PA life, accident, and health practice questions.pdf file:///C:/Users/HP/Desktop/NIW/PA%20life,%20accident,%20and%2
PA Life, Accident, And Health Practice Questions &
Answers
1. Premium payments for a universal life policy are NOT used for
ANS Separateaccount investments
2. Under PA statute, first year commission for long-term care insurance maynot be
greater than
ANS 50% of the first year premium
3. 10-year level term life InsPol that has a death benefit of $2000,000. It is truethat
ANS The face amount and premium will remain constant over the 10 year period
4. Insurance premium is determined by each of the following factors except
Mortality, Interest, Expenses, liquidity)
ANS Liquidity
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,PA life, accident, and health practice questions.pdf file:///C:/Users/HP/Desktop/NIW/PA%20life,%20accident,%20and%2
5. is a factor that would be considered by an insurer when determin-ing
whether to accept a group life plan
ANS Average age
6. In PA, no legal action may be taken against an insurer for failure to honor a valid claim
after the expiration of years from the time proof of loss
is furnished
ANS Three years (There is a waiting period of 60 days to file a lawsuitafter a claim for loss has
been filed by the insured. No lawsuit may be filed after 3 years have passed from when the
claim was submitted)
7. A medical provider that accepts Medicare assignment must
ANS accept paymentbased upon a defined Medicare schedule as payment in full
8. If nonforfeiture option is exercised by using ones life policy's cash valueto purchase
an extended term insurance option, when the term insurance expires
ANS the protection ends
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