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Indiana Life and Health Insurance State Exam Study Guide (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Indiana Life and Health Insurance State Exam Study Guide (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
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  • 2024/2025
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Indiana Life and Health Insurance State Exam Study
Guide
certificate - ANS-What is issued to each employee of an employer health plan?

Prior use of marjuana - ANS-A medical information report MIB report may disclose which of the
following:

30 days - ANS-A producer must notify the Commissioner within _____ days of an address
change.

Discourages overutilization of the insurance coverage - ANS-Which of the following statement
BEST describe the intent of a Coinsurance clause in a Major Medical policy?

K has no ownership right - ANS-K is an insured under a life insurance policy owned by a third
part. Which of these statements is true?

Disability Buy-Sell - ANS-Which contract permits the remaining partners to buy-out the interest
of a disabled business partner?

Upon satisfying the elimination period requirement - ANS-R becomes disabled and owns an
individual Disability Income policy. When is R eligible to receive disability benefits?

Notice Regarding Replacement of Life insurance or Annuity - ANS-During a life insurance sales
transaction, which of the following forms must be completed by a producer if the customer has
existing life insurance coverage that is being replaced?

More than 60% of plan assets are in key employee accounts - ANS-Which of the following is
TRUE about a qualified retirement that is "top heavy"?

Universal Life - ANS-What type of life insurance incorporates flexible premiums and an
adjustable death benefit?

Variable Universal - ANS-A(n) _____ _______ Life policy combines investment choices with a
form of Term Coverage

Policy Summary and Buyer's Guide - ANS-In Indiana, which of the following MUST be delivered
to a policyowner upon the sale of an individual life insurance policy?

does not guarantee a return on its investment accounts - ANS-A variable insurance policy:

,Family Maximum deductible - ANS-This type of deductible provision waives the deductible for all
family members after some of them have satisfied individual deductibles within the same year:

Individuals related by blood - ANS-Which of the following groups may NOT be insured by a
group life insurance policy?

Variable - ANS-A life insurance policyowner would like to take out a policy loan against the cash
value in his Whole Life Policy. The interest rate applied to this loan may vary over time. This is
referred to as a(n) _______ rate loan.

Modified Endowment Contract (MEC) - ANS-When a life insurance policy exceeds certain IRS
table values, the result would create which of the following?

insurance company - ANS-A policy of adhesion can only be modified by whom?

The terms of the insurer's provider agreements - ANS-If an insurer offers health coverage to an
employee, the insurer MUST inform the employer of all of the following information EXCEPT:

Medical condition resulting in a significantly-shortened lifespan - ANS-Life insurance coverage
will frequently contain an Accelerated Benefits rider attached to the policy. What would be
considered a "qualifying event" under these riders?

fiduciary responsibility - ANS-Taking receipt of premiums and holding them for the insurance
company is an example of

Individual Retirement Account (IRA) - ANS-Which of these retirement plans can be started by an
employee, even if another plan is in existence?

Entire contract - ANS-S takes out a health insurance policy which contains a provision that
states that the agent does not have the authority to change the policy or waive any of its
provisions. Which health policy provision is this?

Not be issued a license - ANS-T is an insurance license applicant who intends to primarily
engage in insurance transactions on himself and his family. If the insurance department is made
aware of this, T will most likely

HMO - ANS-which of the following types of organizations are prepaid group health plans, where
members pay in advance for the services of participating physicians and hospitals that have
agreements?

ABC is the policyowner, C is the insured, and ABC is the beneficiary - ANS-C is a key employee
at ABC Incorporated. If a Key Employee life policy is purchased on her life, which of these
statements would be true?

,20 days - ANS-If a new life insurance policy is replacing an existing one, the insured is given the
right to return for a full refund at least ____ days after policy delivery.

Subrogation - ANS-Which of the following is the reimbursement of benefits for the treatment of a
beneficiary's injuries caused by a third part?

Coercion - ANS-As a condition for a loan, a bank requires the borrower to purchase credit
insurance from a specific company. What is the bank guilty of?

Modified Whole Life - ANS-All of these insurance products require an agent to have proper
FINRA securities registration in order to sell them EXCEPT for

Producer represents a foreign insurance company or more than one insurance company -
ANS-Which of the following actions by a producer would NOT result in a license suspension or
revocation?

Insured's contingent beneficiary - ANS-If the insured and primary beneficiary are both killed in
the same accident and it cannot be determined who died first, where are the death proceeds to
be directed under the Uniform Simultaneous Death Act?

Renewable - ANS-T has a term policy that allows him to continue the coverage after expiration
of the initial policy period. What type of term coverage is this?

Interest on accumulations is taxed - ANS-How are policy owner dividends treated in regards to
income tax?

Waver of premium rider - ANS-What type of rider would be added to an Accident and Health
policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally
disabled?

Do not have their health history taken into account - ANS-Consumers who purchase Health
insurance through a Marketplace/exchange:

Detect and deter terrorism - ANS-What is the purpose of the USA Patriot Act?

Applicant's monthly income - ANS-Which of the following is the MOST important factor when
deciding how much Disability Income coverage an applicant should purchase?

Decreasing Term - ANS-Credit life insurance is typically issued with which of the following types
of coverage?

Return to the customer, collect a new check made out to the insurance company, and send the
new check out to the insurance company - ANS-Agent J takes an application and initial
premium from an applicant and sends the application and premium check to the insurance

, company. The insurance company returns the check back to J because the check is made out
to J instead of the insurance company. What action should J take?

return of premium rider - ANS-S buys a $10,000 Whole Life policy in 2003 and pays an annual
premium of $100. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500.
What kind of rider did S include on the policy?

- ANS-Which of these Nonforfeiture Options continue a build-up of cash value?

Amount of the benefits available from other sources - ANS-The amount of monthly disability
benefits payable under Social Security is affected by which of the following factors?

Policy's guaranteed dividend table - ANS-Which of the following information is NOT required to
be included in a whole life policy?

Universal - ANS-K purchased a Life insurance policy in 1986 which paid 10% interest in the
early years of the policy. Twenty years after the purchase, she received a notice from the insurer
stating that the policy will soon terminate unless a much-higher premium is paid because of
falling interest rates. This type of policy is known as a(n) _________ life policy.

Anytime - ANS-When can a policyowner change a revocable beneficiary?

0 - ANS-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?

The beneficiary is named by the key employee - ANS-Which statement regarding a Key
Employee Life policy is NOT true?

30 days - ANS-An insurer that terminates a producer's appointment must inform the
Commissioner within how many days?

Grace - ANS-The purpose of the _____ period clause is to avoid an unintentional lapse of a life
insurance policy

Premiums normally increase at time of renewal - ANS-Which of the following statements about a
Guaranteed Renewable Health insurance policy is CORRECT

Survivorship - ANS-What type of life policy covers two people and pays upon the death of the
last insured?

$50,000 minus any outstanding policy loans - ANS-P purchases a $50,000 whole life insurance
policy in 2005. One of the questions on the application asks if P engages in scuba diving, to

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