What is required after a life agent sells an insurance policy to an applicant without being appointed by the insurer? Application is automatically turned away Notice of appointment must be submitted to the Commissioner Notice of appointment must be submitted to the insurer Penalty is assessed to the insurer and life agent

Notice of appointment must be submitted to the Commissioner

With any insurance policy, what is the purpose of the Grace Period? Gives the policy owner additional time to file a lawsuit Gives the policy owner additional time to pay past due premiums Gives the policy owner additional time to file a claim of LOSS Gives the policy owner additional time to provide proof of LOSS

Gives the policy owner additional time to pay past due premiums

Henry had an annual life insurance premium payment due Jan 1. He died Jan 10 without making the premium payment. What action will the insurer take? Collect premium from M's estate Deny the claim Subtract past due premium from cash value Pay the face amount, minus the past due premium

Pay the face amount, minus the past due premium

What does the ownership clause in a life insurance policy state? Allows policy owner to adjust the death benefit and premium amount at any time Who the beneficiary is and what rights the beneficiary is entitled to Ownership cannot be assigned after the incontestable period Who the policy owner is and what rights the policy owner is entitled to

Who the policy owner is and what rights the policy owner is entitled to

An insured is past due on his life insurance premium, but is still within the Grace Period. What will the beneficiary receive if the insured dies during this Grace Period? Full face amount, minus any past due premiums Full face amount Refund of all premiums paid, plus interest Refund of all premiums paid

Full face amount, minus any past due premiums

Comprehensive Insurance and Financial Products Knowledge Assessment

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Business - Insurance

georgepetenjk Created by 10 mon ago

Cards in this deck(100)

Which of these life insurance riders allows the applicant to have excess coverage?

Insurance benefits NOT covered due to an Act of War are?

What is required after a life agent sells an insurance policy to an applicant without being appointed by the insurer?

John is a student pilot with a large life insurance policy. Which feature would limit the insurer's obligation if John was killed while flying as a student pilot?

A father who dies within 3 years after purchasing a Life Insurance Policy on his infant daughter can have the policy premiums waived under which provision?

With any insurance policy, what is the purpose of the Grace Period?

An individual who transacts life, disability, or life and accident and health insurance on behalf of an insurer is called a(n):

Henry had an annual life insurance premium payment due Jan 1. He died Jan 10 without making the premium payment. What action will the insurer take?

What does the ownership clause in a life insurance policy state?

An insured is past due on his life insurance premium, but is still within the Grace Period. What will the beneficiary receive if the insured dies during this Grace Period?

Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?

An insured pays premiums on an annual basis for an individual health insurance policy. What is the MINIMUM number of days for the Grace Period provision?

Joan's insurance company denied a reinstatement application for her lapsed health insurance policy. How many days from the reinstatement application date does the insurance company have to notify her of the denial before the policy will be automatically placed back in force?

Which of the following statements describes the purpose of the Insuring clause in an insurance policy?

If an insurance company issued a disability income policy that it cannot cancel or for which it cannot increase premiums, the type of renewability that best describes this policy is called?

The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insured's death is called a(n)

How long must life agents keep their transaction records?

The Consideration clause in a life insurance contract contains what pertinent information?

After the annual deductible is met, a Medicare Part B patient will pay what percentage of the remaining covered expenses?

Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract?

Which statement is TRUE regarding Workers' Compensation coverage?

Which policy provision states that the producer does not have the authority to change the policy or waive any of its provisions?

Which statement about Health Maintenance Organizations is NOT true?

A life insurance policy that provides a policyowner with cash value along with a level face amount is called:

Medicare Part A covers which type of care?

What kind of premium does a whole life policy have?

Individuals age 65 or older are exclusively eligible for which optional program?

Which statement about a whole life policy is correct?

John was recently terminated from his employment and opted to change his existing group term life insurance to individual permanent life insurance. What is this process called?

A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

A terminated employee that has exercised the conversion privilege is able to convert:

Life insurance that covers an insured's whole life with level premiums paid over a limited time is called:

Which of the following describes a contributory group insurance plan?

Henry is a 40-year-old applicant, who would like to retire at age 70. He's looking to buy a life insurance policy with level premiums, permanent protection, and be paid up at retirement. Which of these should Henry purchase?

If an individual has an accidental death and disbursement policy and dies, an autopsy can be performed in all these situations except:

John pays on a $20,000 20-year endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary?

