Arizona life and health final exam QUESTIONS & COMPLETE SOLUTIONS(GRADED A)
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Course
Arizona life and health
Institution
Arizona Life And Health
A life insurance policy can usually be contested by the insurer only during the first ____ years of the contract - ANSWER 2 years
After an annuity has been in force for ____ years, it becomes incontestable - ANSWER 2 years
In long term care insurance, what is the length of time for which clai...
Arizona life and health final exam
QUESTIONS & COMPLETE
SOLUTIONS(GRADED A)
The purpose of the 'No loss No Gain' provision is to avoid duplication of _____ and _____ when an
individual is covered under multiple group health insurance plans: - ANSWER Benfit payments and
overinsurance
A life insurance policy can usually be contested by the insurer only during the first ____ years of the
contract - ANSWER 2 years
After an annuity has been in force for ____ years, it becomes incontestable - ANSWER 2 years
In long term care insurance, what is the length of time for which claims will be paid - ANSWER Benefit
period
After an insurance application has been originated, the producer normally - ANSWER Is the major
personal contact to the insured
What happens to a life insurance policy when the policy loan balance exceeds the cash value - ANSWER
Policy will no longer be in force
The ACA must ensure a sufficient choice of ______ in the marketplace - ANSWER Providers
Which of the following statements BEST describes employer contributions for employer provided health
insurance - ANSWER Employer contributions are deductible
An annuity's accumulation period may - ANSWER Continue after the purchase payments stop
, Which of these is NOT an underwriting responsibility of a life insurance agent - ANSWER Determining the
final rate classification
What happens to the death benefit of a life insurance policy if the insured elects a partial payment from
the accelerated (living) benefit provision - ANSWER Reduced
Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and
is issued a policy. When does his coverage become effective? - ANSWER Date of issuance of the
conditional receipt
Which of the following actions may result in a producers license being suspended? - ANSWER
Misappropriation of premiums
Which of the following is NOT covered by a comprehensive long term care policy - ANSWER Acute Care
An insurer will typically assess a back end load on a deferred annuity that is cancelled during the early
contract years. What is this back end load referred as? - ANSWER Surrender charge
The ACA established 'exchanges' in order to - ANSWER Assist individuals and small businesses when
making their health insurance policies
which of the following entities does NOT establish regulations for variable insurance products? -
ANSWER State attorney general
According to the law of large numbers, how would losses be affected if the number of similar insured
units increased - ANSWER Predictability of losses will be improved
What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to a minor -
ANSWER Minors are normally not capable of handling money in a reasonable manner
An insured is covered under a group long term disability policy. Under this type of of policy, the
definition of disability based on any occupation typically applies - ANSWER After two years of disability
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