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MINNESOTA STATE LICENSE EXAM QUESTIONS AND ANSWERS #15
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MINNESOTA STATE LICENSE EXAM QUESTIONS AND ANSWERS #15
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MINNESOTA STATE LICENSE EXAM QUESTIONS AND ANSWERS #15Which of these factors do NOT play a role in the underwriting of a health insurance
policy?
Avocations
Credit status
Marital status
Occupation - correct answer Marital Status
An individual who in any manner sells, solicits, or negotiates insurance on behalf of
insurance companies for compensation is an insurance:
Solicitor
Adjuster
Producer
Representative - correct answer producer
A disability income policyowner recently submitted a claim for a chronic neck problem
that has now resulted in total disability. The original neck injury occurred before the
application was taken 5 years prior. The neck injury was never disclosed to the insurer
at the time of application. How will the insurer handle this claim?
Claim will be paid and coverage will remain in force
Claim will be denied and coverage will remain in force
Claim will be denied and coverage will be cancelled
Claim will be denied, the coverage cancelled, and all premiums paid will be refunded -
correct answer claim will be paid and coverage will remain in force
After a policy has been in force for 2, sometimes 3 years, it enters the incontestable
period, in which the insurer may not deny a claim based on information not disclosed at
the time of application
A producer who fails to renew a license may reapply for a license without an
examination:
Within two years after no renewal
Within one year after no renewal
Within three years after no renewal
At anytime - correct answer within one year after no renewal
A producer who fails to renew a license may reapply for a license without an
examination within one year after no renewal. A penalty of twice the unpaid renewal fee
must be paid
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy?
If the primary beneficiary is a minor at the time of the insured's death
If the primary beneficiary dies before the insured
If the insured died of accidental causes
If the insured died of natural causes - correct answer if the primary beneficiary dies
before the insured
, A contingent beneficiary will receive the policy proceeds if the primary beneficiary dies
before the insured's death
What type of rider would be added to an Accident and Health policy if the policyowner
wants to ensure the policy will continue if he/she ever becomes totally disabled
Accidental death and dismemberment rider
Disability income rider
Guaranteed insurability rider
Waiver of premium rider - correct answer waiver of premium rider
If a policyowner covered under an accident and health policy wanted to ensure the
policy will continue if they ever become totally disabled, they would want to add a waiver
of premium rider
Medicare is intended for all of the following groups, EXCEPT
Those enrolled as a full-time student
Those receiving social security disability benefits for at least 24 months
Those afflicted with chronic kidney failure
Those 65 and older - correct answer those enrolled as a full-time student
An insurer receives proof of loss for an acceptable medical expense claim under an
individual health insurance policy. Under the time of payment of claims provision, the
insurer MUST pay the benefits:
Immediately
Within a maximum of three months
Within a reasonable amount of time
At least monthly - correct answer immediately
The insurer must pay the benefits immediately after receiving proof of loss
T is covered by an Accidental Death and Dismemberment policy that has an irrevocable
beneficiary. What action will the insurance company take if T requests a change of
beneficiary
Request will be accepted only if in writing by the insured
Change will be made only if premiums are paid current
Change will be made immediately
Request of change will be refused - correct answer request of change will be refused.
You need written consent of the beneficiary
Insurance policies are offered on a take it or leave it basis, which make them:
Conditional contracts
Aleatory contracts
Unilateral contracts
Contracts of adhesion - correct answer contracts of adhesion
A life insurance arrangement which circumvents insurable interest statutes is called:
A contract of adhesion
An indemnity contract
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