INDIANA STATE LIFE & HEALTH EXACTITUDE EXAM SERIES 2024
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INDIANA STATE LIFE & HEALTH
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INDIANA STATE LIFE & HEALTH
INDIANA STATE LIFE & HEALTH
EXACTITUDE EXAM SERIES 2024 Individual disability income policies typical include an elimination period (t/f) - correct answer
True
INDIANA STATE LIFE & HEALTH
EXACTITUDE EXAM SERIES 2024
Individual disability income policies typical include an elimination period (t/f) - correct answer
✔✔True
A producer's license may be denied, suspended, or revoked if the licensee: - correct answer
✔✔is found guilty of misrepresentation in obtaining the license
Which of the following actions is NOT possible with a Universal Life policy? - correct answer
✔✔premiums may be applied as a credit against income tax
How long is the typical free look period for long term care insurance policies? - correct answer
✔✔20 days
Group life policies in Indiana are required to contain a conversion privilege that allows for
conversion: - correct answer ✔✔to an individual policy for a stated period of time
What is a key requirement for accelerated death benefit policy? - correct answer ✔✔Must have
a terminal illness to qualify
Qualified LTC policies may take into consideration an applicant's pre-existing conditions for a
maximum of not more than _____ month(s) prior to the effective date of coverage - correct
answer ✔✔6
An insured must qualify for social security disability income to be accepted for the waiver of
premium provision? (t/f) - correct answer ✔✔false
,What type of annuity has a cash value that based upon the performance of it's underlying
investment funs? - correct answer ✔✔Variable
What requires insurers to disclose when an applicant's consumer or credit history is being
investigated? - correct answer ✔✔1970 - Fair Credit Reporting Act
Under the ACA, consumers must have health insurance as of January 1, 2014 that contains
Minimum Essential Coverage (MEC). Individuals who exempt from this law include: - correct
answer ✔✔Those who cannot afford or have religious objections
A person who is insured within a group contract will be given a: - correct answer ✔✔certificate
When must insurable interest exist for a life insurance contract to be valid? - correct answer
✔✔Inception of the contract
What kind of special need would a policy owner require with an adjustable life insurance policy?
- correct answer ✔✔Flexible premiums
Which of the following actions by a producer would NOT result in a license suspension or
revocation? - correct answer ✔✔Producer represents a foreign insurance company
Which of the following is NOT a required provision in group life policies? - correct answer
✔✔Right to Loan
What the maximum Social Security Disability benefit amount an insured can receive? - correct
answer ✔✔100% of the insured's Primary Insurance Amount (PIA)
T has an annuity that guarantees an income payment for the rest of his life. The contract also
guarantees that if T dies before receiving payments for 20 years, the remaining payments will
be paid to his son for the balance of the 20 years. What type of annuity is this? - correct answer
✔✔Life Annuity with Period Certain
, Which of these provisions is NOT required in individual life insurance policies sold in Indiana? -
correct answer ✔✔Extended Term
What is the name of the law that requires insurers to disclose information gathering practices
and where the information was obtained? - correct answer ✔✔Fair Credit Reporting Act
Q is severely injured in an automobile accident and becomes totally disabled. How many
months must Q be disabled before being able to apply for Social Security disability benefits? -
correct answer ✔✔5
Who elects the governing body of a mutual insurance company? - correct answer
✔✔Policyholders
Which of the following policies combines investment choices with a form of Term coverage? -
correct answer ✔✔Variable-Universal Life
Medicare Part B does NOT cover: - correct answer ✔✔Physician and surgeon services
Which provision allows the policy owner to change a term life policy to a permanent one without
providing proof of good health? - correct answer ✔✔Conversion
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental
Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q,
and R are involved in a car accident and Q and R are killed instantly. The Accidental Death
benefits will be paid to - correct answer ✔✔P only
Which of these Nonforfeiture Options continue a build-up of cash value? - correct answer
✔✔Reduced Paid-Up
In Indiana, what is the maximum percentage of controlled business a producer may write in a
twelve-month period? - correct answer ✔✔25%
Which of the following is NOT included in the policy face? - correct answer ✔✔Exclusions
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