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Exam Flashcards

1
Q

Not true re medicaid

Funded by state and federal taxes
State program
Consists of a-c

A

Consists of three parts
A-c
This is Medicare

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2
Q

License required for variable annuities

Only securities
No license
Both life ins and sec license

A

Both life and sec license

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3
Q

All differences between individual and group ins except

Individual ins does not require medical exams whole group ins does

Individual policies individual selects coverage options while in group plan all employees are covered for same coverage no individual underwriting selection

In individual policies individual selects coverage options while group plan all employees are covered for same coverage chosen by employer

A

Individual ins does not require medical exams whole group ins does

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4
Q

Annuity owner funding annuity to supplement retirement .. bc she doesn’t know inflation she would like a return equal to standard and poor 500

Variable
Flexible
Immediate
Equity indexed

A

Equity indexed

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5
Q

Which of following is eligibility requirement for social disability income Ben

Experiencing at least one year of disability
Being at least 50 years
Currently employed status
Fully insured status

A

Fully insured status

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6
Q

All following true about group disability except

Longer waiting period lower premium
Coverage applies both on and off job
Benefits are short term

A

Coverage applies both on and off job

GdEXCEPTcab

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7
Q

Describes insureds medical history diagnoses and treatments

Individual medical summary
Attending physicians statement
Physicians review

A

Attending physicians statement

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8
Q

Death protection component of universal life ins is

Adjustable life
Decreasing term
Annually renewable term

A

Decreasing term

Dul-d

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9
Q

Which is not feature of noncancellable policy

Insurer may terminate contract only at renewal for certain conditions

Premiums cannot be increased beyond amount stated in policy

Insured has eight to renew policy for life of contract

A

Insurer may terminate contract only at renewal for certain conditions

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10
Q

Under extended term Nonforfeiture option policy cash value is converted to

Same amount as in whole life policy

Face amount equal to cash value

Higher face amount as in whole life policy

A

Same amount as in whole life policy
Etnonwhole

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11
Q

Purchased policy at 40 three years ago. Killed in car acc. Discovered he is 45 not 43.

Pay a reduced death benefit

Pay full desth benefit

Pay nothing

A

Pay reduced death benefit

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12
Q

Guaranteed renewable health ins policy allows

Insurer to renew policy to specified age

Policy to be renewed at time of expiration but policy can be canceled for cause during policy term

Policyholder to renew policy to stated age with company having right to increase premium on entire class

A

Policyholder to renew policy to stated age with company having right to increase premium on entire class

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13
Q

Owner pays her life ins annually.. until now she is collected non taxable dividend check each year … rather use dividends to help pay for her next premium.

Reduction of premium
Paid up option
Cash option

A

Reduction of premium

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14
Q

Life policy allows owner to make periodic additions to face amount at standard rates without proving insurability ..

Nonforfeiture
Guaranteed insurability
Paid up additions

A

Guaranteed insurability rider

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15
Q

Which includes in policy summary

Illustrations and application
Comparisons with similar policies
Premium amounts nd surrender values

A

Premium amounts and surrender values

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16
Q

Under workers comp not paid is

Legal benefit
income benefit

Death benefit

A

Legal benefit

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17
Q

Settlement option known as straight life

Interest only
Fixed period
Life income

A

Life income

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18
Q

In annuity accumulated money converter to stream of income during

Payment period

Conversion period

Annuitization period

A

Annuitization period

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19
Q

Patient protection and affordable care act requires preventive care services except

Cervical care exams
Diet counseling for adults
Well woman visits and counseling

A

Cervical cancer starting at 40

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20
Q

True regarding Medicare supplement policies

Must be at least guaranteed renewable
Must have at least 15 day free look period
Must contain minimum of plans a and b

A

Must be at Least guaranteed renewable

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21
Q

How soon from term of dev under credit life ins policy must credit provide notice to insurer

