Exam Wrong Answers 1

Question 1

Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated?

Answer 1

Those who have been insured under the plan for at least 5 years

Question 2

What types of services may not be provided under the long term care’s assisted living?

Answer 2

Visits by a registered nurse

Question 3

Which of the following determines the length of time that benefits will be received under the fixed amount settlement option?

Answer 3

Size of each installment

Question 4

Under which of the following circumstances can financial institutions share insurance coverage information with third parties, for the purpose of soliciting the purchase of insurance?

Answer 4

If a consumer does not sign and return the notice of disclosure within 30 days

Question 5

According to the 2001 CSO Table, at what age will the terminal reserves be reached?

Answer 5

120

Question 6

To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?

Answer 6

10 days

Question 7

Which of the following riders would not cause the death benefit to increase?

Answer 7

Pryor Benefit Rider

Question 8

Shortly after a replacement transaction on a Medicare supplement policy, the insured decided to cancel the policy, but is unsure whether the free look provision applies. The insured could find that information in the

Answer 8

Notice Regarding Replacement

Question 9

What’s the number of credits required for fully insured status for Social Security disability benefits?

Answer 9

40

Question 10

Which of the following is an example of an agent’s fiduciary responsibilities?

Answer 10

Forwarding premiums to the insurer

Question 11

An insured committed suicide one year after his life insurance policy was issued. The insurer will

Answer 11

Refund the premiums paid

Question 12

Elijah and Mary are to receive the proceeds of a life insurance policy jointly until the first one dies. If either one should die within a specified time, the other one will receive benefits until the end of the specified time. This settlement option is known as:

Answer 12

Joint Life and Term Certain

Question 13

In a group policy, who is issued the certificate of insurance?

Answer 13

The individual insured

Question 14

Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive

Answer 14

Nothing, payments will cease

Question 15

Which of the following is an example of a peril covered in an accident and health insurance policy?

Answer 15

Sickness

Question 16

Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?

Answer 16

Universal life

Question 17

As it pertains to group health insurance, COBRA stipulates that

Answer 17

Group coverage must be extended for terminated employees up to a certain period of time at the former employees expense

Question 18

Which of the following is not true regarding a flexible spending account?

Answer 18

It does not have limits on contributions

Question 19

All else being equal, which of the following will not be considered unfair discrimination by insurers?

Answer 19

Discriminating in benefits and coverages based on the insureds habits and lifestyle

Question 20

What term best describes the condition of a person who is unable to perform at least 2 activities of daily living or requires substantial supervision to protect the individual from threats to their own health and safety?

Answer 20

Chronically ill

Question 21

Which of the following entities established the Do not call registry?

Answer 21

The federal trade commission