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ExamFx Life Practice Exam Questions With Complete Solutions!!
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ExamFx Life Practice Exam Questions With Complete Solutions!!
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Name: Score:137 Multiple choice questions
Definition 1 of 137
How many names (real or fictitious) may insurers have?
2
100%
ownership
21 days
Term 2 of 137
seek higher returns
The Paid-up Option Uses The Dividend
Variable Annuities
Equity Indexed Annuities
Market Value Adjusted Annuities
Term 3 of 137
insurable interest
What document describes an insured's medical history, including diagnoses and
treatments?
stranger-oriented life insurance policies are in direct opposition to the principle of
an insured has health insurance that covers them at work and at home. this policy has
written on what basis?
What type of insurance would be used for a Return of Premium rider?
,Definition 4 of 137
How soon following the occurrence of a covered loss must an insured submit written proof of
such loss to the insuring company?
Upon reaching retirement age.
Within 90 days or as soon as reasonably possible, but not to exceed 1 year
Only if the insured feels like it.
After 5 years from the occurrence of the loss.
Definition 5 of 137
an insured has a life insurance policy that requires him to only pay premiums for a specific number
of years until the policy is paid up
adjustable life
limited-pay life
variable life
universal life
Definition 6 of 137
What is the goal of the HMO?
Coverage for dependents
It has a tax benefit for both employer and employee.
Early detection through regular checkups
Limiting the deductibles and coinsurance to reduce costs
,Term 7 of 137
the insurance through his company is primary
which of the following statements regarding the Change of beneficiaries provision is false?
a man works for company A and his wife works for company B. The spouses are covered by
health plans through their respective companies that also cover the other spouse. If the
husband files a claim
an insured submitted a notice of claim to the insurer, but never received claims forms. he
later submits proof of loss, and explains the nature and extent of loss in a hand-written
letter. which of the following is true?
An applicant for an individual health policy failed to complete the application properly.
Before being able to complete the application and pay the initial premium, she is confined
to a hospital. This will not be covered by insurance because she had not met the conditions
specified in the
Definition 8 of 137
if only one party to an insurance contract has made a legally enforceable promise, what kind of
contract is it?
conditional
subrogation
consideration clause
unilateral
Definition 9 of 137
What is the purpose of the rehabilitation benefit in disability insurance?
To provide financial support during recovery
To offer discounts on future insurance premiums
To cover the expenses of retraining the insured to return to work
To fund a vacation for the insured
, Definition 10 of 137
Which of the following statements is true regarding coinsurance?
The larger the percentage that is paid by the insured, the lower the required premium will
be
premiums are not tax deductible, and benefits are not taxable
Coverage for dependents
Presuming the applicant is eligible for Medicaid, based on the nature of the policy
Definition 11 of 137
Underwriting is a major consideration when an insured wishes to replace her current policy for all
of the following reasons EXCEPT
Dividends are not taxable
The insurance contract
Premiums always stay the same
Students at a public school
Definition 12 of 137
Pertaining to insurance, what is the definition of a fiduciary responsibility?
Using premiums for personal expenses
Promptly forwarding premiums to the insurance company
Investing the premiums in high-risk stocks
Delaying premium payments to the insurance company
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