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2024 INDIANA LIFE AND HEALTH INSURANCE STATE EXAM SIMULATOR WITH 100% CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTH INSURANCE STATE EXAM SIMULATOR WITH 100% CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTHINSURANCE STATE EXAM
SIMULATOR WITH 100% CORRECT
ANSWERS
Which of the following medical expenses does Cancer insurance NOT cover? -
CORRECT ANSWERS-Chemotherapy
Radiation treatment
Physician visit
Arthritis
53 of 200 Questions Remaining
Proceed
Correct. Cancer insurance typically covers all of these medical expenses
except for arthritis.
An architecture firm would stand to lose a lot of money in the event of the
death of its project manager. Which type of policy should the firm purchase
on its project manager? - CORRECT ANSWERS-Universal life insurance
Key Person insurance
Graded insurance
Executive insurance
Correct. Key person insurance is a type of life insurance policy that provides
a death benefit to a business if its owner or another significant employee
passes away.
Which of the following provides funding for the Indiana Life and Health
Insurance Guaranty Association? - CORRECT ANSWERS-NAIC
Department of Insurance
Revenue bonds
Member company assessments
53 of 200 Questions Remaining
Proceed
Correct. The Indiana Life and Health Insurance Guaranty Association is
funded by assessments on member companies.
If a retiree on Medicare required five hospital stays in one year, which policy
would provide the best insurance for excess hospital expenses? - CORRECT
ANSWERS-Long-term care
Indemnity
, Medicare Supplement
Medicaid
Correct. In this situation, a Medicare Supplement policy would provide the
subscriber the best coverage for excess charges.
Which of the following permits an insurance company to transact business in
Indiana?3 - CORRECT ANSWERS-Certificate of admission
Certificate of domestication
Certificate of authenticity
Certificate of authority
Correct. A certificate of authority permits an insurance company to transact
business in Indiana.
A life insurance arrangement which circumvents insurable interest statutes is
called: - CORRECT ANSWERS-a contract of adhesion
an indemnity contract
key person insurance
Investor-Originated Life Insurance
Correct. Investor-originated life insurance (or IOLI) is used to circumvent
state insurable interest statutes. This is done when an investor (or stranger)
persuades an individual to take out life insurance specifically for the purpose
of selling the policy to the investor. The investor compensates the insured
and makes the premiums, then collects the death benefit when the insured
dies.
N, age 50, recently bought an annuity that will pay a guaranteed
$2,000/month at age 70 for life. What type of annuity did N purchase? -
CORRECT ANSWERS-Fixed Period
Fixed Deferred
Fixed Immediate
Fixed Variable
53 of 200 Questions Remaining
Proceed
Correct. A Fixed Deferred annuity pays out a fixed amount for life starting at
a future date.
A Major Medical policy typically contains a provision that requires the insurer
to pay only part of a loss, while the balance is paid by the insured. This
provision is called - CORRECT ANSWERS-Assignment of Benefits
Coinsurance
Indemnity
Co-deductible
53 of 200 Questions Remaining
Proceed
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