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2024 INDIANA HEALTH AND LIFE INSURANCE EXAM PRACTICE 3 WITH CORRECT AND VALID ANSWERS
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2024 INDIANA HEALTH AND LIFE INSURANCE EXAM PRACTICE 3 WITH CORRECT AND VALID ANSWERS
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2024 INDIANA HEALTH AND LIFEINSURANCE EXAM PRACTICE 3
WITH CORRECT AND VALID
ANSWERS
Florida insurance law requires that if a Medicare Supplement policy is sold,
the agent must deliver an Outline of Coverage to the applicant no later than:
- CORRECT ANSWERS-when the application is taken
Which of the following conditions is typical of a major medical policy -
CORRECT ANSWERS-It contains a deductible and coinsurance
if an insured dies during the grace period and the premium has not been
paid, which scenario would be correct? - CORRECT ANSWERS-The death
benefit will be paid less the premium due
Which of the following statements is CORRECT about a Whole Life Policy? -
CORRECT ANSWERS-If a policyowner stops paying premiums, the
policyowner may elect a Nonforfeiture option
In addition to the applicant, the person who receives a long term care lapse
notice is the: - CORRECT ANSWERS-secondary addresses
An underwriter evaluation of information on a life insurance application is
also known as : - CORRECT ANSWERS-risk classification
An example of a Limited-Pay Life policy is: - CORRECT ANSWERS-Life Paid-
Up at Age 65
The signed document that starts the free look period is the: - CORRECT
ANSWERS-delivery receipt
All of the following actions by an agent may be considered
misrepresentations EXCEPT: - CORRECT ANSWERS-illustrating the dividends
on an insurance policy
Agents can help prospective insureds understand and purchase the most
appropriate product by delivering: - CORRECT ANSWERS-a buyer's guide
, If the contract values an existing policy are used to purchase a new policy
with the same insurer, this is known as: - CORRECT ANSWERS-churning
An insurance agent is permitted to replace an existing policy only if the
agent: - CORRECT ANSWERS-replaces a policy that was issued by the agent's
own company
An insurance company formed under the laws of another state is: - CORRECT
ANSWERS-a foreign insurer
Which of the following is an example of sliding? - CORRECT ANSWERS-
Charging for a companion product without the applicant's consent
All licenses are required to notify the Department of Financial Service of a
change in address within how many days? - CORRECT ANSWERS-30
The Entire Contract provision in a health policy protects the insured by: -
CORRECT ANSWERS-defining the documents that are part of an insurance
contract.
What is considered the owner of a mutual insurance company? - CORRECT
ANSWERS-policyholders
Which of the following is required of branch agencies? - CORRECT ANSWERS-
Establish an office in the county where the company is based
Under a Guaranteed Renewable provision in a policy issued to a group of
person an insurance company may NOT terminate coverage on a group
member if the member: - CORRECT ANSWERS-becomes disable
Which of the following statements is generally CORRECT about a major
medical policy? - CORRECT ANSWERS-it provides benefits for reasonable and
necessary medical expense, subject to policy limits.
A life insurer that accepts an incomplete application and issues a policy is
obligated to: - CORRECT ANSWERS-charge a lower premium for the initial
period of coverage
Under federal law, a tax-exempt Health Savings Account can only be opened
for an individual who is - CORRECT ANSWERS-covered by qualified High
Deductible health plan
Which of the following statement is CORRECT about a Limited-Pay Whole Life
policy? - CORRECT ANSWERS-the policy provides insurance protection for a
shorter period of time than a straight life policy
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