWERS-
Employee's premiums paid by the employer is tax-deductible to the
employer as a business expenditure.
Two partners own equal shares in a business worth a total of $1,000,000. If
they both commit the purchase of a life insurance policy that will fund a Buy-
Sell Agreement, which of the following is true? - CORRECT ANSWERS-Each
partner owns a $500,000 policy on their partner's life.
To be eligible for Social Security disability benefits, an employee must be
able to perform: - CORRECT ANSWERS-any occupation
Group life insurance policies are generally written as - CORRECT ANSWERS-
annually renewable term
An existing life insurance policy is being replaced by a new one. A notice of
replacement must be provided by the - CORRECT ANSWERS-producer to be
signed by the applicant.
, Which of the following policies is characterized by a flexible premium and
death benefit and allows the policy owner control of the investment aspect of
the plan? - CORRECT ANSWERS-Variable Universal Life
Who is not required to sign a life insurance application? - CORRECT
ANSWERS-Beneficiary
L takes out a life insurance policy and dies 10 years later. During the claim
process, the insurer discovers that L had understated her age on the
application. Under the Misstatement of age provision, the insurer will: -
CORRECT ANSWERS-adjust the death benefit to a reduced amount
An individual working part time has an annual income of $25,000. If this
individual has an IRA , what is the maximum deductible IRA contribution
allowable? - CORRECT ANSWERS-$2,500
Jill is covered under two group health policies , one through her employer
and one through her husband's employer. If Jill suffers a loss, which policy
provision dictates the primary coverage? - CORRECT ANSWERS-Coordination
of Benefits
coordination of benefits provision - CORRECT ANSWERS-dictates which
coverage will considerer primary and the other secondary. The purpose of
this coordination is to prevent duplication or excessive payments of benefits.
What would the medical information Bureau (MIB) identify? - CORRECT
ANSWERS-Testing positive for marijuana use from a previous screening
A life insurance policy can be backdated before the application date for up to
- CORRECT ANSWERS-6 months
Which of the following is the reimbursement of benefits for the treatment of
a beneficiary's injuries caused by a third-party? - CORRECT ANSWERS-
Subrogation
Deductibles are used in health policies to lower - CORRECT ANSWERS-
overuse of medical expense
Which of these actions does NOT constitute life insurance policy
replacement? - CORRECT ANSWERS-Convert term coverage to a whole life
policy
The Health Insurance Portability and Accountability Act (HIPAA) gives privacy
protection for: - CORRECT ANSWERS-health information
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