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2024 INDIANA LIFE AND HEALTH EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTH EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE AND HEALTHEXAM WITH CORRECT ANSWERS
Regarding an accelerated death benefit, a physician must give a prognosis of
___ months or less life expectancy for the named insured.
A)6
B)24
C)18
D)12 - CORRECT ANSWERS-C) 24
(Federal Tax Considerations and Retirement Plans)
Which of the following is the proper sequence of beneficiaries?
A) Primary, tertiary, contingent
B) Primary, estate, tertiary
C) Primary, contingent, tertiary
D) Estate, contingent, primary - CORRECT ANSWERS-C) Primary, contingent,
tertiary
-The question asks for the proper succession of beneficiaries, which is
primary, contingent, and tertiary.
(Life Policy Provisions and Options)
In Indiana, what could be the result of violating a Cease and Desist Order?
A) A 1 year jail sentence
B) A civil penalty of not more than $25,000 per violation
C) A one-time $10,000 fine
D) A civil penalty of $50,000 per violation - CORRECT ANSWERS-B) A civil
penalty of not more than $25,000 per violation
-Any person who violates a Cease and Desist Order may be subject to a civil
penalty of not more than $25,000 per violation and/or suspension or
revocation of the person's license or certificate of authority.
(State Laws)
A mandatory participation rate for noncontributory group plans is designed
to:
A) Reduce adverse selection
B) Maximize the premium an insurer collects
, C) Allow the employer to obtain the greatest premium discount
D) Achieve economies of scale - CORRECT ANSWERS-A) Reduce adverse
selection
-Requiring 100% of eligible employees to participate in a noncontributory
employer group life insurance plan reduces the risk of adverse selection.
(Markets and Social Security)
Which of the following term policies costs the most, all other factors being
equal?
A) Renewable and non-convertible
B) Nonrenewable and convertible
C) Renewable and convertible
D) Nonrenewable and non-convertible - CORRECT ANSWERS-C) Renewable
and convertible
-The more features a policy has, the more it will cost the consumer.
(Types of Policies and Riders)
Which of the following types of coverage provides custodial care outside the
home for individuals not requiring confinement?
A) Hospice Care
B) Respite Care
C) Adult Day Care
D) Home Health Care - CORRECT ANSWERS-C) Adult Day Care
- Adult Day Care provides custodial services outside the home for individuals
not requiring a 24-hour confinement in a nursing home.
(Senior Needs)
A Long-Term Care policy sold in Indiana requires all the following, except:
A) A maximum 6 month pre-existing conditions exclusion
B) Noncancellable or guaranteed renewability
C) Coverages for dependents
D) Coverage for at least 12 consecutive months - CORRECT ANSWERS-C)
Coverages for dependents
- Long-Term Care policies do not provide coverage for dependents. The other
options are all required standards for marketing.
(State Laws)
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