Life insurance surplus must be distributed to policy owners at what frequency?

Which type of policy is considered to be overfunded, as stated by IRS guidelines?

Paul has an existing annuity and is sold a new one, in which the new policy holds no greater financial benefit to him than the existing contract. This is considered a(n):

Term insurance has which of the following characteristics?

An agent's attempt to stop the replacement of an existing life insurance policy is known as:

John needs life insurance that provides coverage for only a limited amount of time, while also paying the lowest possible premium. What kind of policy is needed?

According to the PPACA, the medical enrollment tier that has 80% actuarial value is called:

Which of the following features of a group term life policy enables an individual to leave the group and continue his or her insurance, without providing evidence of insurability?

When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates?

What type of life insurance are credit policies issued as?

Which of the following is not a valid reason to replace an existing long-term care policy?

T has a term policy that allows him to continue the coverage after expiration of the initial policy period. What type of term coverage is this?

The cost of services charged by the Health Insurance Counseling Advocacy Program (HiCap) is:

A 15-year mortgage is best protected by what kind of life policy?

Henry buys a $10,000 whole life policy in 2003 and pays an annual premium of $100. He dies five years later in 2008 and the insurer pays the beneficiary $10,500. What kind of rider did Henry include on the policy?

A variable insurance policy:

Key person insurance is intended to:

A life policy with a death benefit that can fluctuate according to the performance of its underlying investment portfolio is referred to as:

How long is a person expected to be disabled in order to receive social security disability benefits?

All of these insurance products require an agent to have proper FINRA securities registration in order to sell them, EXCEPT for:

Which statement is NOT true regarding Social Security benefits?

Which of the following statements about a variable whole life policy is correct?

Which type of worker has Social Security benefits available to them?

What type of life insurance incorporates flexible premiums and an adjustable death benefit?

Rating an individual's need for long-term care benefits can be measured by:

Which is true concerning a Variable Universal Life policy?

All of these statements concerning Medicare are true EXCEPT:

What kind of special need would a policy owner require with an adjustable life insurance policy?

ESOPs are typically invested in:

All of these are characteristics of an adjustable life policy, except?

How are Roth IRAs treated for tax purposes?

Henry purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year term coverage for his wife on the same policy. Which of these did he purchase?

A situation in which there are only the possibilities of loss or no loss is known as:

When is the face amount paid under a Joint Life and Survivor policy?

An insurer having a large number of similar exposure units is considered important because:

What policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years?

Which of the following would NOT be accomplished with the purchase of an insurance policy?

A medical care provider which typically delivers health services at its own local medical facility is known as a?

A hazard can be best described as:

The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a(n)?

Major medical expense plans typically use a cost containment measure for emergency hospital care. This is referred to as a(n):

Which of these statements is INCORRECT regarding a Preferred Provider Organization (PPO)?

An insured is protected from the expense of a catastrophic illness by which of the following health insurance provisions?

Which of the following is NOT a limited benefit plan?

All of these are examples of cost sharing in a health insurance policy EXCEPT:

Which of the following statements BEST describes dental care indemnity coverage?

Which of the following is NOT associated with a major medical policy?

Which of these types of coverage is best described as a short-term medical policy?

When an insurance company requests an attending physician's report, the request must be accompanied by a:

B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary?

How does a conditional receipt differ from a binding receipt?

Medicare is intended for all of the following groups EXCEPT?

The objective of underwriting is to:

Medicare Part A and Part B do NOT pay for:

Which of the following is a life insurance policy that does NOT require a physical exam?

What is the maximum Social Security Disability benefit amount an insured can receive?

What is the proper order of initial life insurance premiums, from lowest to highest?

The individual most likely to buy a Medicare Supplement policy would be a(n):

An insurance policy written after 1988 that fails to pass the seven-pay test is:

What is the minimum number of activities of daily living (ADL) an insured must be unable to perform to qualify for Long Term Care benefits?

A life insurance policy's limit of liability would be:

LTC policies usually pay for eligible benefits using the following method:

Mike and Ike are 30-year-old identical twins. Both are in excellent health. Each brother purchases a life policy that has a $750 annual premium. Mike buys a 10-year renewable term policy. Ike purchases a whole life policy. All of the following statements are true EXCEPT:

Which mode of payment is NOT used by health insurance policies?

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Comprehensive Insurance and Financial Products Knowledge Assessment

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