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2024 INDIANA LIFE & HEALTH INSURANCE EXAM REVIEW WITH CORRECT ANSWERS
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2024 INDIANA LIFE & HEALTH INSURANCE EXAM REVIEW WITH CORRECT ANSWERS
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2024 INDIANA LIFE & HEALTHINSURANCE EXAM REVIEW
WITH CORRECT ANSWERS
All of the following may be exempt from the whole or part of the Indiana
licensing examination EXCEPT
a) A candidate applying for a surplus lines producer license
b) A Chartered Life Underwriter applying for a Life license
c) A resident producer in another state under certain conditions
d) A person selling credit life and credit health insurance - CORRECT
ANSWERS-a) A candidate applying for a surplus lines producer license
Variable Life insurance is based on what kind of premium? - CORRECT
ANSWERS-Level fixed
Which of the following is NOT covered under Basic Hospital Expense
Coverage? - CORRECT ANSWERS-Surgeon's fees
Which statement best defines a Multiple Employers Welfare Arrangement
(MEWA)? - CORRECT ANSWERS-A joining together by employers to provide
health benefits for employees
When can a Long-Term Care policy deny a claim for losses incurred because
of a pre-existing condition? - CORRECT ANSWERS-Within 6 months of the
effective date of coverage
Which of the following is used to compare the cost of one life insurance
policy against another in order to guide prospective purchasers to policies
that are competitively priced? - CORRECT ANSWERS-Cost comparison
methods
When an insured died, his survivors were eligible for limited benefits under
his Social Security account. What was the insured's status? - CORRECT
ANSWERS-Currently insured
Which of the following would most directly affect the purchasing power of
benefits paid on a fixed annuity? - CORRECT ANSWERS-Economic inflation
, An individual applies for a life policy. Two years ago he suffered a head injury
from an accident, so he cannot remember parts of his past, but is otherwise
competent. He has also been hospitalized for drug abuse, but does not
remember this when applying for insurance. The insurer issues the policy
and learn of his history one year later. What will probably happen?
a) The policy will be voided
b) The insurer will sue the insured for committing fraud
c) Because the insured is currently not a drug user, his policy will not be
affected
d) The policy will not be affected - CORRECT ANSWERS-d) The policy will not
be affected
A new insurance company wants to begin conducting insurance in Indiana.
What will it need to receive before it can legally open for business? -
CORRECT ANSWERS-Certificate of Authority
How many days after a final disposition must an insurance producer report
administrative action or criminal prosecution to the Director? - CORRECT
ANSWERS-30 days
An insured pays $1,200 annually for her life insurance premium. The insured
applies this year's $300 worth of accumulated dividends to the next year's
premium, thus reducing it to $900. What option does this describe? -
CORRECT ANSWERS-Reduction of Premium
Certain conditions, such as dismemberment or total and permanent
blindness, will automatically qualify the insured for full disability benefits.
Which disability policy provision does this describe? - CORRECT ANSWERS-
Presumptive disability
Which of the following does the Insuring Clause NOT specify?
a) The insurance company
b) The name of the insured
c) A list of available doctors
d) Covered perils - CORRECT ANSWERS-c) A list of available doctors
How long is an open enrollment period for Medicare supplement policies? -
CORRECT ANSWERS-6 months
What is the maximum period that an insurer would pay benefits in
accordance with an Additional Monthly Benefit rider? - CORRECT ANSWERS-1
year
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