FINAL EXAM - ARIZONA LIFE AND HEALTH Questions And Answers All Verified By An Expert A+ Graded
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Course
ARIZONA LIFE AND HEALTH
Institution
ARIZONA LIFE AND HEALTH
Which of these is true regarding the exchange of consideration among parties involved in an insurance contract? - ANS Can be unequal
The premiums paid by an employer for his employee's group life insurance are usually considered to be? - ANS Tax-deductible to the employer
Kevin has an exi...
AND HEALTH Questions And
Answers All Verified By An
Expert A+ Graded
,Which of these is true regarding the exchange of consideration among parties involved
in an insurance contract? - ANS Can be unequal
The premiums paid by an employer for his employee's group life insurance are usually
considered to be? - ANS Tax-deductible to the employer
K
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? - ANS As a section
C
1035 exchange
Which of these is NOT a common life insurance nonforfeiture option? - ANS Life
LO
income annuity
Linda is covered with long-term care insurance and has early-stage Alzheimer's. She is
still able to reside in her home while receiving primary care, as opposed to moving into
a nursing home. All of the following long-term benefits encourage home health care
YC
EXCEPT? - ANS Custodial Care
An accident and health insurer has just received written proof of loss from one of its
insurers. The insured must now wait 60 days before? - ANS Bringing legal action
against the insurer
D
Health care costs can be better controlled by utilizing pre-admission testing.
Pre-admission testing can reduce the? - ANS Length of hospitalization
U
The "Use ir or Lose it" rule applies to - ANS Flexible Savings Account
ST
fee-for-service is a method of administering health insurance benefit payments in which
- ANS The cost of each service is scheduled
Use of XYZ Insurance Company brochures, business cards, and rating guides is an
example of? - ANS Apparent Authority
A life insurance illustration showing future premiums being paid out of no guaranteed
values must disclose that? - ANS The policy owner may need to resume premium
payments depending on actual results
, When the court orders an insured to provide a child's health insurance, the insurer must
allow the child to be enrolled? - ANS At any time
Which of these statements is NOT a characteristic of the law of large numbers? - ANS
Rates can be calculated to compensate for losses
In Arizona, when personal information is collected from a source other then the accident
and health insurance applicant or public records, a notice or information practices must
be given to the applicant no later than the date of? - ANS Application
K
How does the cost for a survivorship life policy compare to the cost of combining two
separate individual life insurance policies? - ANS Survivorship life policy is lower
C
How does a continuous premium whole life policy differ from a limited payment whole
life policy? - ANS The time period in which premiums will be paid
LO
An agent's authority to bind an insurer to an insurance contract may be granted in the? -
ANS Agent's contract and the insurance company's appointment
Which statement concerning the Entire Contact provision in an individual accident and
YC
health insurance policy is TRUE? - ANS The agent doesn't have the authority to
change the policy or waive its provisions
Under the Fair Credit Reporting Act, which statement is true? - ANS The consumer
who was investigated must be advised that credit, insurance, or employment was
D
denied because of an unfavorable report.
U
Field underwriting by a producer? - ANS May result in the disclosure of hazardous
activity of the applicant.
ST
When group benefits under COBRA have expired, a fully insured group policy can be
converted to a(n) - ANS Individual health policy
In a qualified retirement plan, the yearly contributions to an employee's account? - ANS
Are restricted to maximum limits set by the IRS
The unwritten authority given to a producer to carry out necessary incidental acts of the
agency agreement is called? - ANS Implied authority
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