60
7
10

A

60

TCl60

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22
Q

Regarding taxation of boe

Premiums are taxed but expenses paid are deductible

Premiums are deductible and benefits are taxed

A

Premiums are deductible and benefits are taxed

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23
Q

Annuitant time period for benefits

Installments for fixed period
Installments for level period

A

Installments for fixed period

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24
Q

Relieve minor insured if both parents pass

Payor benefit
Waiver of premium

A

Payor benefit

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25
Q

Transfer of all ownership rights in a policy

Annuity assignment

Absolute assignment

A

Absolute assignment

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26
Q

Provide coverage on date prior to policy issue

A

Conditional receipt

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27
Q

Not true regarding equity indexes annuities

Earn lower interest rates than fixed annuities
Less risky than fixed annuities

A

Earn lower interest interest rates than fixed annuities

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28
Q

Who can make fully deductible contribution to traditional ira

An individual not covered by an employer sponsored plan who has earned income

Individual covered by employer sponsored plan who earned income

A

An individual not covered by an employer sponsored plan who has earned income

Iranocomment
Iranocov

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29
Q

Example of limited pay life policy

Renewable until 60

Life paid up at 65

A

Life paid up at 65

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30
Q

True regarding coinsurance

Larger percentage paid by insured higher premium will be

Larger percentage that is paid by insured lower required premium will be

A

Larger percentage that is paid by insured lower required premium will be

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31
Q

Itemized deductions not covered by ins that exceed

A

7.5

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32
Q

Reactive lapsed policy if action taken within period with proof of insurability

Reinstatement provision
Reactive provision

A

Reinstatement provision
Rlrp

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33
Q

Medigap=

Any private ins policy
Parts a and b

A

Parts a and b of Medicare

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34
Q

Only requires premium at its inception and protection for life of insured and matures at age 100

Level Term life

Single premium whole life

A

Single premium whole life

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35
Q

Guaranteed renewable allows

Policyholder to renew policy to stated age with company rights to increase premiums on entire class

Insurer to renew to specified age

A

Policyholder to renew policy to stated age with company rights to increase premiums on entire class

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36
Q

Policy summary

Copies of illustration and application

Premium amounts and surrender values

A

Premium amounts and surrender values

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37
Q

Include statement with application providing EXCEPT

Intending to apply for another license

Comparison with similar policies

A

Intending to apply for another license

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38
Q

Issue age premiums increase due to

Increased benefit

Age

A

Increased benefit

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39
Q

Nonforfeiture doesn’t have to offer

Reduction of premium
Reduction of overhead

A

Reduction of premium

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40
Q

Nonfortfeiture does not have to offer
Shortened benefit
Reduced paid up
Extended term
Reduction of premium

A

Reduction of premium

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41
Q

Not true re survivor annuity benefits option

Guaranteed income for two or more recipients

Payments stop after first death among annuitants

A

Payments stop after first death among annuitants

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42
Q

Underwriting major consideration when insured wishes to replace current policy for following except

Premiums always stay the same

Benefits may change

A

Premiums always stay the same

Major PAST

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43
Q

Under group life plan re master contract terminated =

A

At least 5 years

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44
Q

Which special policy covers unusual risks not normally included under accidental death and dismemberment coverage

Specified disease policy
Special risk policy

A

Special risk policy
Dadsrp

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45
Q

Straight life policy has

Increasing annual premium m for life of the insured

Level annual premium for life of insured

A

Level annual premium for life of insured

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46
Q

When whole life policy lapses or surrendered prior to maturity cash value can

Purchase single premium policy for reduced face amount

Pay back all premiums owed plus interest

A

Purchase single premium policy for reduced face amount

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47
Q

100000 annually renewable
Additional to protect kids until finished college. Discovered his policy

Built cash values
Requires premium increase each renewal

A

Require premium increase each renewal

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48
Q

Not true re no qualified retirement plan

Earnings grow tax deferred
Needs irs approval

A

DOESNT Need irs approval

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49
Q

Once eligible for Medicare supplement plan must

Offer supplement policy in guaranteed issue basis
Send applicant to doctor for physical

A

Offer supplement policy on guaranteed issue basis

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50
Q

Annuitant died before annuitization

Cash value of plan
Either amount paid in or cash value whichever is greater

A

Either amount paid in or cash value whichever is greater

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51
Q

Not true re straight life

Premium steadily decreased over time in response to its growing cash value

Usually develops cash value by end of third policy year

A

Premium steadily decreased over time in response to its growing cash value

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52
Q

Don has both basic expense and major medical policy. Injured in accident. Exhausts basic expense policy. What must he do

Submit written notification to his major medical ins company

Pay a special deductible on his major medical policy

A

Pay a special deductibe on his major medical policy

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53
Q

Underwriting is a major consideration when insured wishes to replace her current policy for all fo the following reasons except

