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GUARANTEE EXAM LIFE AND HEALTH INSURANCE TEXAS QUESTIONS WITH CORRECT ANSWERS
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GUARANTEE EXAM LIFE AND HEALTH INSURANCE TEXAS QUESTIONS WITH CORRECT ANSWERS
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GUARANTEE EXAM LIFE AND HEALTHINSURANCE TEXAS QUESTIONS WITH
CORRECT ANSWERS
Which of the following elements of an insurance contract requires payment of
premium ? - Answer-Consideration
Which of the following individuals would be a likely candidate to purchase a deferred
annuity ? - Answer-Someone who wants to grow retirement funds tax deferred
If an individual willfully violates provisions of the Fair Credit Reporting Act , what is the
maximum civil penalty ? - Answer-2,500
An applicant misstates his age on his application for a health insurance policy . He
states that he is 39 , but his actual age is 49. When he files a claim , what will most
likely happen ? - Answer-Benefits paid will be those that would have been purchased at
the correct age
What effect will the long - term care ( LTC ) rider have on the death benefit of a life
insurance policy if LTC benefits were paid to the insured ? - Answer-Reduce the death
benefit
An insured decides to surrender his Whole Life insurance policy . The cash value at
surrender is higher than the premiums paid into the policy , due to interest . What part of
the surrender value would be income taxable ? - Answer-The difference between the
premiums paid and the cash value
A whole life policy is surrendered for a reduced - paid up policy . The cash value in the
new policy will - Answer-Continue to increase
A core Medicare supplement policy ( Plan A ) will cover all of the following expenses
EXCEPT - Answer-Part A deductible
An annuity has accumulated the cash value of $ 70,000 , of which $ 30,000 is from
premium payments . The annultant dies during the accumulation phase . The
beneficiary will receive - Answer-70,000
Which of the following riders pays a beneficiary a death benefit that is double or triple
the face amount if the insured's death was caused by an accident as defined in the
policy ? - Answer-An Accidental Death Rider
Which of the following services will NOT be provided by an HMO ? - Answer-Unlimited
coverage for treatment for drug rehabilitation
, Which of the following is true regarding a joint life annuity ? - Answer-The payments
stop at the first death
Your client wants to provide a retirement income for his elderly parents in case
something happens to him , He wants to make sure that both beneficiaries are
guaranteed an income for life . Which settlement option should this policyowner select ?
- Answer-Soint and Survivor
The benefits in Medical Expense Insurance are - Answer-Received income tax free by
the individual
An insured had a heart attack while jogging , but is expected to return to work in
approximately 6 weeks . The insured's Disability Income policy will - Answer-Replace a
percentage of his lost income
A Medicare supplement policy must have a free - look period of at least - Answer-30
days .
All of the following health insurance disability benefits are income tax free EXCEPT -
Answer-Employer - paid group disability
Which entity has the option of including optional provisions in a health insurance
policy ? - Answer-The Insurer
While completing a life insurance application the applicant realizes that she should have
answered an earlier question differently . What should the agent do to make the
necessary change ? - Answer-Cross out the incorrect information , write in the correct
answer , and have the applicant initial the change
The Probationary period is - Answer-A specified period of time that a person joining a
group has to wait before becoming eligable for coverage
The provision that sets forth the basic agreement between the insurer and the insured
and states the insurer's promise to pay the death benefit upon the insured's death is
called the - Answer-Insuring clause
An IRA contribution can be made from which of the following ? - Answer-Cash
A husband and wife both incur expenses that are attributed to a single major medical
insurance deductible . Which type of deductible do they have in their policy ? - Answer-
Family
A husband and wife both incur expenses that are attributed to a single major medical
insurance deductible . Which type of deductible do they have in their policy ? - Answer-
Family
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