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TEXAS FINAL EXAM HEALTH & LIFE INSURANCE GUIDE QUESTIONS WITH COMPLETE ANSWERS
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TEXAS FINAL EXAM HEALTH & LIFE INSURANCE GUIDE QUESTIONS WITH COMPLETE ANSWERS
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TEXAS FINAL EXAM HEALTH & LIFEINSURANCE GUIDE QUESTIONS WITH
COMPLETE ANSWERS
S has a Whole Life policy with a premium payment due soon. Which provision would
keep the policy in force if S does not make the required payment and the policy has
adequate cash value from which the premium payment can be made? - Answer-
Automatic Policy Loan
will keep a Whole Life policy in force if a required premium payment is not made and
there is sufficient cash value.
What should an insured do if the insurer does not send claims forms within the time
period set forth in a health policy's Claims Forms provision? - Answer-Submit The Claim
In Any Form
If forms are not furnished, the insured should submit the claim in any form, which must
be accepted by the company as adequate proof of loss.
Which of the following types of care is typically not covered in a Long-Term Care policy?
- Answer-Acupuncture
is a service typically not covered in a Long-Term Care policy.
All of the following statements are true regarding a policy's Grace period, EXCEPT: -
Answer-Past Due Premiums Are Waived
Premiums due are NOT waived during a policy's Grace period.
Which Federal law allows an insurer to obtain an inspection report on a potential
insured? - Answer-Fair Credit Reporting Act
The Fair Credit Reporting Act of 1970, or FCRA, established procedures for the
collection and disclosure of information obtained on consumers through investigation
and credit reports.
M is insured under a basic Hospital/Surgical Expense policy. A physician performs
surgery on M. What determines the claim M is eligible for? - Answer-Determined by the
terms of the policy
A life policy with a death benefit that can fluctuate according to the performance of its
underlying investment portfolio is referred to as: - Answer-Variable Life
, The cash value and death benefits of a Variable Life policy can fluctuate according to
the performance of its underlying investment portfolio.
A creditor who requires a debtor to obtain insurance from a particular company or agent
as a condition for a loan is guilty of - Answer-coercion
All of the following may charge fees for insurance advice EXCEPT - Answer-Legal
reserve agents
The Misstatement of Age provision requires that if the age of the insured is misstated,
then any amount payable is - Answer-An amount that the premiums paid would have
purchased at the current age or ages
Which of the following situations does a Critical Illness plan cover? - Answer-Leukemia
Which of these statements accurately describes the Waiver of Premium provision in an
Accident and Health policy? - Answer-Premiums are waived after the insured has been
totally disabled for a specified time period
Any changes made on an insurance application requires the initials of whom? - Answer-
Applicant
An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This policy may be issued with a(n): - Answer-Exclusion for the medical
condition
A variable insurance policy: - Answer-Does not guarantee a return on its investment
accounts
All of these are considered to be a benefit under Social Security, EXCEPT for: -
Answer-Unemployment
N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life
insurance policy with level premiums, permanent protection, and be paid-up at
retirement. Which of these should N purchase? - Answer-30 Pay Life
Which of these is NOT a characteristic of a Health Reimbursement Arrangement
(HRA)? - Answer-Employee funds the HRA entirely
In order for coverage on a non-medical insurance application to take effect the same
day, the producer must collect a signed application and - Answer-The initial premium
When must insurable interest exist for a life insurance contract to be valid? - Answer-
Inception of the contract
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