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Texas Life & Health Test ?’s > Texas Life And Health > Flashcards

Texas Life And Health Flashcards

1
Q

An advertisement is required to accurately represent all insurance providers (3)

A

Assets
Corporate structure
Financial standing

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2
Q

Group health insurance is characterized by all…

A

Master contract
Lower administration cost
Conversion privilege

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3
Q

Group health insurance underwriting avoids

A

Adverse selection

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4
Q

If a life policy allows the policy owner to make periodic additions to the face amount, at standard rates without proving insurability , it includes

A

Guaranteed insurability rider

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5
Q

nonforfeiture option with the highest amount of insurance protection is

A

Extended term

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6
Q

Which disability policy provisions describes certain conditions, such as total and permanent blindness or dismemberment, that automatically qualifies the insured for full disability benefits

A

Presumptive disability

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7
Q

What are the 3 dividend options

A

Accumulated interest
Reduction of premium
Paid up addition

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8
Q

Who assumes all the risk regarding variable annuities

A

Annuitant - invested with the insured on a separate account

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9
Q

With medical claims which provision states the provider must pay medical expense claims immediately

A

Time of payment claims

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10
Q

HMO that have a contract with outside physicians to deliver services to their subscribers pay those providers on a

A

Capitation basis

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11
Q

The 3 nonforfeiture options are

A

Shortened benefit period
Reduced paid up
Extended term

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12
Q

Which provision states the insurance providers right to change the premium amounts

A

Continuation provision

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13
Q

You can discriminate on an insureds

A

Lifestyles and habits

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14
Q

Decreasing term policies have a ——premium

A

Level premium

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15
Q

Decreasing term policies death benefit———- every year

A

Decreases (loans)

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16
Q

3 qualities of equity indexed annuities

A

Have guaranteed minimum rate of interest
Invest more aggressively to aim for higher returns
Index with the poors 500

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17
Q

In life insurance the death benefit proceeds must be paid with ——

A

2 month

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18
Q

Two components of a universal policy is

A

Insurance and cash account

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19
Q

What hospital policy pays specific amount per day the insured is in the hospital

A

Indemnity

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20
Q

A heart surgeon has an accident & develops tremors In his Right arm, which definition of total disability will cover him under his disability income policy

A

Own occupation

And is less restrictive than other definitions

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21
Q

In a disability income policy what is the name of the time after a policy is in force before claims are covered

A

Probationary

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22
Q

A lady buys 25k in life ins while this is lol she can afford at this time she wants additional coverage in the future. What options does she need

A

Guaranteed insurability option

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23
Q

Practicing providers are compensated on a fee for service basis under which organization

A

PPO

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24
Q

Under AD & D policy what benefit will pay the beneficiary in the event the accidental death of the insured

A

Principle sum

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25
Q

A provision of life ins policy states the ins providers duty to pay benefits upon the insureds death and to whom benefits will be paid

A

Insuring clause

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26
Q

Dividends in a paid up addition option is used to

A

Purchase a smaller amount of insurance as the original policy

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27
Q

Which group coverage has to be extended to terminated employees up to a certain period of time and the former employees expense

A

Cobra

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28
Q

Two things that equity indexed annuities do

A

Seek higher returns and uses the minimum rate of the poors 500

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29
Q

Which nonforfeiture option delivers coverage for the longest period of time

A

Reduced paid up

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30
Q

Which entities has the authorization to revise or make changes to an insurance policy

A

Insurer’s executive officer

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31
Q

Whose written consent does the insurer’s executive officer need to revise an ins policy

A

Insured

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32
Q

What is the annuity period

A

The length of time during which accumulated money is converted into income payments

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33
Q

What are the two mandatory provisions required by law for health insurance policies

A

Physical examination and autopsy

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34
Q

Which product has a securities license requirement

A

Variable annuity

35
Q

You must have your securities license and life ins license to sell what annuity

A

Variable annuities

36
Q

What is the purpose of managed care health insurance plans

A

To control health insurance claim expenses

37
Q

Stmt that accurately describes group disability income , percent of payment to the insured

A

The extent of benefit is settled upon by the insured income

Usually 60%

38
Q

When is the limited - pay life policy paid up at what age

A

age 65

39
Q

Limited pay while life policies are all paid up by the insured turns

A

65

40
Q

What policy components includes the insurer’s promise to pay

A

Insuring clause

41
Q

Name 3 groups that have insurability interest

A

Self , family members and key employees (people)

42
Q

Do debtors have insurance interest (loans)

