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MS Life and Health Insurance Test|150 Questions with Solutions
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MS Life and Health Insurance Test|150 Questions with Solutions
Which of these do NOT constitute policy delivery? - -Policy issued with a
rating
-Which of these types of life insurance allows the policyowner to have level
premiums and to also choose from a selection of investment options? - -
Variable Life
-J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after
injuries sustained in an accident. J's age as stated on the application five
years ago was found to be understated by ten years. Which of the following
actions will the insurance company take? - -The insurer will adjust the
benefit to what the premiums paid would have purchased at the insured's
actual age
-A life insurance policy which ensures that the premium will be paid if the
insured becomes disabled has what kind of rider attached? - -Waiver of
Premium
-A producer must report to the Commissioner of Insurance any
administrative action or criminal charges taken against the producer within
__ days of the final disposition of the matter. - -30
-A physician opens up a new practice and qualifies for a $7,000/month
Disability Income policy. What rider would the physician add if he wants the
ability to increase his policy benefit as his practice and income grow? - -
Guaranteed Insurability Option rider
-Which type of policy is considered to be overfunded, as stated by IRS
guidelines? - -Modified Endowment Contract
-How does a typical Variable Life Policy investment account grow? - -
Through mutual funds, stocks, bonds
-Which Federal law allows an insurer to obtain an inspection report on a
potential insured? - -Fair Credit Reporting Act
-What is Medicare? - -is a hospital and medical expense insurance program
-What kind of premium does a Whole Life policy have? - -level
, -T took out a $50,000 life insurance policy with an Accidental Death and
Dismemberment rider. Five years later, T commits suicide. How much will
the insurer pay? - -50,000
-Pre-hospitalization authorization is considered an example of: - -managed
care
-Under a Renewable Term policy, - -the renewal premium is calculated on
the basis of the insured's attained age
-T and S are named co-primary beneficiaries on a $500,000 Accidental
Death and Dismemberment policy insuring their father. Their mother was
named contingent beneficiary. Five years later, S dies of natural causes and
the father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother receive? - -$0
-A provision in a life insurance policy that pays the policyowner an amount
that does not surpass the guaranteed cash value is called the: - -Policy Loan
provision
-What action can a policyowner take if an application for a bank loan
requires collateral? - -Assign policy ownership to the bank
-Which of the following statements is CORRECT about the Life and Health
Insurance Guaranty Association? - -It is funded by insurance companies
through assessments
-An insurance company that replaces existing insurance must provide a
copy of which of the following documents to the existing insurance
company? - -A policy summary
-P, age 50, purchased an annuity that P will fund with $500/ month for 15
years. The annuity will then pay P retirement payments after the 15 years.
Which type of annuity did P purchase? - -Deferred
-A Family Income Policy is a combination of Whole Life and - -Decreasing
Term insurance
-J purchased a Disability Income Policy that ONLY J can terminate and on
which the rates will never increase above those illustrated in the policy.
Which of the following types of policies did J purchase? - -Noncancelable
-Information obtained from a phone conversation to the proposed insured
can be found in which of these reports? - -Inspection report
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