Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Ins > Last Exam > Flashcards

Last Exam Flashcards

1
Q

How much notice must department provide to agent prior to agent’s license expiring

10

30

A

30

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When are agents required to provide outline of coverage to applicant for individual long term care policy

At time of policy solicitation

At time of policy delivery

A

At time of policy solicitation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When enrolling an applicant for hmo coverage all of following evidence of coverage must be provided to applicant except

Applicant’s health status

Cancellation provisions

A

Applicant’s health status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which of following does not have to be included on first page of Medicare supplement policy

Premium rates

Company’s rights to change premium

A

Premium rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

It is the agents responsibility to notify the department on a monthly basis about all of the following except

Change of mailing address

Change in agent’s marital status

A

Marital status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Who is responsible for covering expenses associated with examination of domestic insurers

Insurance guaranty association

Insurer being examined

A

Insurer being examined

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In texas life insurance policies that include illustrations must include which of following

Illustration is not part of the insurance contract

Values in the illustration are guaranteed

A

Illustration is not part of the insurance contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

During a policy solicitation an insurer exaggerates the financial condition of one of its competitors and makes it sound worse than it is

Defamation

Misrepresentation

A

Defamation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In this state in order for an employer to obtain group health coverage for small employers what percentage of employees are required to be covered by the plan

75

50

A

75

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which of following is not a duty of commissioner

Develop insurance rates

Regulate the internal affairs of the department

A

Develop ins rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What provision helps to make sure that the insured is protected in the event of a lapse in the policy

Continuity

Grace period

A

Grace period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Under an hmo child immunizations costs cannot be charged for children under what minimum age

3
6

A

6

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

All following are true of credit life except

Insured names beneficiary

Premium payments is included in loan payments

A

Insured names beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Sharing commissions is legal if

The other party is licensed fro same lines of ins as the agent sharing the commission

Other party has any valid insurance license

A

Other party is licensed for same lines of ins as agent sharing commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Which is true regarding coverage for chemical dependency treatment in group health ins policies issued in this state

Coverage is optional and may be offered at the discretion of the insurer

Benefits provided must be the same as for any other physical illness

A

Benefits provided must be the same as for any other physical illness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Family term rider incorporates

Whole life and other insured term
Spouse term and children’s term

A

Spouse term and children’s term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Which is not a medicaid qualifier

Insurability

Residency

A

Insurability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

According to common disaster clause if insured and primary beneficiary are killed in same accident and it cannot be determined who died first which following will be assumed

Primary beneficiary died before insured

Deaths occurred same time

A

Primary beneficiary died before the insured

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A new homebuyer wants to purchase a life ins policy that would protect his family against losing the home should he die before th mortgage was paid. The most inexpensive type of policy that would accomplish this need would be

Deceasing term

Level term

A

Decreasing term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

If an insured is not entirely satisfied with a policy issued the insured may return it to the insurance company and rec a refund of entire premium paid at which of following times

Within 10 days of when policy was delivered

Within 10 days of when the policy was issued

A

Within 10 days of when the policy was delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The entire contract includes all of the following except

A buyer’s guide

A copy of the application

A

A buyer’s guide

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Which of the following would not be eligible for coverage under key person

Owner of a shop

Pharmacist in a drug store

A

Owner of a shop
Owner is not a key person but the principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Medicare suppplement policy must havea free look period of at least

10 days

30 days

A

30 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is purpose of disability buy sell agreement

Allow business buyout in case of owner’s disability

Help business meet overhead expenses in case of owner’s disability

A

Allow business buyout in case of owner’s disability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Which of following best describes pure life annuity

Provides highest monthly benefits

Continues payments to beneficiary when annuitant dies

A

Provides highest monthly benefits

26
Q

Regarding health ins all of following are tax deductible except

Employee paid group disability income

Employer paid group acacidental death and dismemberment

A

Employee paid group disability income

27
Q

Which of following is guaranteed under variable whole life ins policy

Cash value

Minimum death benefit

A

Minimum death benefit

28
Q

When life ins proceeds are used to pay inheritance taxes and federal estate taxes it is known as

Life settlement

Estate conservation

A

Estate conservation

29
Q

An applicant may challenge info discovered aaa result of an investigative consumer report under which of the following acts

Fair credit reporting act

Consumer credit protection act

A

Fair cr reporting act

30
Q

Couple wants to include entire family in their whole life policy under one rider. Which of following riders will help them achieve that goal

Family term

Other insured term

A

Family term

31
Q

Under mandatory uniform provision notice of claim written notice of claim must be submitted to insurer within wha time parameters

Within 20 days

Within 60 days

A

Within 20 days

32
Q

Where are premiu8ms from fixed annuities invest4ed

General account

Separate account

A

General account

33
Q

Applicant misstates his age on application for health ins policy. He states tha the is 39 but his actual age is 49. When he files a claim what wil most likely happen

