Facts

Question 1

How is the commission calculated on a replacing long term care policy

Answer 1

calculated based on the difference between the annual premium of the replacement policy and the original policy

Question 2

Who submits the claim under Part A of Medicare

Answer 2

the provider

Question 3

Adult day care coverage in a Long Term Care policy covers

Answer 3

part-time care in a facility for a person who lives at home

Question 4

What type of agreement facilitates the purchase of a decreased shareholder’s shares from the shareholder’s heirs by a corporation

Answer 4

A stock redemption buy/sell agreement

Question 5

At what age would a widow/widower w/o children be eligible for Social Security survivors benefits

Answer 5

60

Question 6

Qualified Long Term Care policy sold in CA must state the what phrase on the first page

Answer 6

“this contract for long-term care insurance is intended to be a federally qualified long-term care insurance contract and may qualify you for federal and state tax benefits”

Question 7

________ can be utilized to obtain a loan

Answer 7

a collateral assignment

Question 8

A Modified Endowment Contract has ___% IRS early withdrawal penalty

Answer 8

10%

Question 9

An agent’s commission comes from..

Answer 9

the insurers expenses portion of the premium charged

Question 10

The insured can change the _________ anytime if they are _________

Answer 10

beneficiary, revocable

Question 11

When can a representation be altered or withdrawn

Answer 11

before the insurance is effected, but NOT afterwards

Question 12

In life insurance ____________ must exist when a policy is first issued

Answer 12

insurable interest

Question 13

Who is elected by the people in the same time, place, and manner as the Governor

Answer 13

The Insurance Commissioner

Question 14

The Social Security Blackout period begins when the youngest child reaches age

Answer 14

16

Question 15

The Social Security Blackout period ends when the surviving spouse reaches age

Answer 15

60

Question 16

Social Security full retirement age is based on..

Answer 16

the year in which you were born

Question 17

Retirement benefits under Social Security are only available to workers who are ____________

Answer 17

fully insured

Question 18

In order to sell/transact insurance agents must..

Answer 18

hold at least one insurer appointment

Question 19

Roth IRAs have ______________ contributions

Answer 19

non-deductible

Question 20

Divorce is a ______ under COBRA

Answer 20

QLE

Question 21

3 types of ordinary life insurance

Answer 21

W-E-T

1. Whole Life
2. Endowment
3. Term
   - Group insurance NOT included

Question 22

Each authorized insurer is required to..

Answer 22

establish a division within the insurer to investigate fraudulent claims

Question 23

Claim forms are required to include the following statement related to fraudulent claims

Answer 23

“any person who knowingly presents a false or fraudulent claim for the payment of a loss is guilty of a crime and may be subject to fines and confinement in a state prison”

Question 24

An insurance license becomes inactive when..

Answer 24

you no longer hold any insurer appointments

Question 25

If an ER holds your license and wants to cancel it..

Answer 25

they are required to send written notice to the commissioner

Question 26

If an applicant had a professional license revoked in the past __ years the insurance commissioner can deny their licensing application w/o a prior hearing

Answer 26

5