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2024 LIFE AND HEALTH FINAL EXAM WITH 100% CORRECT ANSWERS
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2024 LIFE AND HEALTH FINAL EXAM WITH 100% CORRECT ANSWERS
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2024 LIFE AND HEALTH FINALEXAM WITH 100% CORRECT
ANSWERS
An example of an Unfair Claims Settlement Practice is: - CORRECT ANSWERS-
turning down a claim without providing the basis of denial
The first portion of a covered Major Medical insurance expense that the
insured is required to pay is called the: - CORRECT ANSWERS-Initial
deductible
A producer must notify the Commissioner within ________ days of a felony
conviction - CORRECT ANSWERS-30
Medicare part C is: - CORRECT ANSWERS-available to those who are enrolled
in Medicare Part A and Part B
Whole Life insurance policies are contractually guaranteed to provide each of
the following, EXCEPT: - CORRECT ANSWERS-partial withdrawal feature
beyond a surrender charge period
Which of these is considered a statement that is assured to be true in every
respect - CORRECT ANSWERS-Warranty
Which of the following is a requirement to attain a nonresident producer
license in Indiana? - CORRECT ANSWERS-Be licensed as a producer in the
producer's state of domicile
Which of the following consists of an offer, acceptance, consideration? -
CORRECT ANSWERS-contract
What type of policy would only provide coverage for specific types of
illnesses (cancer, stroke, etc)? - CORRECT ANSWERS-Dread disease
insurance
During the course of an insurance transaction, who does the producer legally
represent? - CORRECT ANSWERS-Insurance company
, Defamation occurs when a producer makes a false statement intended to -
CORRECT ANSWERS-malign another insurer
A group life insurance policy can be converted to an individual whole life
policy under which circumstance? - CORRECT ANSWERS-employment
termination
Maternity coverage is required in which type of policy? - CORRECT
ANSWERS-medical expense policy
Which of the following is NOT a reason for the Commissioner to revoke a
producer's license - CORRECT ANSWERS-producer is insolvent
What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained - CORRECT
ANSWERS-Fair Credit Reporting Act
Under a Small Group Health plan, babies are covered - CORRECT ANSWERS-
at birth
The individual most likely to buy a Medicare Supplement policy would be
a(n): - CORRECT ANSWERS-68-year old male covered by Medicare
Which of these require an offer, acceptance, and consideration - CORRECT
ANSWERS-contract
The ___________ is authorized to assign a Life Insurance policy as collateral for
a loan - CORRECT ANSWERS-policyowner
An individual has a major medical policy with a $5,000 deductible and an
80/20 Coinsurance clause. How much will the INSURED have to pay if a total
of $15,000 in covered medical expenses are incurred? - CORRECT ANSWERS-
$7,000
S is the policyowner of a Major Medical policy. The premiums are paid
monthly and due on the 1st of each month. S fails to make September's
payment and is hospitalized October 15th. When S files the claim for this
hospitalization, the insurer will likely: - CORRECT ANSWERS-deny the claim
C is trying to determine whether to convert her convertible term life policy to
whole life insurance using her original age or attained age. What factor
would affect her decision the most? - CORRECT ANSWERS-The cost
What type of reinsurance contract involves two companies automatically
sharing their risk exposure? - CORRECT ANSWERS-Treaty
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