Benefits paid will be those that would have been purchased at the correct age

If Mistake was found after incontestability period, the benefit will be paid in full

A

Benefits paid will be those that would have been purchased at the correct age

34
Q

All of following are consideration in an ins policy except

Cash value in policy

Statements on application

A

Cash value in policy

35
Q

An elimination waiting period may not have to be satisfied for a disability in which of the following

Insured suffers a relapse of prior disability within six months from initial covered disability

Insured contracts an incurable disease

A

Insured suffers a relapse of prior disability within six months from initial covered disability

36
Q

Which of following would not trigger the payment of accelerated death benefits

Being permanently disabled

Being permanently institutionalized

A

Being permanently disabled

37
Q

The purpose of the fair credit reporting act is to

Protect consumers against the circulation of inaccurate or obsolete personal or financial info

Ensure the consumers rec a copy of the investigative consumer reports

A

Protect consumers against the circulation of inaccurate or obsolete personal or financial info

38
Q

The benefits for group disability plans are based on

Flat amount

Percentage of worker’s income

A

Percentage of worker’s income

39
Q

On adjustable life policy can assume the form of

Only permanent insurance

Either term ins or permanent ins

A

Either term ins or permanent ins

40
Q

Considering the principals of liquidity how would the policyowner use today’s cash values in life ins policy

Use it for emergency expenses
Find a retirement

A

Use it for emergency expenses

41
Q

An equity indexed annuity will row passed on

Performance of a recognized index

Performance ins separate account

A

Performance of a recognized index

42
Q

All must sign an application for health ins except the

Proposed insured

Insurer

A

Insurer

43
Q

An annuity would normally be purchased by an individual who wants to

Create an estate

Provide income for retirement

A

Create an estate

44
Q

An ira contribution can be made from which of the following

Cash

Stocks and bonds

A

Cash

45
Q

Which fo the following is the primary source of info that an insurer uses to evaluate an insured’s risk for life ins

Risk analysis

Ins application

A

Ins application

46
Q

An insured and his spouse recently had a child. Which of following riders would allow the couple to insure the child for a limited period of time at a specified amount

Children’s term rider

Payor rider

A

Children’s term rider

47
Q

Which of following is a correct statement about annuities

Fixed annuities have the annuitant assume the risks on investment

Fixed annuities do not provide protection against inflation

A

Fixed annuities do not provide protection against inflation

48
Q

When may hiv related test results be provided to the mib

Only if individual is not identified

When given i authorization by the patient

A

Only if the individual is not identified

49
Q

Which of the following is not true regarding a deferred annuity

Income payments will begin 1 year from date of purchase

It is used to accumulate funds for retirement

A

Income payments will begin 1 year from date of purchase

50
Q

Which of the following riders pays a beneficiary a death benefit that is double or triple the face amount if the insured’s death was caused by an accident as defined in the policy

Accidental death rider

Double indemnity rider

A

Accidental death rider

51
Q

An applicant gives her agent a completed application and the initial premium. What can agent issue her that acknowledges the initial premium payment

Premium receipt

Conditional receipt

A

Conditional receipt

52
Q

All of the following are characteristics of group health ins plans except

Parties that hold a group health ins contract are the employees and the employer

Cost of insuring an individual is less than what would be charged for comparable benefits under an individual plan

A

Parties that hold a group health ins contract are the employees and the employer

53
Q

Which of following best defines probationary period in group health policies

Specified period of time that person joining a group has to wait before becoming eligible for coverage

Number of days that must expire after onset of an illness before benefits will be earned

A

Specified period of time that person joining a group has to wait before becoming eligible for coverage

54
Q

An insured had a heart attack while jogging but is expected to return to work in approximately six weeks. The insured’s disability income policy will

Replace a percentage of his lost income

Not pay

A

Replace a percentage of his lost income

55
Q

All of the following are true about key person ins except

Death benefit is taxable to the business

Employee must give written consent by signing the application

A

Death beenfit is taxable to the business

56
Q

Which would not be considered a limited coverage policy

Special risk policy

Major medical expense ins

A

Major medical expense ins

57
Q

Which time period is general enrollment period for Medicare part b

January 1 through march 31

March 1 through may 31

A

January 1 through march 31

58
Q

What is it called when a doctor accepts the Medicare approved amount

Acceptance

Assignment

A

Assignment

59
Q

In whole life ins when is policy cash value scheduled to equal face amount

At insured’s age 100

When insured paid up all policy loans

A

At insured age 100

60
Q

In this state the owner gets a free look of specified number of days from

The date of application

Delivery of policy

A

Delivery of policy

61
Q

In order to reinstate a life ins policy the insured must do all of the following except

Pay next year’s premium in advance

Repay any outstanding loans and interest

A

Pay next year’s premium in advance

Ins (77 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions