SC Accident. Health, and Life Insurance Exam questions with 100% correct answers 2024

Annuity Certain Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life The type of policy which pays on the death of the last person is called Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Malign another insurer Defamation occurs when a producer makes a false statement intended to A 70 year old NOT eligible for Social Security *You are not eligible to receive Medicare Part A benefits at age 65 or older if you are eligible to receive Social Security benefits Part A Hospital coverage provided under Medicare is automatically made available to each of the following EXCEPT At the time of application According to life insurance contract law, insurable interest exists the policy loan value which the insured may borrow against A whole life insurance policy accumulates cash value that becomes upon changing his or her legal name *the producer must notify the Department upon changing his or her legal name. A licensee MUST notify the Department of a legal name change Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid. *coordination of benefits allows the secondary payor to reduce their benefit payments so that no more than 100% fo the claim is paid. Which of the following does Coordination of Benefits allow? Determines what is paid by the primary and secondary insurers in the event of a claim. In group health care, what is the purpose of the coordination of benefits provision? Losing money at a casino *Pure risk is a category of risk in which loss is the only possible outcome, which is the opposite of speculative risk. Gambling is considered a speculative risk where there is a chance of either gain or loss. All of the following are examples fo pure risk EXCEPT Term Life Insurance Which of the following policies does NOT build cash value? Roth IRA Which of these retirement plans do NOT qualify for a federal income tax deduction? Incontestable Clause Which of the following protects a policy owner from a misrepresentation caused by an innocent mistake? indicates a preexisting condition A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health insurance, the heart disease treatment.69216 The Department of Insurance Which entity is responsible for regulation continuing education requirements in South Carolina? Implied authority The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority? A good health statement Upon policy delivery, which of the following myst a producer have an applicant sign if no initial premium was collected with the life insurance application? When contribution or participation rules have been violated When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPPA)? Medicare Supplement F *Plans F and G are the only medicare supplement insurance plans that cover costs known as medicare part B excess charges. Which type of plan would be the most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for charges exceeding the approved amount? Inflation protection An insurer is REQUIRED to offer which of the following to each long term care applicant at the time of purchase? 6 months An insurer may exclude preexisting conditions on a Medicare Supplement policy for ______ months. May 30th. *The "effective date" is the health insurance coverage start date. Sonya applied for a health insurance policy on April 1. Her agent submitted the information to the insurance company on April 6. She paid the premium on May 15 with the policy indicating the effective date being May 30. On which date would Sonya have coverage? Long Term Care Insurance premiums The IRS states that a taxpayer's medical expenses that exceed 7.5% of their adjusted gross income is tax deductible. Which of the following may be considered a medical expense under this rule? File written proof of loss After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? Establish rates for the insurer Which of the following is NOT a duty of the director? Skilled nursing, intermediate, and custodial care Generally speaking, which three labels of care are Long-Term Care policies provided with? Exclusions or limitations on a new policy One of the most important considerations when replacing health insurance would be the Limited policies Low frequency diseases can be exclusively covered by what kind of health insurance policies? 6 months An insurer may legally defer payment of a cash surrender value for up to Fails to pay the premium A carrier for a small group health plan may refuse to renew the plan if the employer for nonpayment premiums A medicare supplement plan can be canceled by the insurer A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? Joint Life Insurance Policy *a joint life insurance policy covers the lives of two people and is payable upon the first death. A life insurance policy written on one contract for two people in which it is payable upon the first death is called Primarily describes the free-look period All of the following are functions of an insuring clause EXCEPT Rebating *offering anything of value not stated in the insurance contract to secure an order of business is rebating Barry the producer offers Chris his mountain cabin for the weekend to secure his order for his insurance business. This is an example of