Exam (elaborations)
XCEL TESTING SOLUTIONS- LIFE AND HEALTH INSURANCE-
XCEL TESTING SOLUTIONS- LIFE AND HEALTH INSURANCE-
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XCEL TESTING SOLUTIONS-LIFE AND HEALTH INSURANCE-
WEIGHTED EXAM- 150
QUESTIONS AND ANSWERS
(A+)
A cease and desist order issued against a producer -
=Prohibits a specific practice listed in the order
A cease and desist order issued against a producer
prohibits a specific practice listed in the order.
-A clause that allows an insurer the right to terminate
coverage at any anniversary date is called a(n) -
=optional renewability clause
An optional renewability clause allows an insurer the
unrestricted right to terminate coverage at any
anniversary or at any premium due date.
-A disability income policy can prevent an insured from
earning a higher income than if he/she were working by
utilizing - =benefit limits
To prevent an insured from earning a higher income
than if he or she were working, disability income policies
utilize benefit limits.
-A guaranteed issue insurance policy has no - =medical
underwriting
A guaranteed issue policy refers to an insurance policy
with no medical underwriting.
,-A health insurance policy covers the insured, the
insured's spouse, and their child. If additional children
are born to the family, the health insurance policy must
cover the children - =From the date of birth
In this situation, the health insurance policy must cover
the children from the date of birth.
-A health insurance policy that allows an insurer to
change the policyowner's premiums, but NOT cancel
the policy is called a(n) - =guaranteed renewable policy
An insurer has the right to change the premium for
policyowners with a guaranteed renewable policy, but
CANNOT cancel the policy.
-A health insurance policy will typically cover -
=preventative health services
Preventative health services are normally covered
under a health insurance policy.
-A licensed producer who changes a residential or
business address must notify the Commissioner within
how many days? - =30
A licensed producer who changes a residential or
business address must notify the Commissioner within
30 days.
-A life insurance illustration showing future premiums
being paid out of nonguaranteed values must disclose
that - =The policyowner may need to resume premium
payments depending on actual results
A life insurance illustration showing future premiums
being paid out of nonguaranteed values must disclose
,that the policyowner may need to resume premium
payments depending on actual results.
-A life insurance policy becomes incontestable after it
has been in force for - =2 years
The contestable period in Louisiana for life insurance
policies is 2 years.
-A life insurance policy normally contains a provision
that restricts coverage in the event of death under all of
the following situations EXCEPT - =fare-paying
passenger
A policy may contain provisions excluding or restricting
coverage as specified in the event of death under all of
these situations EXCEPT a fare-paying passenger.
-A life insurance policy that has premiums fully paid up
within a stated time period is called - =limited payment
insurance
Limited payment insurance is characterized by
premiums that are fully paid up within a stated period,
after which no further premiums are required.
-A life insurance policyowner was injured in an
automobile accident which results in a total and
permanent disability. Which rider would pay a monthly
amount because of this disability? - =Disability income
rider
The rider which pays a life insurance policyowner a
monthly amount in the event of total and permanent
disability is called a disability income rider.
, -A limited payment whole life policy provides - =lifetime
protection
Premiums on limited payment whole life insurance are
paid for a limited number of years, but the benefits last a
lifetime.
-A medical provider that accepts Medicare Assignment
must - =accept payment based upon a defined
Medicare schedule as payment in full
A medical provider that accepts Medicare Assignment
must accept payment based upon a defined Medicare
schedule as payment in full.
-A Medicare supplement plan can be canceled by the
insurer - =for nonpayment of premiums
An insurer can cancel a Medicare supplement plan after
nonpayment of premiums.
-A Medicare Supplement Policy is - =designed to fill in
the gaps of Part A and Part B Medicare
A Medicare Supplement policy is designed to fill in the
gaps of Part A and Part B Medicare.
-A nonresident of Louisiana who has satisfied the
licensing requirements for a line of insurance in the
licensee's state and who wishes to sell that line of
insurance in Louisiana, must meet all of the following
requirements EXCEPT: - =Take the appropriate
Louisiana licensing examination
A nonresident licensee from another state is not
required to take a licensing examination if they are
already in good standing with their state of residence.
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