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XCEL all chapter final exams- insurance part 2 questions and answers
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XCEL all chapter final exams- insurance part 2 questions and answers
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XCEL all chapter final exams/ insurancepart 2 questions and answers
A policyholder has a major medical plan with a 80%/20% coinsurance and a deductible
of $75. If the insured has previously met her deductible and receives a bill for $175, how
much will the insurer pay? - Answers -$140
The conversion privilege under a group life plan allows an employee to convert to a(n) -
Answers -individual plan upon employment termination
The suicide clause of a life insurance policy states that if an insured commits suicide
within a stated period form the policy's inception, the insurer will only be liable for a
return of premiums paid - Answers -minus indebtedness and without interest
An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - Answers -the insured
outlived the beneficiary
Which of the following typically does Not provide a form of managed care? - Answers -
Major medical indemnity plan
When are group disability benefits considered to be tax-free to the insured? - Answers -
when the recipient pays the premiums
Filed Underwriting performed by the producer involves - Answers -completing the
application and collecting initial premium
Pre-death distributions from a modified endowment contract (MEC) receive different tax
treatment than other life insurance policies because - Answers -the MEC tends to be an
investment vehicle
A producer found to have engaged in unfair method of competition may be - Answers -
Subject to license suspension or revocation
The waiver of premium dose Not include which provision? - Answers -All future
premiums are waived if the insured recovers form the disability
Which of the following Correct regarding disclosure regulations - Answers -it requires
the delivery of the buyer's guide and a disclosure document to applicants
, Part A Hospital expense coverage provided under Medicare is automatically made
available to each of the following EXCEPT - Answers -A 70-year old Not eligible for
Social Security
level premiums permanent insurance accumulates a reserve that will eventually -
Answers -equal the face amount of the policy
Coordination of benefits regulation applies to all of the following plans EXCEPT -
Answers -Preferred Provider Organization plan
Long-term care policies sold in Washington must provide coverage for at least -
Answers -12 months
Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits. Which
of these benefit options would he choose? - Answers -Guaranteed lifetime withdrawal
benefit
A disability income policy can prevent an insured form earning a higher income than if
he/sh were working by utilizing - Answers -benefit limits
Lisa has recently bought a fixed annuity. Which of these is considered to be a
disadvantage of owning this type of annuity? - Answers -During periods of inflation,
annuitants will experience a decrease in purchasing power of their payments
Kurt is an active duty serviceman who was recently killed in an accident while home on
leave. Which military service exclusion clause would pay upon his death? - Answers -
Results
No legal action can be initiated after 5 years form the - Answers -Initial time written
proof of loss has been provided
Someone needing custodial care at home would require which type of coverage? -
Answers -Long-term care
The primary purpose of replacement regulation is to - Answers -protect policy owners
form misrepresentations and loss of benefits
Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - Answers -20
An insurer must furnish to a claimant form for filing proof of loss within ___ days upon
receiving a notice of claim. - Answers -15 days
decreasing term life insurance is often used to - Answers -provide coverage for a home
mortgage
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