Due to age or health the policy may change drastically

Premiums always stay the same

A

Premiums always stay the same

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54
Q

Which of following special policies covers unusual risks not normally included after accidental death and dismemberment coverage

Special risk policy

Credit disability

A

Special risk policy

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55
Q

Straight life policy has what type of premium

Decreasing annual premium for life of insured

Level annual premium for life of insured

A

Level annual premium for life of insured

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56
Q

Man decided to purchase 100000 annually renewable term life policy to provide additional protection until his children finished college. Discovered his policy

Required a premium increase each renewal

Build cash values

A

Required a premium increase each renewal

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57
Q

Which is not true regarding a non qualified retirement plan

It needs irs approval

Earnings grow tax deferred

A

Needs irs approval

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58
Q

Applicant discussing options for Medicare supplement coverage with his agent. Applicant is 65 enrolled in Medicare part a and part b

Offer supplement policy on guaranteed issue basis

Look at applicant’s medical history to decide what premium to change

A

Offer supplement policy on guaranteed issue basis

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59
Q

If an annuitant dies before annuitization occurs what will beneficiary rec

Cash value of plan

Either amount paid into plan or cash value of plan whiichever is greater amount

A

Either amount paid into plan or cash value of plan whichever is greater amount

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60
Q

In terms of parties to a contract which of the following does not describe a competent party

Person must be of legal age

Person must have at least completed secondary education

A

Person must have at least completed secondary education

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61
Q

Which statement is not true re straight life policy

Its premium steadily decreases over time in response to its growing cash value

It usually develops cash value by 4end of third policy year

A

Its premium steadily decreases over time in response to its growing cash value

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62
Q

Which of following is not a feature of Noncancellable policy

Insured has right to renew policy for life of contract

Insurer may terminate contract only at renewal for certain conditions

A

Insurer may terminate contract only at renewal for certain conditions

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63
Q

Which following policy components contains company’s promise to pay

Insuring clause

Owner’s rights

A

Insuring clause

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64
Q

Which fo following best describes annually renewable term ins

Its level term ins

It requires proof of insurability at each renewal

A

It is level term ins

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65
Q

An ins company is domiciled in Montana and transacts ins in Wyoming. Which best describes the insurer’s classification in Wyoming

Foreign
Alien

A

Foreign

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66
Q

Agent explains details of a life ins policy to a client. Agent misrepresents policy inadvertently.

There is no misconduct

Misrepresentation

A

There is no misconduct

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67
Q

777

A

777

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68
Q

777

A

777

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69
Q

All true re fixed period annuity settlement except

Life contingency
Payments are not guaranteed for life

A

NO Life contingency option

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70
Q

Re suicide is true

Suicide is excluded for specific period or of years and covered thereafter

Covered for specific period of years and excluded thereafter

A

Excluded for specified period and covered thereafter

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71
Q

Annuity period

Accumulation to annuitization
Accumulated funds converted into income payments

A

Accumulated funds converted into income payments

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72
Q

Duty to provide insurer with reasonable notice event of loss

Notice of claim
Claims Initiation

A

Notice of claim

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73
Q

Component decreases in decreasing term ins

Premium
Face amount

A

Face amount
CddFace down

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74
Q

When insured selects extended term Nonforfeiture cash value used to purchase term ins what is face amount

Equal to original policy for as long as cash value will purchase

Same as original policy minus cash value

A

Equal to original policy for as long as cash value will purchase

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75
Q

Upon death of insured primary beneficiary discovers interest only settlement option

Beneficiary will only rec payments of interest earned in death benefit

Beneficiary must pay interest to insurer

A

Beneficiary will only Rec payments of interest earned on death benefit

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76
Q

Annuitant selects amount of payment insurer determines how long paying benefits

Fixed period
Fixed amount

A

Fixed amount

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77
Q

Heart attack or stroke

Critical illness

Major medical

A

Critical illness

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78
Q

Income stops upon first death and of insured

Deferred annuity
Pure annuity
Joint life annuity

A

Joint life annuity

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79
Q

Selling variable register with

Finra
Sec

A

Finra

Vaf

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80
Q

All true except
Death benefits are paid for only the month if death occurs within 24 hour of accident

Accidental death and dismemberment ins is limited coverage

A

Death benefits are paid for only the month if death occurs within 24 hour of accident

