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Indiana Health and Life Insurance Exam Practice 3 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99
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Indiana Health and Life Insurance Exam Practice 3 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana Health and Life Insurance Exam Practice 3 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • indiana health and life insurance exam practice 3

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  • Insurance
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Indiana Health and Life Insurance Exam Practice 3
risk classification - ANS-An underwriter evaluation of information on a life insurance application
is also known as :

Life Paid- Up at Age 65 - ANS-An example of a Limited-Pay Life policy is:

delivery receipt - ANS-The signed document that starts the free look period is the:

becomes disable - ANS-Under a Guaranteed Renewable provision in a policy issued to a group
of person an insurance company may NOT terminate coverage on a group member if the
member:

it provides benefits for reasonable and necessary medical expense, subject to policy limits. -
ANS-Which of the following statements is generally CORRECT about a major medical policy?

charge a lower premium for the initial period of coverage - ANS-A life insurer that accepts an
incomplete application and issues a policy is obligated to:

covered by qualified High Deductible health plan - ANS-Under federal law, a tax-exempt Health
Savings Account can only be opened for an individual who is

the policy provides insurance protection for a shorter period of time than a straight life policy -
ANS-Which of the following statement is CORRECT about a Limited-Pay Whole Life policy?

contract owner - ANS-Changing the Beneficiary is a right reserved for the:

Add a newborn child to the policy without providing proof of insurability - ANS-Under an
individual Major Medical policy, a married policyowner has the right to take which of the
following.

Waiver of Premium - ANS-An insured who wants to guarantee that an Accident and Health
policy will remain in force even in the event of being disable should purchase which of the
following riders?

It contains a deductible and coinsurance. - ANS-Which of the following conditions of a Major
Medical policy?

insurance company will pay premiums for the duration of a disability after a predetermined
waiting period - ANS-The Waiver of Premium provisions in a life policy guarantee that the:

, over-utilization of medical services - ANS-One of the primary reasons for using deductibles in
health policies is to reduce:

highlights the critical parts of policy issued and describes the coverages, riders, and exclusions -
ANS-A Policy summary

75 - ANS-What minimum percentage of eligible employee must participate for a company to
offer a Contributory group insurance plan?

Dismemberment - ANS-Social security provides all of the following type of benefits EXCEPT:

A variable aunnity - ANS-Which of the following annuities pays benefits based on units rather
than specific dollar amounts?

Schedule and amount of premium paymentss - ANS-Which of the following information is
included in the Consideration clause in an Accident and Health policy?

Free look provison - ANS-A policyowner returned a newly issued policy one week after the
policy was delivered by the producer and a refund of all premiums paid. Which of the following
policy sections covers the situation described?

The insurance company guarantees the premium rate for the life of the policy - ANS-Which of
the following statements is CORRECT about a Disability Income policy with a Guaranteed
Insurance rider?

Irrevocable - ANS-Which of the following beneficiary designations may limit a policyowner's
rights?

Basic Hospital - ANS-Which of the following kinds of policies typically contains a limited daily
room and board benefits and provides coverage on an in-hospital basis only?

A prospect's statement on an application that held to be substantially true - ANS-Which of the
following situations describes representation?

The policy is in force - ANS-A prospect submits an Accident and Health application with the
premium and receives a conditional receipt to the insurance company issues a policy and mails
it to the insured, but the insured never receives it. Which of the following statements is
CORRECT about this situation?

A residual Benefit clause - ANS-A doctor who is receiving Disability Income benefits is not able
to return to work full time but continue receiving benefits

a reduction in the company

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