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Arkansas Life and Health Questions and Answers
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Arkansas Life and Health
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Voorbeeld 2 van de 12 pagina's
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Voorbeeld van de inhoud
Arkansas Life and HealthAll of the following are parties to a life insurance contract, except: - answerThe
beneficiary
Which of the following Annuities would potentially be the most negatively impacted by
the overall stock market falling in value? - answerVariable
According to Arkansas law, a resident insurance agent in the state of Arkansas: -
answerMust be at least 18 years old
Which provision is an Optional Uniform Provision? - answerRelation of Earnings to
Insurance
ERISA sets ________ standards for pension plans in private industry. - answerMinimum
An application for health insurance was submitted on November 1 with the initial
premium and a conditional receipt was provided. Due to an existing medical condition,
the underwriter requested an Attending Physician Statement, medical exam, and MIB
report. After reviewing all sources of insurability, the insurer issued the policy as
substandard with a surcharge. The policy was delivered by the producer on December 1
after explaining the coverage and surcharge, obtaining the statement of good health,
and collecting the premium. Coverage became effective as of the date the: -
answerAgent explained the policy coverage, surcharge, and collected the additional
premium
Regarding COBRA, which of the following is not true? - answerIt covers participants
who have resigned for 36 months following the date of their resignation
All of the following about Universal Life are true, except: - answerIncreases in face
amount do not require proof of insurability if under $100,000
Which of the following term policies cost the least all other factors being the same? -
answerNonrenewable and non-convertible
_______________ is the process of selection, classification and rating, and determining
if someone is insurable. - answerHome office underwriting
Why are dividends not taxable as income when paid out to a participating policyholder?
- answerThey represent a return of a portion of the premium paid
, All of the following are examples of an absolute assignment, except: - answerUsing a
Life Insurance policy as collateral for a loan
In which of the following circumstances was the small business owner able to deduct
the premiums they paid for insurance? - answerThe sole proprietor of a small firm buys
an overhead expense policy
Accident and Health policies provide coverages for all, except: - answerWorkers'
Compensation claims
A partial withdrawal is permitted on which of the following policies? - answerUniversal
Life
In a replacement transaction, all of the following are insurer duties and responsibilities,
except: - answerContact the client to assure that they understand the transaction
The following are all normally excluded from dental coverage, except: - answerBraces
All of the following are risks to the life settlement purchaser, except: - answerThe
insured dies sooner than expected
The Commissioner of insurance has all of the following duties and powers, except: -
answerThe insurance Commissioner may update the insurance code (law) as needed
All of the following are Dividend Options, except: - answerReduced paid-up
An applicant completes the application and submits it to the insurer along with a
premium check. When is the applicant's offer considered accepted? - answerWhen the
insurer issues a policy
All the following are unfair claims practices, except: - answerMaking claim payments
without conducting an investigation
When, Peter, an independent contractor, purchased his own personal medical and
dental insurance, he discovered that: - answerSelf-employed persons may deduct up to
100% of the cost of health insurance for themselves and their dependents
All the following qualify for Medicare Part A, except: - answerHealthy individuals who
are under age 65 and not covered by Social Security, but are willing to pay the Part A
premium
Which statement is FALSE regarding Nonforfeiture Options? - answerThey are used
when the insured lives to the endowment date of the policy or at the insured's death
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