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81
Q

Desth and dismemberment all except

Limb
Eye
Income

A

Income

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82
Q

Which statement true

Disability ins can be written as occupational or no occupational

Individual disability policie never cover nonoccupational injury

A

Disability ins can be written as occupational or nonoccupational

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83
Q

Named wife as beneficiary. Chose life income settlement. Amount of payments determined by all except

Face amount of policy
Insureds age at desth
Projected interest rates

A

Insureds age at desth

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84
Q

Participating policy may do which

Require 80%
Pay dividends

A

Pay dividends

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85
Q

Affordable care act essential benefit categories

5
10
12

A

10

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86
Q

Cease and desist contest time

60
90
120

A

60 days

87
Q

Affordable care act benefit categories

5
10
12

A

10

88
Q

Died before able to complete app and pay initial premium

Consideration clause
Insuring clause

A

Consideration clause

89
Q

Accumulation at interest option true except

Interest not taxable since remains inside ins policy

Annual dividend retained by company

A

Interest not taxable since remains inside ins policy

90
Q

Not feature of noncancellable policy

Insurer May terminate contract only at renewal for certain conditions

Insured has right to renew policy for life of contract

A

Insurer May terminate contract only at renewal for certain conditions

91
Q

Childrens riders attached to whole life policies

Term
Whole life

A

Term

92
Q

Short term annuity limits to specific fixed period or specific fixed amount liquidated

Refund life
Annuity certain

A

Annuity certain

93
Q

Offer usually made when

Applicant submits app to insurer
Agent explains policy to applicant

A

Applicant submits app to insurer

94
Q

Not true re noncancellable policy

Insurer can terminate contract only at renewal for certain conditions
Guarantee to renew coverage usually applies until insurd reaches certain age

A

Insurer can terminate contract only at renewal for certain conditions

95
Q

True re accumulation at interest option

Interest not taxable since inside policy
Annual dividend retained by company

A

Interest not taxable since inside policy

96
Q

Confined to hospital before able to complete app and pay initial premium not covered bc not met

Consideration clause
Insuring clause

A

Consideration clause

97
Q

Most policies pay accidental death benefits as long as death is caused by accident which occurs within

30
90
60

A

90

98
Q

Own childrens term rider. Daughter reaching max age of dependent coverage will have to convert to permanent ins. Proof of insurability?

Proof of insurability not required
Medical exam
Parents income tax receipts

A

Proof of insurability not required

99
Q

Guaranteed insurability rider

Assumed age
Average age
Attained age

A

Attained age

100
Q

If dental integrated is combined with

Medical
Life
Secondary dental

A

Medical
Integrated md

101
Q

Waiver of premium ride in life ins policies

30 days
3 months
6 months

A

6 months

102
Q

Not covered under accidental death and dismemberment

Credit disability
Special risk policy
Limited risk policy

A

Special risk policy

103
Q

In classifying risk home office underwriting looks at all except

Past income
Past medical history
Present occupation

A

Past income

104
Q

Married couple determining financial needs of kids if one or both die prematurely

Survivor protection
Life planning
Survivorship ins

A

Survivor protection

105
Q

Annuitant selects amount of each payment and insurer determines how long benefits paid

Fixed amount
Fixed period
Variable period

A

Fixed amount

106
Q

Policyowner needs to change insured under policy

Substitute insured rider
Payor benefit rider
Term rider

A

Substitute insured rider

107
Q

Equity indexes annuity considered fixed annuity

Not tied to sp 500

Guaranteed minimum interest rate

Fixed rate of return

Modest investment potential

A

Guaranteed minimum interest rate

500gmi

108
Q

Age 27 total disability credits earned

20
6
12

A

12

109
Q

Fixed period settlement option

Both principal and interest liquidated over selected period of time

Income is guaranteed for life of beneficiary

A

Both principal and interest liquidated over selected period of time

Psliquid

110
Q

Legal purpose following elements

Insurable interest and consent

Underwriting and reciprocity

A

Insurable interest and consent

111
Q

Traditional level premium

Straight life

Adjustable life

Universal life

A

Straight life

112
Q

Maximum penalty for habitual willful noncompliance

2500
1000
100 per violation

A

25000

113
Q

Not eligible for benefits w/ disability income policy for at least 30 days

Blackout period

Elimination period

Probationary period

A

Elimination period

114
Q

True about hra

Account allows rollover at employer’s discretion

Only allows rollover for half unused balanced at end of year

A

Account allows rollover at employer’s discretion

115
Q

Annual life ins dividend check

Cash option

Reduction of premium

Accumulation at interest

A

Cash option

116
Q

Insured had 10000 term life policy. Had annual premium of 200 due feb 1. Insured failed to pay premium and died feb 28.

