INDIANA STATE LIFE & HEALTH EXACTITUDE EXAM SERIES 2024 QUESTIONS WITH CORRECT ANSWERS
2 views 0 purchase
Course
INDIANA STATE LIFE & HEALTH EXACTITUDE
Institution
INDIANA STATE LIFE & HEALTH EXACTITUDE
INDIANA STATE LIFE & HEALTH EXACTITUDE EXAM SERIES 2024 QUESTIONS WITH CORRECT ANSWERS
Individual disability income policies typical include an elimination period (t/f)
True
A producer's license may be denied, suspended, or revoked if the licensee:
is found guilty of misrepresentation in obt...
INDIANA STATE LIFE & HEALTH
EXACTITUDE EXAM SERIES 2024
QUESTIONS WITH CORRECT
ANSWERS
Individual disability income policies typical include an elimination period (t/f)
True
A producer's license may be denied, suspended, or revoked if the licensee:
is found guilty of misrepresentation in obtaining the license
Which of the following actions is NOT possible with a Universal Life policy?
premiums may be applied as a credit against income tax
How long is the typical free look period for long term care insurance policies?
20 days
Equity indexed annuities are invested in:
The S&P 500
Group life policies in Indiana are required to contain a conversion privilege that
allows for conversion:
to an individual policy for a stated period of time
What is a key requirement for accelerated death benefit policy?
Must have a terminal illness to qualify
Qualified LTC policies may take into consideration an applicant's pre-existing
conditions for a maximum of not more than _____ month(s) prior to the effective
date of coverage
6
An insured must qualify for social security disability income to be accepted for
the waiver of premium provision? (t/f)
false
What type of annuity has a cash value that based upon the performance of it's
underlying investment funs?
Variable
,What requires insurers to disclose when an applicant's consumer or credit
history is being investigated?
1970 - Fair Credit Reporting Act
Under the ACA, consumers must have health insurance as of January 1, 2014 that
contains Minimum Essential Coverage (MEC). Individuals who exempt from this
law include:
Those who cannot afford or have religious objections
A person who is insured within a group contract will be given a:
certificate
When must insurable interest exist for a life insurance contract to be valid?
Inception of the contract
What kind of special need would a policy owner require with an adjustable life
insurance policy?
Flexible premiums
Which of the following actions by a producer would NOT result in a license
suspension or revocation?
Producer represents a foreign insurance company
Which of the following is NOT a required provision in group life policies?
Right to Loan
What the maximum Social Security Disability benefit amount an insured can
receive?
100% of the insured's Primary Insurance Amount (PIA)
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this?
Life Annuity with Period Certain
Which of these provisions is NOT required in individual life insurance policies
sold in Indiana?
Extended Term
,What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained?
Fair Credit Reporting Act
Q is severely injured in an automobile accident and becomes totally disabled.
How many months must Q be disabled before being able to apply for Social
Security disability benefits?
5
Who elects the governing body of a mutual insurance company?
Policyholders
Which of the following policies combines investment choices with a form of Term
coverage?
Variable-Universal Life
Medicare Part B does NOT cover:
Physician and surgeon services
Which provision allows the policy owner to change a term life policy to a
permanent one without providing proof of good health?
Conversion
P and Q are married and have three children. P is the primary beneficiary on Q's
Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the
contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are
killed instantly. The Accidental Death benefits will be paid to
P only
Which of these Nonforfeiture Options continue a build-up of cash value?
Reduced Paid-Up
In Indiana, what is the maximum percentage of controlled business a producer
may write in a twelve-month period?
25%
Which of the following is NOT included in the policy face?
Exclusions
All LTC policies purchased in Indiana MUST contain a free-look period of:
10 days
, Which of the following services is NOT covered under a hospitalization expense
policy?
Surgeon's fees
A "reimbursement policy" pays what amount of covered LTC expenses?
Actual covered expenses up to the daily maximum
Which of the following statements about a Guaranteed Renewable Health
Insurance policy is correct?
Premiums normally increase at time of renewal
What year was the McCarran-Ferguson Act enacted?
1945
The Life & Health Insurance Guaranty Association is:
funded by admitted insurance companies through assessments
When must insurable interest be present in order for a life insurance policy to be
valid?
When the application is made
The _________ must provide an insured with proper disclosure concerning the
replacement of a life insurance policy.
Producer
A group-owned insurance company that is formed to assume and spread the
liability risks of its members is known as a
risk retention group
The clause in an Accident and Health policy which defines the benefit amounts
the insurer will pay is called the
Insuring clause
With Accidental Death and Dismemberment policies, what is the purpose of the
Grace Period?
Gives the policy owner additional time to pay overdue premiums
What type of group insurance plan involves employees sharing the cost?
contributory plan
A policy of adhesion can only be modified by whom?
The insurance company
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller clavin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $23.49. You're not tied to anything after your purchase.
