Life Insurance N Such Review

Question 1

Which of the following is NOT part of a Life Insurance Policy

Answer 1

Extended Term

Question 2

The policy and the application constitute the complete agreement between the policy owner and the insurance company Aka…

Answer 2

Entire Contract Provision

Question 3

An insurer may contest a life policy within a maximum of how many years after the policy’s effective date

Answer 3

2 ( Two)

Question 4

When replacing existing life insurance, what must an agent do ?

Answer 4

Specify what constitutes the replacement

Question 5

What must the policy summary in a life insurance policy include ?

Answer 5

The name and address of the insurance agent or broker

Question 6

An insured MUST present evidence of insurability and pay all overdue premiums with interest after a policy has lapsed in order to exercise which policy provision

Answer 6

Reinstatement

Question 7

The feature of a life insurance policy stating that the policy will NOT cover certain risks is an…

Answer 7

Exclusion

Question 8

When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing the applicant a summary of coverage that includes all of the following except

Answer 8

A detailed and comprehensive summary of the accelerated benefit

Question 9

Which of the following is the time limit in certain defenses after which the policy becomes incontestable

Answer 9

2 years

Question 10

A life insurance policy may be returned for cancellation and full refund if it is returned NO later than

Answer 10

20 days after receipt by the policyholder

Question 11

Which of the following statements is CORRECT about Medicare Supplement Insurance ?

Answer 11

Duplicate of Medicare Supplement coverage is prohibited

Question 12

A Health Insurance Policy that covers dependent children MUST provide coverage for newborns beginning

Answer 12

At the moment of birth

Question 13

An employee is laid off and converts a group health plan to an individual policy in this situation, the new policy

Answer 13

Premium rate will be higher than the group rate

Question 14

In which type of insurance is individually purchased coverage commonly more economical than group offered coverage

Answer 14

Long term Care Insurance

Question 15

In order for an insurer to increase the premium on a non-cancelable policy, which of the following MUST be true

Answer 15

The premium increase must be in the contract at the time it is issued.

Question 16

Which of the following is true of a cancelable policy

Answer 16

All unearned premiums must be returned to the insured

Question 17

What is the minimum grace period for monthly accident and health insurance policies

Answer 17

10 days

Question 18

How many days does the insured have to take physical custody of an adopted child after birth to receive newborn child coverage

Answer 18

30 days

Question 19

All of the following define preexisting conditions EXCEPT

Answer 19

Any chronic health condition that presents symptoms and which was unknown at the time of application