LIFE, ACCIDENT, & HEALTH STATE EXAM SIMULATOR | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

LIFE, ACCIDENT, & HEALTH STATE EXAM SIMULATOR | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A Modified Endowment Contract (MEC) is best described as Correct Answer: A life insurance contract which accumulates cash values higher than the IRS will allow According to life insurance contract law, insurable interest exists Correct Answer: At the Time of the application Under Workers' Compensation, injured employees are covered for all of the following issues EXCEPT Correct Answer: Pain and suffering What happens when an insurance policy is backdated? Correct Answer: The policy's effective date is earlier than the present Key Person Disability Insurance pays benefits to the Correct Answer: Employer 2 What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? Correct Answer: In the event of employment termination, group health insurance can be kept if the employee pays the premiums Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Correct Answer: Defamation Which of the following statements is CORRECT regarding an individual applying for life or health insurance? Correct Answer: The applicants medical history may be analyzed and reported Index whole life insurance contains a securities component that acts as a(n) Correct Answer: Hedge against inflation Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? Correct Answer: Qualified long-term care plan 3 How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes? Correct Answer: Not tax deductible Part A Hospital expense coverage provided under Medicare is automatically made available to each of the following EXCEPT -A 50-year old individual who has qualified for SSDI in the last 24 months -A 70-year old NOT eligible for Social Security -A 55-year old suffering from kidney failure -A 65-year old retiree Correct Answer: A 70 year old not eligible for Social Security A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? -After the annual limit of a dental policy's coverage is reached -Dental treatment is needed to repair an injury -Cosmetic dental treatment is performed -If treatment is performed at a in-network provider Correct Answer: Dental treatment is needed to repair an injur