Life and Health Insurance ExamFX Questions and Answers.
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Course
Life and health
Institution
Life And Health
LifeandHealthInsuranceExamFXQuestions and
Answers.
In coinsurance, the larger the percentage that is paid by the insured... - Correct Answer
the lower the required premium will be.
What entity can legally bind coverage? - Correct Answer Insurer
The provision which states that both the policy a...
Life and Health Insurance ExamFX Questions and
Answers.
In coinsurance, the larger the percentage that is paid by the insured... - Correct Answer
the lower the required premium will be.
What entity can legally bind coverage? - Correct Answer Insurer
The provision which states that both the policy and a copy of the application form the
contract between the policyowner and the insurer is called the - Correct Answer Entire
contract
In an individual LTC insurance plan, the insured is able to deduct the premiums from
taxes. What income taxation will be imposed on the benefits received? - Correct Answer
No Tax
What kind of LTC benefit would provide coverage for care for functionally impaired adults
on a less than 24-hour basis? - Correct Answer Adult Day Care
A life insurance policy used to fund an agreement that contractually establishes the intent
of someone to purchase a business upon the insured business owner's death is a -
Correct Answer Buy-sell agreement.
Under an individual disability policy, the MINIMUM schedule of time in which claim
payments must be made to an insured is - Correct Answer Monthly
Which type of life insurance policy generates immediate cash value? - Correct Answer
Single Premium
The legal process that gives the insurer, after payment of a loss, the right to seek recovery
from a third party that was responsible for the loss is known as - Correct Answer
Subrogation
Kevin and Nancy are married; Kevin is the primary breadwinner and has a health
insurance policy that covers both him and his wife. Nancy has an illness that requires
significant medical attention. Kevin and Nancy decided to legally separate, which means
that Nancy will no longer be eligible for health insurance coverage under Kevin. What
would be Nancy's best option? - Correct Answer COBRA
Ray has an individual major medical policy that requires a coinsurance payment. Ray vey
rarely visits his physician and would prefer to pay the lowest premium possible. Which
coinsurance agreement would be best for Ray? - Correct Answer 50/50
The gatekeeper of an HMO helps... - Correct Answer control specialists costs.
, The premium charged for exercising the Guaranteed Insurability Rider is based upon the
insured's... - Correct Answer Attained age.
Who must pay for the cost of a medical examination required in the process of
underwriting? - Correct Answer The Insurer
In a replacement situation the agent must consider what? - Correct Answer Limitations,
Exclusions, and Benefits.
Which provision would prevent an insurance company from paying a reimbursement
claim to someone other than the policyowner? - Correct Answer Payment of Claims
COBRA Act applies to only employers with how many employees? - Correct Answer 20 or
more employees.
A policyowner fails to pay the premium due on his whole life policy after the grace period
passes, but the policy remains in force. This is due to what provision? - Correct Answer
Automatic Premium Loan
Who must have insurable interest in the insured? - Correct Answer Policyowner
An insured wants to name her husband as the beneficiary of her health policy. She also
wishes to retain all of the rights of ownership. The insured should have her husband
named as what type of beneficiary? - Correct Answer Revocable
What document describes an insured's medical history, including diagnoses and
treatments? - Correct Answer Attending Physicians Statement
Which program expands individual public assistance programs for people with insufficient
income and resources? - Correct Answer Medicaid
If a life policy allows the policyowner to make periodic additions to the face amount at
standard rates, without proving insurability, the policy includes a - Correct Answer
Guaranteed Insurability rider
Because an insurance policy is a legal contract, it must conform to the state laws
governing contracts which require what elements? - Correct Answer Consideration, Legal
Purpose, Offer and Acceptance
In a life settlement contract, whom does the life settlement broker represent? - Correct
Answer The policyowner
What is the purpose of a conditional receipt? - Correct Answer It is intended to provide
coverage on a date earlier than the date of the issuance of the policy.
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