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Life, Health, and Accident Insurance Exam Louisiana
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Life, Health, and AccidentInsurance Exam Louisiana
An agent is completing an application for a long-term care policy. The agent
is required to do all of the following EXCEPT
(Choose from the following options)
1. Warn the applicant about the 10-day free-look period.
2. Make sure the policy is appropriate for the applicant's needs.
3. Provide the applicant with the Outline of Coverage.
4. Ask where the applicant has another LTC policy in force. - -Warn the
applicant about the 10-day free-look period.
-An insured has an Accidental Death & Dismemberment policy with a
principal value of $50,000. He loses sight in both eyes in a hunting accident.
How much will he receive?
(Choose from the following options)
1. $25,000
2. $0
3. $50,000
4. $100,000 - -$50,000
The policy will usually pay the principal amount for the loss of both eyes, or
two or more limbs.
-At what age may an individual make withdrawals from an HSA for
nonhealth purposes without being penalized?
(Choose from the following options)
1. 55
2. 59 1/2
3. 62
4. 65 - -65
After age 65, a withdrawal from an HSA used for a nonhealth purposes will
be without a penalty, although taxed.
-Which of the following is NOT true regarding uniform mandatory provisions
concerning claims?
,(Choose from the following options)
1. If the insured is 2 years late in filing a proof of loss, the claim can be
denied.
2. An insured must notify the insurer of a claim on forms prescribed by the
insurer.
3. If the insured is several days late in filing proof of loss form, the claim
cannot be denied if the insured can show good cause.
4. The insured is customarily required to give notice of claim within 20 days.
- -An insured must notify the insurer of a claim on forms prescribed by the
insurer.
If forms are not furnished, written proof of the occurrence, nature of the loss,
and extent of loss must be submitted to the insurer.
-The provision in a health insurance policy that ensures that the insurer
cannot refer to any document that is not contained in the contract is the
(Choose from the following options)
1. Time limit on certain defenses clause.
2. Incontestability clause.
3. Legal action against us clause.
4. Entire contract clause. - -Entire contract clause.
Entire contract is a mandatory provision that is required by law.
-The amount of disability benefits that an insured receives often depends
upon the insured's
(Choose from the following options)
1. Income at the time of the application.
2. Marital status at the time of the application.
3. Number of children at the time of the application.
4. Medical history at the time of the application. - -Income at the time of the
application.
-A producer has been notified by the Commissioner to stop using an
unapproved trade name. How many days does the producer have to change
the trade name before facing a fine?
(Choose from the following options)
1. 30 days
2. The name must be changed immediately.
,3. 5 business days
4. 10 days - -10 days
A producer who continues to use a unapproved trade name for 10 or more
days after being notified will face a fine of up to $5,000.
-What was created to keep telemarketers from calling consumers who do
not wish contacted?
(Choose from the following options)
1. Call Control Registry
2. National Do Not Call Registry
3. Confidential No Call Act
4. Freedom of Information Act - -National Do Not Call Registry
The National Do Not Call Registry was created to allow consumers the choice
to not be contacted by telemarketers
-Regarding long-term care policies, which of the following would NOT be
included in activities of daily living?
(Choose from the following options)
1. Eating
2. Sleeping
3. Bathing
4. Dressing - -Sleeping
Normally to be eligible for benefits from a long-term care policy, the insured
must be unable to perform some of their activities of daily living (ADLs).
ADLs include bathing, dressing, toileting, transferring (or mobility),
continence, and eating.
-Which of the following is true regarding a single life settlement option?
(Choose from the following options)
1. Payments continue until the entire principal is exhausted.
2. Proceeds are paid out in a lump sum.
3. It provides income for a specified period of time.
4. It provides income the beneficiary cannot outlive. - -It provides income
the beneficiary cannot outlive.
The Single Life Option can provide a single beneficiary income for the rest of
his/her life. Upon the death of the beneficiary, the payments stop.
, -Which of the following reports will provide the underwriter with the
information about an insurance applicant's credit?
(Choose from the following options)
1. Inspection report
2. Agent's report
3. Any federal report
4. Consumer report - -Consumer report
Consumer reports include written and/or oral information regarding a
consumer's credit, character, reputation, or habits collected by a reporting
agency from employment records, credit reports, and other public sources
-An insurance company forwards fixed annuity premiums to their general
account, where the money is invested. The guaranteed minimum interest is
set at 3%. During an economic downswing, the investments only drew 2.5%.
What interest rate will the insurer pay to its policyholders?
(Choose from the following options)
1. 3% this payment. The overpayment this time will be subtracted from the
next time the rate exceeds 3%.
2. 3% regardless of what the investment draws since that's the guaranteed
rate
3. 2.5%
4. 3% - -3%
Insurance companies promise guaranteed minimums on the fixed annuities
(3% in this scenario). This means that if the investments draw less than 3%,
the company will have to pay 3% anyway. If the investments earn over 3%,
the company will pay that excess.
-In long-term care (LTC) policies, as the benefit period lengthens, the
premium
(Choose from the following options)
1. LTC premiums are not based on benefit periods.
2. Decreases.
3. Increases.
4. Remains unchanged. - -Increases.
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