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Indiana State Life and Health Insurance Exam (2) Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Indiana State Life and Health Insurance Exam (2) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana State Life and Health Insurance Exam (2) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 45
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • indiana state life and health insurance exam 2

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  • Insurance
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Indiana State Life and Health Insurance Exam
$2,500 - ANS-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?

No deduction allowed
$2,500
$2,000
$1,000

$25,000 - ANS-In Indiana, the maximum fine that the Commissioner can impose on a producer
or company who violates a cease and desist order is____per violation?

$10,000
$15,000
$20,000
$25,000

$25,000 - ANS-In Indiana, the maximum fine the the commissioner can impose on a producer or
company who violates a cease and desist order is___per violation?

$10,000
$15,000
$20,000
$25,000

$7,000 - ANS-An individual has a Major Medical policy with a $5,000 deductible and an 80/20
Coinsurance clause. How much will the insured have to pay if a total of $15,000 in covered
medical expenses are incurred?

$2,000
$5,000
$7,000
$10,000

1 Year - ANS-Generally, how long is a benefit period for a Major Medical Expense Plan?

1 Year
2 Years
3 Years
4 Years

,10 - ANS-The free-look period for life insurance policies issued in Indiana is ____ days?

10
14
30
45

10 - ANS-The free-look period of life insurance policies issued in Indiana is___days?

10
14
30
45

10 Days - ANS-What is the minimum Grace Period for an individual health policy that is paid
monthly?

5 Days
10 Days
15 Days
30 Days

100 - ANS-What is the maximum number of employees (earning at least $5,000) that an
employer can have in order to start a simple retirement plan?

25
50
100
250

100% of the insured's Primary Insurance Amount (PIA) - ANS-What is the maximum Social
Security Disability benefit amount an insured can receive?

50% of the insured's Primary Insurance Amount (PIA)

75% of the insured's Primary Insurance Amount (PIA)

100% of the insured's Primary Insurance Amount (PIA)

100% of the insured's Primary Insurance Amount (PIA) minus any monies received from a
retirement plan

15 - ANS-An insurer must provide an insured with claim forms within __ days after receiving
notice of a loss?

,5
10
15
20

180 - ANS-How many days is a temporary producers license valid?

30
60
90
180

19 - ANS-The Indiana Children's Health Insurance Program provides children of need with
health benefits until the child reaches age ____ or becomes financially ineligible, whichever is
earlier?

18
19
20
21

1945 - ANS-What year was the McCarran-Ferguson Act enacted?

1944
1945
1946
1947

2 - ANS-An individual life insurance policy sold in Indiana can be contested by the insurer only
during the first____years of the contract?

2
3
4
5

2 Years - ANS-According to Indiana Law, how long can statements made by an Applicant on a
Health insurance policy be contested?

2 Years
3 Years
Anytime
During the Free-Look period

, 20 - ANS-If a new life insurance policy is replacing an existing one, the insured is given the right
to return for a full refund of at least ____ days after policy delivery?

10
20
30
40

20-Pay Life - ANS-J is 35-years old and looking to purchase a whole life insurance policy. Which
of the following types of policies will provide the most rapid growth of cash value?

Life Paid-Up at age 70
20-Pay Life
Increasing Term to age 65
Straight Life

20-Pay Life accumulates cash value faster than Straight Life - ANS-A potential client, age 40,
would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the
early years of the policy. which of these statements made by the producer would be correct?

Straight life accumulates faster than Limited-Pay Life

20-Pay Life accumulates cash value faster than Straight Life

Cash value accumulation of both 20-Pay Life and Straight Life depend on the insurers financial
rating

20-Pay Life and Straight Life accumulate cash value at the same rate

26 - ANS-The Affordable Care Act provides health coverage to dependents up to the age of?

18
21
26
28

30 - ANS-A producer must notify the Insurance Commissioner within____days of an address
change?

15
30
45
60

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