Exam (elaborations)
INDIANA STATE LIFE & HEALTH EXAM
- Course
- Institution
INDIANA STATE LIFE & HEALTH EXAM
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now