Arizona Life and Health Insurance State Exam
Simulator
100% of the insured's primary insurance amount (PIA) - ANS-what is the maximum social
security disability benefit amount an insured can receive?
18 months - ANS-under HIPPA, medical plane late enrollees may be excluded for pre-existing
conditions for a maximum of
20 or more - ANS-how many employees must an employer have for the consolidated omnibus
budget reconciliation act of 1985 (COBRA) to apply?
20% - ANS-Mary has a Health Savings Account (HSA). Distributions that have been made for
anything other than qualified medical expenses are considered taxable and subject to a penalty
of
20% - ANS-Nonqualified medical expense distributions from a Health Savings Account (HSA)
have a tax penalty of
20% is withheld for income taxes - ANS-An individual participant personally received eligible
rollover funds from a profit-sharing plan. What is the income tax withholding requirements for
this transaction?
6 months - ANS-How long do most states allow an insurance company to delay the payment of
a cash surrender under the Delayed Payment provision?
60 days - ANS-the time limit an individual has to 'rollover' funds from an IRA or qualified plan is
90 - ANS-according to ERISA regulations, a summary plan description must be provided to a
new plan member within ___ days of the member's eligibility date
a federal health insurance program for individuals over the age of 65 or permanently disabled -
ANS-Medicare can be described as
A flexible premium deposit fund and a monthly renewable term insurance policy - ANS-which of
the following combinations best describe a universal life insurance policy?
a medicare supplement additional benefit - ANS-emergency health care coverage for Medicare
enrollees traveling abroad is
, A parent saving for a child's college - ANS-Which of the following would NOT be appropriate for
an immediate annuity?
after two years of disability - ANS-an insured is covered under a group long-term disability
policy. Under this type of policy, the definition of disability based on any occupation typically
applies
AHCCCS - ANS-Which plan offers coverage for nursing home (custodial) care without requiring
any previous period of hospitalization?
An annuity exchanged fora . life insurance policy. - ANS-Which of the following is NOT a valid
contract exchange?
AN income benefit which is a percentage of his primary insurance amount - ANS-Rick is a
disabled worker receiving Social Security benefits. What are his wife and dependent children
eligible for?
An individual permanent life insurance policy - ANS-which type of policy can group term life
insurance normally be converted to?
An issued policy - ANS-What qualifies as acceptance of an insurance contract offer?
annual return/report (form 5500) - ANS-A description of a qualified plan's insurance contract
may be found in which ERISA reporting form?
annuitant dies ore becomes disabled - ANS-The surrender charge on many deferred annuity
contracts are waived when the
application - ANS-in Arizona, when personal information is collected from a source other than
the accident and health insurance applicant or public records, a notice of information practices
must be given to the applicant no later than the date of
application - ANS-in Arizona, when personal information is collected from a source other than
the accident and health insurance applicant or public records, a notice of information practices
must be given to the applicant no later than the date of
April 1st of the year following the year the participant attains age 70 1/2 - ANS-Traditional
individual retirement annuity (IRA) distributions must start by
as a section 1035 exchange - ANS-Kevin has an existing life insurance policy and assigns it to
another insurer for a new contract. How would this transaction be treated for tax purposes?
As the number of insured units increases, the number of losses decreases - ANS-which of these
statements regarding insurance is false?
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