Exam Wrong Answers 1 Flashcards
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?
Those who have been insured under the plan for at least 5 years
What types of services may not be provided under the long term care’s assisted living?
Visits by a registered nurse
Which of the following determines the length of time that benefits will be received under the fixed amount settlement option?
Size of each installment
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?
If a consumer does not sign and return the notice of disclosure within 30 days
According to the 2001 CSO Table, at what age will the terminal reserves be reached?
120
To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?
10 days
Which of the following riders would not cause the death benefit to increase?
Pryor Benefit Rider
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
Notice Regarding Replacement
What’s the number of credits required for fully insured status for Social Security disability benefits?
40
Which of the following is an example of an agent’s fiduciary responsibilities?
Forwarding premiums to the insurer
An insured committed suicide one year after his life insurance policy was issued. The insurer will
Refund the premiums paid
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:
Joint Life and Term Certain
In a group policy, who is issued the certificate of insurance?
The individual insured
Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive
Nothing, payments will cease
Which of the following is an example of a peril covered in an accident and health insurance policy?
Sickness
Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?
Universal life
As it pertains to group health insurance, COBRA stipulates that
Group coverage must be extended for terminated employees up to a certain period of time at the former employees expense
Which of the following is not true regarding a flexible spending account?
It does not have limits on contributions
All else being equal, which of the following will not be considered unfair discrimination by insurers?
Discriminating in benefits and coverages based on the insureds habits and lifestyle
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?
Chronically ill
Which of the following entities established the Do not call registry?
The federal trade commission