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ACCIDENT, LIFE AND HEALTH INSUARANCE FINAL EXAM 2024 WITH QUESTIONS AND ANSWERS || GUARANTEED PASS || LATEST VERSION

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ACCIDENT, LIFE AND HEALTH INSUARANCE

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ACCIDENT, LIFE AND HEALTH INSUARANCE

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Uploaded on September 9, 2024
Number of pages 35
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

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Institution ACCIDENT, LIFE AND HEALTH INSUARANCE
Course ACCIDENT, LIFE AND HEALTH INSUARANCE

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ACCIDENT, LIFE AND HEALTH INSUARANCE
FINAL EXAM 2024 WITH QUESTIONS AND
ANSWERS || GUARANTEED PASS || LATEST
VERSION

An insured loses her left arm in an accident that is cover by her Accident Death
and Dismemberment policy. What benefit will she most likely receive from this
policy?
a) The capital amount in monthly installments
b) The principal amount in monthly installments
c) The capital amount in lump sum
d) The principal amount in lump sum

- ANSWER-c)

All of the following are business uses of life insurance EXCEPT
a) Funding against financial loss caused by the death of a key employee
b) Funding business continuation agreements
c) Funding against general company financial loss
d) Compensating excecutives
- ANSWER-c)

,The insured under a $100,000 life insurance policy with a triple indemnity rider for
accidental death was killed in a car accident. It was determined that the accident
was his fault. The triple indemnity rider in the policy specifies that the death must
not be contributed to by the insured in any manner. In this case, what will the
policy beneficiary receive?
a) $0
b) $50,000 (50% of the policy value)
c) $100,000
d) $300,000 (triple the amount of the policy value)
- ANSWER-c)

Which of the following policies would have an IRS required corridor or gap
between the cash value and the death benefit?
a) Equity Indexed Universal Life
b) Variable Universal Life
c) Universal Life Option A
d) Universal Life Option B
- ANSWER-c)

Which of the following is NOT a characteristic of a group long-term disability
plan?
a) The benefit can be up to 66 and 2/3% of one's monthly income
b) The benefit can be up to 50% of one's yearly income
c) The elimination period is the same as in the short-term plan's benefit period
d) The benefit period may be to age 65
- ANSWER-b)

,Which of the following best describes the MIB?
a) It is a nonprofit organization that maintains underwriting information on
applicants for life and health insurance
b) It is a government agency that collects medical information on the insured from
the insurance companies
c) It is a member organization that protects insured against insolvent insurers
d) It is a rating organization for health insurance
- ANSWER-a)

A domestic insurer issuing variable contracts must establish one or more
a) General accounts
b) Separate accounts
c) Liability accounts
d) Annuity accounts
- ANSWER-b)

How often will the Commissioner examine a company in the state of New
Hampshire?
a) Every 3 years
b) Annually
c) Every other year
d) Every 5 years
- ANSWER-d)

Which policy component decreases in decreasing term insurance?

, a) Dividend
b) Premium
c) Face amount
d) Cash value
- ANSWER-c)

Most scheduled plans provide first dollar benefits without
a) Exclusions and conditions
b) Coinsurance and deductibles
c) Premiums
d) Copays
- ANSWER-b)

All of the following are true of the Key Person disability income policy EXCEPT
a) The income may be used to find a replacement for the key employee
b) Benefits are considered taxable income to the business
c) Premiums are not deductible to the business
d) It is typically written to cover key employees in the event they become disabled
and are unable to work
- ANSWER-b)

An insured has a Modified Endowment Contract. He wants to withdraw some
money in order to pay medical bills. Which of the following is true?
a) He will not have to pay a penalty, regardless of his age
b) He cannot withdraw money from his MEC before age 59 1/2
c) He will have to pay a penalty if he is younger than 59 1/2

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