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2024 INDIANA STATE LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 INDIANA STATE LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 INDIANA STATE LIFE ANDHEALTH INSURANCE EXAM
QUESTIONS WITH CORRECT
ANSWERS
W is a 39-year old female who just purchased an annuity to provide income
for life starting at age 60. All of these would be acceptable annuity choices
EXCEPT a?
Flexible Premium Deferred annuity
Variable annuity
Immediate annuity
Straight Life annuity - CORRECT ANSWERS-Immediate annuity
An individual covered under a Group Life insurance policy is considered to be
a?
Annuitant
Policyowner
Certificate Holder
Contingent - CORRECT ANSWERS-Certificate Holder
M is insured under a basic Hospital/Surgical Expense policy. A physician
performs surgery on M. What determines the claim M is eligible for?
Claim payment is equal to physician's actual charges
Claim payment is negotiated between physician and patient
Determined by the schedule of benefits from the hospital
Determined by the terms of the policy - CORRECT ANSWERS-Determined by
the terms of the policy
How many days is a temporary producers license valid?
30
60
90
,180 - CORRECT ANSWERS-180
In Indiana, the maximum fine the the commissioner can impose on a
producer or company who violates a cease and desist order is___per
violation?
$10,000
$15,000
$20,000
$25,000 - CORRECT ANSWERS-$25,000
Which of these is an example of twisting?
A producer maliciously aligns another insurance company's financial status
A producer misrepresents a policy to induce a policyowner to surrender an
existing policy
A producer reduces the commission in order to sell a policy
A producer induces a policyowner with something of value to purchase a
policy - CORRECT ANSWERS-A producer misrepresents a policy to induce a
policyowner to surrender an existing policy
A policy of adhesion can only be modified by whom?
The agent
The applicant
The primary beneficiary
The insurance company - CORRECT ANSWERS-The insurance company
Kathy has a family Health Insurance policy where any dependent children
she has are removed from the policy once they have reached a certain age.
This policy is known as?
Maturation Date
Coming of Age
Limiting Age
Expiration Date - CORRECT ANSWERS-Limiting Age
Which of the following is a standard provision of the conversion privileges in
a Group Life policy?
Group Life coverage can only be converted if the employer pays for the
individual policy
,Group Life coverages can normally be converted to an individual policy
within 6 months
Group Life coverages can only be converted by providing evidence of
insurability
Group Life coverage can be converted to an individual policy at regular rates
on an attained-age basis - CORRECT ANSWERS-Group Life coverage can be
converted to an individual policy at regular rates on an attained-age basis
A primary beneficiary has died before the insured in a life insurance policy. A
contingent beneficiary is also named in the policy. Which of the following will
occur when the insured dies?
Proceeds will go to the primary beneficiary's estate
Probate will decide who receives proceeds
Proceeds will go to the contingent beneficiary
proceeds will go to the insured's estate - CORRECT ANSWERS-Proceeds will
go to the contingent beneficiary
Which of the following is a requirement to obtain a nonresident producer
license in Indiana?
Maintain a specific sales quota in resident state
Own real estate in Indiana
Be licensed as a producer in the producer's state of domicile
Pass a special examination for nonresident producers - CORRECT ANSWERS-
Be licensed as a producer in the producer's state of domicile
P is a producer who is licensed in Indiana, but a resident of Michigan. In
Indiana , P is considered to be a____Producer?
Nonresident
Foreign
Alien
Reciprocal - CORRECT ANSWERS-Nonresident
If an existing Accident and Health policy is being replaced with a new policy,
the decision to replace should not be based on?
, Waiting Periods
Commissions to be Paid
Exclusion and Limitations
Underwriting Requirements - CORRECT ANSWERS-Commissions to be Paid
A domestic insurance company in Indiana must?
Be organized under Indiana insurance laws
Own real estate in Indiana
Write insurance on risks located only in Indiana
Honor the charter of the NAIC - CORRECT ANSWERS-Be organized under
Indiana insurance laws
Which of the following is a requirement to obtain a nonresident producer
license in Indiana?
The producer must be at least 21 years of age
The producer's state of residence must have reciprocity with Indiana
The producer must be bonded in the producer's state of domicile
The producer must pass a special examination for nonresident producers -
CORRECT ANSWERS-The producer's state of residence must have reciprocity
with Indiana
What is Indianas definition of Life insurance replacement?
A transaction in which coverage on an existing policy is increased
A transaction in which group life coverage is converted to an individual policy
A transaction in which a new policy is bought and an old policy is terminated
A transaction in which a policyowner reinstates a lapsed policy - CORRECT
ANSWERS-A transaction in which a new policy is bought and an old policy is
terminated
Upon reaching the limiting age, a handicapped child can extend their health
insurance coverage as a dependent?
Only if the child is incapable of employment and chiefly dependent on the
policyowner
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