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INDIANA LIFE AND HEALTH INSURANCE STATE EXAM SIMULATOR QUESTIONS AND ANSWERS
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INDIANA LIFE AND HEALTH INSURANCE STATE EXAM SIMULATOR QUESTIONS AND ANSWERS
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INDIANA LIFE AND HEALTH INSURANCESTATE EXAM SIMULATOR QUESTIONS
AND ANSWERS
An architecture firm would stand to lose a lot of money in the event of the death of its
project manager. Which type of policy should the firm purchase on its project manager?
- Answer-Universal life insurance
Key Person insurance
Graded insurance
Executive insurance
Correct. Key person insurance is a type of life insurance policy that provides a death
benefit to a business if its owner or another significant employee passes away.
If a retiree on Medicare required five hospital stays in one year, which policy would
provide the best insurance for excess hospital expenses? - Answer-Long-term care
Indemnity
Medicare Supplement
Medicaid
Correct. In this situation, a Medicare Supplement policy would provide the subscriber
the best coverage for excess charges.
Which of the following permits an insurance company to transact business in Indiana?3
- Answer-Certificate of admission
Certificate of domestication
Certificate of authenticity
Certificate of authority
Correct. A certificate of authority permits an insurance company to transact business in
Indiana.
A policyowner is able to choose the frequency of premium payments through what
policy feature?
Consideration
Payor benefit
Premium Mode
Assignment provision
53 of 200 Questions Remaining
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Correct. Premium Mode is the feature that allows the policyowner to select the timing of
premium payment, such as monthly, quarterly, annually etc. - Answer-
Z owns a Disability Income policy with a 30-day Elimination period. Z contracts
pneumonia that leaves him unable to work from January 1 until January 15. Z then
, becomes disabled from an accident on February 1 and the disability lasts until July 1 the
same year. Z will become eligible to receive benefits starting on: - Answer-January 1
January 15
February 1
March 1
53 of 200 Questions Remaining
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Correct. The elimination period is the period of time between the onset of a disability,
and the time you are eligible for benefits. It is best thought of as a deductible period for
your policy. After a 30-day Elimination period, Z will become eligible for receiving
benefits on March 1.
Which of the following are Equity Indexed annuities typically invested in? - Answer-
Corporate Bonds
Money Market accounts
Municipal Bonds
S&P 500
53 of 200 Questions Remaining
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Correct. An indexed annuity is a type of tax-deferred annuity whose credited interest is
linked to an equity index — typically the S&P 500.
A group life insurance policy can be converted to an individual whole life policy under
which circumstance? - Answer-Employment termination
Nonpayment of premiums
Policy reinstatement
Decrease in employer revenue
53 of 200 Questions Remaining
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Correct. Termination of employment is a circumstance under which a group life
insurance policy can be converted to an individual policy.
K owns a Whole Life policy. If K wants an increasing Death Benefit to protect against
inflation, which Dividend Option should she chose? - Answer-Paid-Up Additional
Insurance
Cash Option
Reduced Premiums
Accumulate with Interest
53 of 200 Questions Remaining
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Correct. In this situation, Paid-Up Option should be
When is the face amount of a Whole Life policy paid? - Answer-At the policy's maturity
date only
When the insured dies or at the policy's maturity date, whichever happens first
Only when the insured dies
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