Exam Wrong Answers 3 Flashcards
The annuity owner dies while the annuity is still in the accumulation stage. Which of the following is True?
The beneficiary will receive the greater of the money paid into the annuity or the cash value
If an immediate annuity is purchased with the face amount at death or with cash value surrender, this would be considered a
Settlement option
All of the following are true about group disability income insurance except
Coverage applies both on and off the job
Which of the following health care plans would most likely provide the insured/subscriber with comprehensive health care coverage?
Health Maintenance Organization plan
Based on Human Life Value Approach, which of the following is not used to calculate an individual’s life value?
Predicted needs of the family after the insured’s death
Which of the following Life insurance policies would be considered interest sensitive?
Universal life
Which of the following is true about nonforfeiture values?
They are required by state law to be included in the policy
All of the following statements about Medicare supplement insurance policies are correct except
They cover the cost of extended nursing home care
What type of insurance would be used for a Return of Premium rider?
Increasing term
Which of the following explains the policy owner’s right to change beneficiaries, choose options and receive proceeds of a policy?
Owners rights
Which of the following is not a feature of a guaranteed renewable provision?
The insurer can increase the policy premium on an individual basis
Which of the following named beneficiaries would not be able to receive the death benefit directly from the the insurer in the event of the insured’s death?
A minor son of the insured
Which of the following is not an enrollment period for Medicare Part A applicants?
Automatic enrollment
In disability income insurance if an insured is considered disabled if they cannot perform any job they are suited for by prior education, training or experience, they fall under which definition of total disability?
Any occupation
According to the privacy of consumer financial information regulation, if a consumer decides to opt out this means
The consumer directs the licensee not to disclose the consumer’s non public personal financial information to a third party
How soon after the due date should the insurer pay the agent appointment fees?
Within 30 days
Which of the following is true regarding a waiver of a surrender charge on an annuity contract?
The charge may be waived if the annuitant is confined to a long term facility for at least 30 days
What is the civil penalty for the first violation if the Pennsylvania Insurance Fraud Prevention Act?
$5,000
Which component increases in the increasing term insurance?
Death benefit
The two types of assignments are
Absolute and collateral
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 with Term Certain
The requirement that an agent not co-mingle insurance monies with their own funds is known as…
Fiduciary responsibility
Under most dental plans, what limitations are posed for denture replacement?
Once every 5 years
If forming an insurance contract, when dose acceptance usually occur?
When an insurer’s underwriter approves coverage
How often must the commissioner examine rating organizations?
Every 5 years
Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive…
Nothing, Payment’s will cease
A policy will pay the death benefit if the insured dies during the 20 year premium paying period and nothing if death occurs after the 20 year period. What type of policy is this?
Level term
