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When completing the application, the agent would be expected to do all of the following EXCEPT? - ANSWER Set the final rates for the new policy If after completing the application the agent finds that a question was missed. The agent should? - ANSWER Schedule another appointment with the applicant to properly complete the application

Premium payments for a universal life policy are NOT used for: - ANSWER Separate account investments Under PA statute, first year commission for long-term care insurance may not be greater than - ANSWER 50% of the first year premium

What is considered the most common type of specified disease insurance policy? - ANSWER Cancer Minimum participation standards exist for a group health insurance plans in order to - ANSWER Prevent Adverse Selection How does underwriting differ between group life

Basic Medical Expense policies - ANSWER Provide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - ANSWER -A supplement (in addition) to Basic Medical or as a stand-

Basic Medical Expense policies - ANSWER Provide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - ANSWER -A supplement (in addition) to Basic Medical or as a stand-alone policy. -individual or group policy

Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year mortgage in the event of the insured's death? - ANSWER 30-year decreasing term. How many days notice does the ACA require insurers to give before rescinding coverage? - ANSWER 30

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - ANSWER Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - ANSWER Notice of claim.

Insurance - ANSWER defined as the transfer of PURE risk to the insurance company in consideration for a premium. The chance of loss without any chance of gain is called - ANSWER pure risk

Regarding an organizational license, what happens when a corporation is dissolved? - ANSWER The license is terminated john applies for a variable annuity and does not request that the premiums be immediately invested in a stock or bond portfolio. After the annuity is issued, John returns the annuity contract to the insurer within the free look period. What will John

What distinguishes a deferred annuity from an immediate annuity? - ANSWER The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - ANSWER 60 payments