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XCEL Arizona Life and Health Insurance State Exam Q’s and A’s
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XCEL Arizona Life and Health Insurance State Exam Q’s and A’s
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XCEL Arizona Life and Health InsuranceState Exam Q’s and A’s
Under a long-term care inflation rider, the benefit levels - -periodically
increase without proof of insurability
-In order for a health plan to be an "accountable health plan", who has to
approve it? - -the director
-Medicare Part A coinsurance payments are covered by - -Medicare
Supplement Plan A
-Employees generally receive workers compensation benefits for - -lost
wages and medical expenses due to occupational accidents
-What year was the Mental Health Parity and Addiction Equity Act
established? - -2008
-In what situation would disability income insurance premiums be a
deductible expense? - -Corporation paying for group disability income
coverage for its employees
-John received a one-time distribution of $50,000 from his modified
endowment contract (MEC). Prior to that, the contract's cash value was
$150,000, the contract investment amount was $100,000, and the death
benefit was $500,000. What percentage of the $50,000 distribution was
taxable as ordinary income? - -100%
-A survivorship life insurance policy usually covers how many lives? - -2
-Mentally or physically handicapped dependent children MUST be covered
under an individual health insurance policy - -until they become self-
supportive
-ERISA requires that a Summary Plan Description must be provided to a new
plan member within how many days following the new member's eligibility
date? - -90 days
-A policyowner suffers an injury that renders him incapable of performing
one or more important job duties. Any decrease in income resulting from this
injury would make him eligible for benefits under which provision? - -Partial
disability
, -What is the maximum number of employees (earning at least $5,000) that
an employer can have in order to start a SIMPLE retirement plan? - -100
employees
-Which of the following health plans pay benefits on a pre-paid service
basis? - -HMO
-An individual may receive Medicare Part A Hospital benefits, regardless of
age, as long as the person has received which of the following benefits for at
least 24 months? - -Social Security Disability
-Which of the co-annuitants listed below would receive the largest monthly
benefit payments in a joint and 100% survivor annuity? - -Ages 71 and 73
-Kevin has an existing life insurance policy and assigns it to another insurer
for a new contract. How would this transaction be treated for tax purposes? -
-As a Section 1035 exchange
-Karen is considering replacing her individual accident and health insurance
policy with another individual policy. She has had issues in the past with her
gall bladder that would be considered a pre-existing condition. How will a
pre-existing conditions exclusion affect Karen's new insurance contract? - -
May reduce her benefits
-Greg had recently been terminated from his job that covered him for group
life insurance. How long does he have to convert his coverage to an
individual policy? - -31 days
-A policyowner with a terminal illness who sells his life insurance policy to a
third party is called a - -viator
-What is a juvenile life insurance policy? - -A life policy that covers the life of
a minor
-ABC Partnership is a business with a limited number of partners. Which
disability buy-sell agreement is best suited for this business? - -Cross
purchase agreement
-Which of the following involves sharing an uncertain risk with another
similar group? - -Transfer
-The time limit an individual has to "rollover" funds from an IRA or qualified
plan is - -60 days
-A life annuity with period certain is characterized as - -guaranteeing
benefit payments for a stated minimum number of years
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