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INDIANA STATE LIFE & HEALTH EXAM
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INDIANA STATE LIFE & HEALTH EXAM
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INDIANA STATE LIFE & HEALTH EXAMIndividual disability income policies typical include an elimination period (t/f) - answer-
True
A producer's license may be denied, suspended, or revoked if the licensee: - answer- is
found guilty of misrepresentation in obtaining the license
Which of the following actions is NOT possible with a Universal Life policy? - answer-
premiums may be applied as a credit against income tax
How long is the typical free look period for long term care insurance policies? - answer-
20 days
Equity indexed annuities are invested in: - answer- The S&P 500
Group life policies in Indiana are required to contain a conversion privilege that allows
for conversion: - answer- to an individual policy for a stated period of time
What is a key requirement for accelerated death benefit policy? - answer- Must have a
terminal illness to qualify
Qualified LTC policies may take into consideration an applicant's pre-existing conditions
for a maximum of not more than _____ month(s) prior to the effective date of coverage -
answer- 6
An insured must qualify for social security disability income to be accepted for the
waiver of premium provision? (t/f) - answer- false
What type of annuity has a cash value that based upon the performance of it's
underlying investment funs? - answer- Variable
What requires insurers to disclose when an applicant's consumer or credit history is
being investigated? - answer- 1970 - Fair Credit Reporting Act
Under the ACA, consumers must have health insurance as of January 1, 2014 that
contains Minimum Essential Coverage (MEC). Individuals who exempt from this law
include: - answer- Those who cannot afford or have religious objections
A person who is insured within a group contract will be given a: - answer- certificate
When must insurable interest exist for a life insurance contract to be valid? - answer-
Inception of the contract
, What kind of special need would a policy owner require with an adjustable life insurance
policy? - answer- Flexible premiums
The clause in an Accident and Health policy which defines the benefit amounts the
insurer will pay is called the - answer- Insuring clause
With Accidental Death and Dismemberment policies, what is the purpose of the Grace
Period? - answer- Gives the policy owner additional time to pay overdue premiums
What type of group insurance plan involves employees sharing the cost? - answer-
contributory plan
A policy of adhesion can only be modified by whom? - answer- The insurance company
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? - answer- $2,500
All of the following are considered to be typical characteristics describing the nature of
an insurance contract, Except? - answer- Bilateral
Insureds in the same risk classification are being charged different premiums by an
insurance company. The insurer is committing the illegal act of: - answer- unfair
discrimination
An insurance company that has qualified and received a Certificate of Authority from the
Department of Insurance to sell insurance in this state is considered to be a(n)
________ insurer. - answer- Admitted
Which Accident and Health policy provision addresses preexisting conditions? - answer-
Time Limit on Certain Defenses
What does the ownership clause in a life insurance policy state? - answer- Who the
policy owner is and what rights the policy owner is entitles to
Insurance policies are considered aleatory contracts because - answer- performance is
conditioned upon a future occurrence
B is a teacher who was injured in a car accident and cannot work. She is now receiving
monthly benefits as a result of this accident. Which type of policy does B have? -
answer- Disability Income
N purchases an annuity by making payments in an amount no less than $100 quarterly.
This describes which of the following annuities? - answer- Flexible Installment Deferred
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