0
200
9800

A

9800

117
Q

Not true re equity indexed annuities

Earn lower interest rates than fixed annuities

Less risky than variable annuities

A

Earn lower interest rates than fixed annuities

118
Q

Pints of blood paid for by Medicare supplement core benefits

First 3

1 pint

Everything after first 3

A

First 3

119
Q

Re coinsurance

Larger the percentage lower required premium

Larger percentage higher required premium

A

Larger the percentage lower required premium

120
Q

Least expensive first year premium found in

Annually renewable term

Level term

A

Annually renewable term

121
Q

Fully deductible contribution to a traditional ira

Not covered by employer sponsored plan who has earned income

Person whose contributions are funded by a return on investment

A

Not covered by employer sponsored plan who has earned income

Irancov

122
Q

Which would be tax deductible

Key person

Employer on a 30000 group term life ins plan for employees

Paid by mother on her son’s policy

A

30000 group term life ins plan for employees

123
Q

Agent knows going to cash in old policy and use funds to purchase new ins

Replacement rule

Reinstatement rule

Conversion rule

A

Replacement rule

124
Q

Minimum renew ability standard for long term care in tx

Guaranteed renewable

Conditionally renewable

A

Guaranteed renewable

125
Q

Submission of death claim; when must insurer pay

Within two months

Within 30 days

A

Two months

126
Q

Acknowledge receipt of notice of claim within

5

15

20

A

15

Ronoc15 years old!

127
Q

Affordable care act Aca categories

5

10

A

10

128
Q

Cease and desist for charge has to be reviewed; how many days

30
14

A

30
Cdr is 30

129
Q

Cease and desist order from commissioner of ins; if wish to contest how many days

10

60

A

60

Cad60

130
Q

Who receives dividends from a mutual insurer

Policyholders

Stockholders

A

Policyholders

131
Q

Info about ins applicant’s credit

Consumer report

Federal report

A

Consumer report

132
Q

Not normally included under accidental death and dismemberment coverage

Special risk policy

Credit disability

A

Special risk policy

133
Q

Not true re non qualified retirement plan

Needs irs approval

Earnings grow tax deferred

A

Needs irs approval

134
Q

Variable life Face amount of 50000. Stock performance declined fell to 10000.

50000

10000

A

50000

135
Q

Benefits based on insured’s loss of earnings after recovery from a disability

Partial disability

Residual disability

A

Residual disability

136
Q

Children’s riders attached to whole life are issued

Variable life

Adjustable life

Term

A

Term

137
Q

Medicare will pay full benefits in facility following accident in skilled nursing facility for

20

100

A

20

138
Q

Free look

Commences when policy is delivered

Commences when application is signed

A

Commences when policy is delivered

139
Q

True re elimination periods and cost of coverage

Longer the elimination period, lower cost of coverage

Shorter elimination period lower cost of coverage

A

Longer the elimination period, lower cost of coverage

140
Q

Designates group of individuals as beneficiary of life ins death benefit without specifically naming individuals

Class designation

Stirpes designation

A

Class designation

141
Q

Describes insured’s medical history including diag and treatments

Attending physicain’s statement

Physician’s review

A

Attending physician’s statement

142
Q

Accidental death and dismemberment coverage what benefit paid to beneficiary

Double amount of death benefit

Principal sum

A

Principal sum

143
Q

Policies pay accidental death benefits as long ad death is caused by accident and occurs within

30

90

A

90

144
Q

Corridor deductible services name from fact that applied between basic coverage and

Major medical

Limited coverage

A

Major medical

145
Q

Rider that Provides coverage on insured’s family members

Other insured rider

Change of insured rider

A

Other insured rider

146
Q

Policy rider provides amount of insurance on every family member

Family term rider

Children’s rider

A

Family term rider

147
Q

Submit written proof re covered loss

As soon as possible

Within 90 days not to exceed 1 year

A

Within 90 days not to exceed 1 year

148
Q

Best describes annually renewable term ins

Level term ins
Provides an annually increasing death enefit

A

Level term ins

149
Q

Paid initial premium; insurer issued conditional receipt; five days later applicant submitted to medical exam; when is policy’s effective date

