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EXAM 3 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update
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EXAM 3 (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update
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EXAM 3producer - ANS-An existing life insurance policy is being replaced by a new one. A notice of
replacement must be provided by the_______to be signed by the applicant
when producer delivers policy and collects initial premium - ANS-When does a life insurance
contract become effective if the initial premium is not collected during the application process?
dental work - ANS-Medicare Part A and Part B do NOT pay for :
Insuring clause - ANS-The clause in an Accident and Health policy which defines the benefit
amounts the insurer will pay is called the:
within one year after no renewal - ANS-T is a producer who forgot to renew her license. She
may reapply for a license without an examination:
universal life - ANS-Which of the following Life insurance policies combine term insurance with
an investment element?
those who cannot afford or have religious objections - ANS-Under the ACA, consumers must
have health insurance as of January 1, 2014 that contains Minimum Essential Coverage (MEC).
Individuals who are exempt from this law include :
change the grace period - ANS-Whole Life insurance policyowner does NOT have the right to
reinstatement provision - ANS-J let her life insurance policy lapse 8 months ago due to
nonpayment. She can reestablish coverage under which of the following provisions?
the policyowner - ANS-Life insurance replacement regulation protects the interests of
key person life policy - ANS-An architecture firm would stand to lose a lot of money in the event
of the death of its project manager. Which type of policy should the firm purchase on its project
manager ?
time deductible - ANS-A disability elimination period is best described as a:
monthly - ANS-According to the Time Payment of Claims provision, the insurer must pay
Disability Income benefits no less frequently than which of the following options ?
whole life policy with an other insured rider - ANS-Y purchased $100k worth of permanent
protection on himself and $50,000 worth of 10-year Term coverage for his wife on the same
policy. Which of these policies did Y purchase?
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