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2024 INDIANA LIFE & HEALTH INSURANCE EXAM REVIEW WITH 100% CORRECT ANSWERS
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2024 INDIANA LIFE & HEALTH INSURANCE EXAM REVIEW WITH 100% CORRECT ANSWERS
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2024 INDIANA LIFE & HEALTHINSURANCE EXAM REVIEW WITH
100% CORRECT ANSWERS
Which of the following is NOT a government-funded insurance program?
a) Old-Age, Survivors and Disability Insurance (Social Security
b) Medicare
c) Medicaid
d) Federal Deposit Insurance Corporation (FDIC) - CORRECT ANSWERS-d)
Federal Deposit Insurance Corporation (FDIC)
Which of the following would NOT be eligible for a health insurance policy
from the Indiana Comprehensive Health Insurance Association?
a) A person who has been rejected for the same coverage by at least 1
carrier
b) A person who can only be insured at a higher rate by another insurer
c) A federally-eligible
d) A person who applied for Medicaid 90 days prior to applying for the
Association policy - CORRECT ANSWERS-d) A person who applied for
Medicaid 90 days prior to applying for the Association policy
An insured misstated her age on an application for an individual health
insurance policy. The insurance company found the mistake after the
contestable period had expired. The insurance company will take which of
the following actions regarding any claim that has been issued? - CORRECT
ANSWERS-Adjust the claim benefit to reflect the insured's true age
An employee quits her job where she has a balance of $10,000 in her
qualified plan. The balance was paid out directly to the employee in order for
her to move the funds to a new account. If she decides to rollover her plan to
a Traditional IRA, how much will she receive from the plan administrator and
how long does she have to complete the tax-free rollover? - CORRECT
ANSWERS-$8,000, 60 days
Which of the following is correct regarding the taxation of group medical
expense premiums and benefits? - CORRECT ANSWERS-Premiums are tax
deductible and benefits are not taxed
, Which of the following best describes annually renewable term insurance? -
CORRECT ANSWERS-It is a level term insurance
An insurer invests the money it receives from premiums paid by its insureds.
Which of the following is TRUE regarding the interest earned on these
investments? - CORRECT ANSWERS-It is used to lower premiums
What is a standard time limit for a pre-existing condition period in an ICHIA
policy? - CORRECT ANSWERS-3 months
An individual applies for a life policy. Two years ago he suffered a head injury
from an accident, so he cannot remember parts of his past, but is otherwise
competent. He has also been hospitalized for drug abuse, but does not
remember this when applying for insurance. The insurer issues the policy
and learn of his history one year later. What will probably happen?
a) The policy will be voided
b) The insurer will sue the insured for committing fraud
c) Because the insured is currently not a drug user, his policy will not be
affected
d) The policy will not be affected - CORRECT ANSWERS-d) The policy will not
be affected
A new insurance company wants to begin conducting insurance in Indiana.
What will it need to receive before it can legally open for business? -
CORRECT ANSWERS-Certificate of Authority
How many days after a final disposition must an insurance producer report
administrative action or criminal prosecution to the Director? - CORRECT
ANSWERS-30 days
An insured pays $1,200 annually for her life insurance premium. The insured
applies this year's $300 worth of accumulated dividends to the next year's
premium, thus reducing it to $900. What option does this describe? -
CORRECT ANSWERS-Reduction of Premium
Certain conditions, such as dismemberment or total and permanent
blindness, will automatically qualify the insured for full disability benefits.
Which disability policy provision does this describe? - CORRECT ANSWERS-
Presumptive disability
Which of the following does the Insuring Clause NOT specify?
a) The insurance company
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