Date of application
Date of medical exam

A

Date of medical exam

150
Q

True re annuity owner except

Owner has right to name beneficiary

Owner must be party to rec benefits

A

Owner must be party to rec benefits

151
Q

When employee terminates coverage coverage continues in force

For 31 days

For 60 days

A

31 days

Et31 years old

152
Q

Small premium large amount of risk

Aleatory

Warranty

A

Aleatory

153
Q

When would 20 pay policy endow

At 100 years

After 20 payments

A

At 100 years

154
Q

Does NOT describe a competent party

Must have completed secondary education

Must be of legal age

A

Must have completed secondary education

155
Q

Contestability period in grou life

2 years

1 year

A

2 years

156
Q

Functionally impaired adults less than 24 hour basis

Adult day care

Residential care

A

Adult day care

157
Q

Medicaid all except

Family planning

Income assistance for work related

Eyeglasses

Home health care

A

Income assistance for work related

158
Q

Through lifetimes of two or more beneficiaries

Joint life
Joint and survivor

A

Joint and survivor

159
Q

In event owner is disabled

Business overhead

Recurrent disability

A

Business overhead

160
Q

Unilateral

One author insured must accept it as written

One sided only one party makes enforceable promise

A

One sided one party makes an enforceable promise

161
Q

Main source of underwriting info when insurer begins procedures

Application

Interviews

A

Application

162
Q

All regulate variable life except

Guaranty association

SEC

Ins department

Federal govt

A

The guaranty association

163
Q

Interest earned on policy dividends is

Taxable

Non taxable

A

Taxable

164
Q

Coinsurance provisions

Help ins company to prevent over utilization

Guarantee payment to doctors and hospitals

A

Help ins company to prevent over utilization

165
Q

Couple wants to built a house and want to make larger down payment

Insured is diagnosed with cancer and needs help with medical treatment

A

Accelerated benefits

166
Q

Variable annuities =

A

FINRA

167
Q

Lottery annuity=

A

Immediate annuity

168
Q

Not normally included under accidental death and dismemberment

Special risk

Credit disability

A

Special risk

169
Q

Underwriting=

Selection classification and rating

Solicitation negotiation and sale of policies

A

Selection classification and rating

170
Q

Event of loss after notice of claim submitted to insurer who provides next claims

Insurer to insured

Insured to insurer

A

Insurer to insured

171
Q

Re elimination periods and cost of coverage

Longer elimination period lower cost of coverage

Shorter elimination period lower cost of coverage

A

Longer elimination period lower cost of coverage

172
Q

Period of coverage for death or divorce under cobra

60 days
36 months

A

36 months a

173
Q

payment at inception; protection for life of insured; matures at 100;

Single premium whole life

Level term life

A

Single premium whole life
100singlep

174
Q

Notice in event of loss

Notice of claim

Loss notification

A

Notice of claim

175
Q

Aleatory=

Unequal values

Submitted on take it or leave it basis

A

Unequal values

176
Q

In ref to standard Medicare supplement benefits plans

All providers will have same coverage options and conditions for each plan

All plans must include basic benefits a-n

A

All providers will have same coverage options and conditions for each plan

177
Q

Before able to complete application and pay initial premium confined to hospital; not met

Insuring clause

Consideration clause

A

Consideration clause

178
Q

Accidental benefits as long as caused by accident and within

30

60
90

A

90
Ac90

179
Q

Prevent universal life policy from lapsing

Target of premium

Face amount

A

Target of premium

180
Q

Cease and desist order; request for charges to be reviewed immediately; how many days must hearing

10

30

A

30

181
Q

Insurer’s Right to change premium amounts

Continuation provision

Premium provision

A

Continuation provision

182
Q

Continuation provision aka

A

Renewal provision

183
Q

Due on loan if debtor dies before loan is repaid

Credit life

Credit health

A

Credit life
Ddcl

184
Q

Unfair trade practices of rebating

Telling that first premium will be waived if purchases ins policy today

Making deceptive statements about competitor

A

Telling that first premium will be waived if purchases ins policy today

185
Q

Re fiduciary responsibility

Handling insurer’s funds in a trust capacity

Handling assets or money belonging to others

A

Handling insurer funds in a trust capacity

186
Q

Terminates coverage under group ins policy coverage continues for

31 days

Until employee can obtain coverage under new group plan

A

31 days

187
Q

L has major medical with 500 deductible and 80/20; hospitalized sustains 2500 loss; maximum amount L will pay