A

No - only people

Self, family member and key person from employers

43
Q

Who needs a certificate of authority

A

HMO

44
Q

Total Amount payable per point in a relative value system of determining coverage for a given procedure

A

Conversion factor

45
Q

What happens to the face amount of the policy when a reduced paid up nonforfeiture option is chosen

A

It’s lowered to the amount of what the cash value would purchase a single premium

46
Q

Survivorship life policy premium compared with joint life ins policy premium would be —-

A

Lower

Survivorship pays the last death

47
Q

I’m relations of earning to IPS provision, ins comp limits the insured benefits to their average income over the last ——

A

24 months

48
Q

Premium for exercising the guaranteed insurability rider is based upon the policy owners

A

Attained age

49
Q

Under life insurance policy, upon submission of a death claim, when must the insurance provider pay the policy benefit

A

Within 2 months

50
Q

An insured wants to name his wife the beneficiary, he also wants to retain all the rights of ownership, what type of beneficiary if this

A

Revocable

51
Q

A producer must receive ———- in order to sell variable life ins policies

A

FINRA registration

52
Q

Medicaid is funded by who

A

Both federal and state funds

53
Q

A corporation is the owner and beneficiary of a key person life ins policy, if the company receives the policy benefit then the benefit is received

A

Tax free

54
Q

Who has to obtain a certificate of authority

A

The HMO

55
Q

The commissioner has to give the certificate of authority to the

A

HMO

56
Q

A sales rep intentionally make a misleading statement to the applicant, this describes

A

Misrepresentation

57
Q

An insured committed suicide one year after the policy was issued. The insurer will receive

A

A refund of the premiums paid

58
Q

Cobra applies to employers with at least —— employees

A

20

59
Q

I’m an annuity during which time period is accumulated money converted into a steam of income

A

Annuitization period

60
Q

What describes the specified amount beyond which the insured no longer has to participate in the sharing of exspenses

A

Stop loss limit

61
Q

Which Medicare supplement policies include core benefits

A

All plans

62
Q

An agent selling variable annuities is required to be registered with

A

Firna

63
Q

Under accident death and dismemberment policy, the death benefit is paid if the accident death takes place with in —— days of the accident

A

90 days

64
Q

Where is the renewed provision in an LTC contract

A

On the first page

65
Q

What is the purpose of an agent providing a conditional receipt to an applicant

A

Its provided by the agent only if the applicant prepaid all premiums in advance of the policy issue

66
Q

An insured had multiple surgeries during the summer, his ins provider no longer bills him for medical expenses. What’s this called

A

Stop loss limit

67
Q

A husband & wife both incur medical expenses that are credited to a single major medical ins deductible, what type of policy do they have

A

Family - 2 or more people

68
Q

Rob is trying to get the lowest premium on a coinsurance policy, which should he get 90/10 or 50/50

A

90/10

69
Q

How many pints of blood does a Medicare supplement core benefit pay

A

The first 3

70
Q

Am HMO subscriber no longer meets plan eligibility requirements, when can the ins provider cancel coverage

A

Immediately

71
Q

Can a person who belongs to a POS plan use an out of network physician

A

Yes

72
Q

What’s the advantage of reinstating a lapsed policy instead of applying for a new one

A

The original age is used for determining the premium

73
Q

The life settlement broker represents whom in a life settlement contract

A

The owner

74
Q

Most policies will pay accident death benefits as long as the death is caused by the accident and takes place within —- days

A

90

75
Q

Who is responsible for bearing all the investment risk in a fixed annuity

A

The insurance company

76
Q

An applicant for a license must include info about their place of business for a minimum of —— years

A

5

77
Q

The section of health ins policy that specifies the causes of eligible loss under which an insured is assumed to be disabled is the

A

Insuring clause

78
Q

What are the two types of assignment

A

Absolute and collateral

79
Q

Polices provision which prevents the insured from bringing any legal action against the insurer for at least 60 days after proof of loss is known

A

Legal action

80
Q

Which of the following terms describes making false stmts about the financial conditions of any ins provider that are intended to injure any individual engaged in the business of insurance

A

defamation

81
Q

An insured stated on application for life ins he never had a heart attack and in fact he did, claim was denied due to

A

Material misrepresentation

82
Q

An insured bought an ins policy 5 yes ago, last year he received a dividend check, this yr he didn’t, what type of ins provider did he purchase

A

Mutual

83
Q

In a replacement situation the producer must compare the benefits, limitations & exclusions on which policy

A

The current and proposed replacement policy

Texas Life & Health Test ?’s (1 decks)

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