Exam (elaborations)
PA life, accident, and health practice questions with Verified Solutions
PA life, accident, and health practice questions with Verified Solutions
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PA life, accident, and health practicequestions with Verified Solutions
Premium payments for a universal life policy are NOT used for: - -Separate
account investments
-Under PA statute, first year commission for long-term care insurance may
not be greater than - -50% of the first year premium
-10-year level term life InsPol that has a death benefit of $2000,000. It is
true that: - -The face amount and premium will remain constant over the 10
year period
-Insurance premium is determined by each of the following factors except:
Mortality, Interest, Expenses, liquidity) - -Liquidity
-________ is a factor that would be considered by an insurer when
determining whether to accept a group life plan - -Average age
-In PA, no legal action may be taken against an insurer for failure to honor a
valid claim after the expiration of __________ years from the time proof of loss
is furnished - -Three years (There is a waiting period of 60 days to file a
lawsuit after a claim for loss has been filed by the insured. No lawsuit may be
filed after 3 years have passed from when the claim was submitted)
-A medical provider that accepts Medicare assignment must - -accept
payment based upon a defined Medicare schedule as payment in full
-If nonforfeiture option is exercised by using ones life policy's cash value to
purchase an extended term insurance option, when the term insurance
expires - -the protection ends
-Indemnity plan - -provides the insured a specific dollar amount for services
-All of the following are functions of an insurance clause EXCEPT (States the
conditions under which the policy will pay, outlines the kind of benefits
provided, primarily describes the free-look period, provides the policy's
scope and limits of coverage) - -Primarily describes the free-look period
-Commissioner has the right and duty to - -audit insurer financial reports
and conduct market studies
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