900 (deductible + 20% of bill after deductible [20% of 2000]

500 amount of deductible

A

900 (deductible + 20% of bill after deductible [20% of 2000]

188
Q

Not a term for receiving income

Payout

Depreciation

A

Depreciation

189
Q

Divorcee to continue recg group health for additional 36 months

Cobra

Social security

A

Cobra

190
Q

All true regarding guaranteed insurability rider except

Rider is available to all insureds with no additional premium

Insured may purchase additional coverage at the attained age

A

Rider is available to all insureds with no additional premium

Guaranteed insurability rider no additional
Girna

191
Q

Annually renewable level death for premium that

Remains level

Increases annually

A

Increases annually

Ari

192
Q

Easier for total disability

More liberal own occupation

More strict any occupation

A

More liberal own occupation

193
Q

Federal fair credit reporting act

Regulates consumer reports

Protects customer privacy

A

Regulates consumer reports

194
Q

Excess plan covering losses up to 10000; suffered loss of 15000; how much will excess plan pay

10000

5000

A

5000

195
Q

Interest sensitive whole life aka

Current assumption life

Variable life

A

Current assumption life

Sensitive assumption

196
Q

True regarding accumulation period of annuity

Period during which payments into annuity grow tax deferred

Referred to as annuity period

A

Period during which payments into annuity grow tax deferred

197
Q

Discovers insured chose interest only settlement option

Beneficiary will only receive payments of the interest earned on the death benefit

Beneficiary will rec lump sum plus interest

A

Beneficiary will only receive payments of the interest earned on the death benefit

198
Q

Probationary period applies to employees who

Want lower premiums

Join the group after the effective date

A

Join the group after the effective date

199
Q

Re taxation of premiums in key person life ins policy

Premiums are not tax deductible as business expense

Premiums are taxable to employee

A

Premiums are not tax deductible as business

200
Q

Limited pay life policy

Level term life

Life paid up age 65

A

Life paid up age 65

201
Q

Pays 100 premium monthly. Insurer promises to pay 10000 for covered loss

Adhesion

Aleatory

A

Aleatory

202
Q

Prevent ins from paying reimbursement claim to someone other than policyowner

Payment of claims

Entire contract clause

A

Payment of claims

203
Q

Premiums paid by Emp in biz life ins policy are

True re hmo coverage

Provides nationwide coverage

Divided into geographic territories

A

Divided into geographic territories

204
Q

While claim pending ins may require

Independent exam as often as reasonably required

Every 45 days

A

Independent exam as often as reasonably required

205
Q

If consumer challenges accuracy of info contained in consumer report

Respond to consumer’s complaint

Send certified copy of report to consumer

A

Respond to consumer’s complaint

206
Q

Suit any select amount; insurer determines how long pays benefits

Fixed amount

Fixed period

A

Fixed amount

207
Q

All true re education requirement of tx except

Alllicensed agents must comply by January 1 of even numbered years

Requires satisfactory completing of 24 hours of approved training every 2 years

A

Alllicensed agents must comply by January 1 of even numbered years

208
Q

Which is not required to be stated in the outline of coverage provided with long term care

Policy number

Basic info about supplementary polices

A

Basic info about supplementary policies

209
Q

How long mustproducer maintain records of continuing education course completion

1 year

4 years

A

4 years

210
Q

Used to compare the cost of one life ins policy against another

Cost comparison method

Policy cost indices

A

Policy cost indices

211
Q

Purchased policy 5 years ago last year recd dividend check from company non taxable … did not send check this year

Stock

Mutual

A

Mutual

212
Q

Termination of debt/credit provide notice to insurer

30

60

A

60
Tod is 60 years old!

213
Q

Evidence of insurability within how many days of termination re conversion to individual whole life policy

14

31

A

31
Termversthirs
Or
Ei31

214
Q

Most hmo operate through

Group enrollment system

individual fee for service

A

Group enrollment system

Hmoges

Ins (77 decks)

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