Final Exam PA Life, Health And Accident Latest 2023-
2024/148 Questions And Answers Rated (A+)
Quiz :Which of these factors is NOT taken into consideration when determining
the cost of a long-term care policy? - Answer :Personal Income
Quiz :What is the nonforfeiture value of an annuity before annuitization? -
Answer :All premiums paid, plus interest, minus any withdrawals and
surrender charges
Quiz :In an employer sponsored contributory group disability income plan the
employer pays 60% of the premium and each employee pays 40% of the
premium. Any income benefits paid are taxed to the employee at? -
Answer :60%
Quiz :Premium mode is a term used to describe the? - Answer :Frequency of
the premium payment
Quiz :A master contract and certificate of coverage can be found in which type
of policy? - Answer :Group
Quiz :With a scheduled dental policy, how are covered expenses paid? -
Answer :Benefits are limited to a specific maximum dollar amount per
procedure
Quiz :All of the following are included as a part of a contract in the entire
contract provision EXPECT the? - Answer :Change made by the producer
Quiz :A securities license is required for a life insurance producer to sell -
Answer :Variable life insurance
Quiz :Under a disability income policy, which provision would be payable if the
cause of an injury is unexpected and accidental? - Answer :Accidental bodily
injury provision
Quiz :Under a life insurance policy, what does the insuring clause state? -
Answer :The insures obligation to pay a death benefit upon an approved death
claim
,Quiz :What type of disability would be less than total impairment and equal to
permanent impairment? - Answer :Permanent partial disability
Quiz :Which of these statements regarding the annuitant is CORRECT? -
Answer :The annuitants life expectancy determines the annuity payments
Quiz :An insurer must furnish to a claimant forms for filing proof of loss within
___ days upon receiving a notice of claim. - Answer :15 days
Quiz :A life insurance policy that is subject to a contract interest rate is
referred to as - Answer :Universal Life
Quiz :Which settlement option involves having the proceeds remain with the
insurer and earnings paid on a monthly basis to the beneficiary? -
Answer :Interest only
Quiz :Within how many days must a producer report to the commissioner any
charges made against them? - Answer :30 days
Quiz :Which of the following would be considered a possible applicant and
contract policyholder for group health benefits? - Answer :Employer
Quiz :How are annuities given favorable tax treatment? - Answer :Gains are
taxed at distribution
Quiz :The term which describes the fact that both parties of a contract may
NOT receive the same value is referred to as - Answer :Aleatory
Quiz :Karen is a producer who has obtained personal information about a
client without having a legitimate reason to do so. Under the McCarran-
Ferguson Act, what is the minimum penalty for this? - Answer :$10,000
Quiz :The entire contract includes the actual policy and the -
Answer :Application
Quiz :Which of these describes the result of a modified endowment contract
that failed to meet the seven pay test? - Answer :Pre Death distributions are
typically taxable
, Quiz :Phil is shopping for an annuity that guarantees he CANNOT outlive the
benefits. Which of these benefit options would he choose? -
Answer :Guaranteed lifetime withdrawal benefit
Quiz :A permanent life insurance policy where the policy owner pays
premiums for a specified number of years is called an? - Answer :limited pay
policy
Quiz :The waiver of premium does NOT include which provision? - Answer :All
future premiums are waived if the insured recovers from the disability
Quiz :A life insurance illustration showing future premiums being paid out of
non guaranteed value must disclose that - Answer :The policy owner may
need to resume premium payments depending on actual results
Quiz :When a producer offers something of value in return for the purchase of
an insurance policy, which prohibited sales practice has been committed? -
Answer :Inducement
Quiz :A whole life insurance policy accumulates cash value that becomes -
Answer :the policy loan which the insured may borrow against
Quiz :Which of the following is a violation of PA insurance law? -
Answer :Offering insurance contracts through unlicensed entities
Quiz :A policyholder has a major medical plan with a 80%/20% coinsurance
and a deductible of $75. If the insured has previously met her deductible and
receives a bill for $175, how much will the insurer pay? - Answer :$140 the
insurance company pays 80% of $175
Quiz :Which type of life insurance is normally associated with a Payor Benefit
rider? - Answer :Juvenile insurance
Quiz :Which of these is NOT a characteristic of the Accelerated death benefit
option? - Answer :The benefit can be offered as a rider at a specific extra cost
or may be at no cost
Quiz :An employee under a group insurance policy has the right to name a
beneficiary - Answer :Convert to an individual policy in the event of
employment termination
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