Arizona life and health final exam with accurate detailed || || || || || || || || ||
solutions
The purpose of the 'No loss No Gain' provision is to avoid duplication of _____ and _____ when
|| || || || || || || || || || || || || || || || || ||
an individual is covered under multiple group health insurance plans: - ✔✔Benfit payments and
|| || || || || || || || || || || || || ||
overinsurance
A life insurance policy can usually be contested by the insurer only during the first ____ years of
|| || || || || || || || || || || || || || || || || ||
the contract - ✔✔2 years
|| || || ||
After an annuity has been in force for ____ years, it becomes incontestable - ✔✔2 years
|| || || || || || || || || || || || || || ||
In long term care insurance, what is the length of time for which claims will be paid - ✔✔Benefit
|| || || || || || || || || || || || || || || || || || ||
period
After an insurance application has been originated, the producer normally - ✔✔Is the major
|| || || || || || || || || || || || || ||
personal contact to the insured || || || ||
What happens to a life insurance policy when the policy loan balance exceeds the cash value -
|| || || || || || || || || || || || || || || || ||
✔✔Policy will no longer be in force || || || || || ||
The ACA must ensure a sufficient choice of ______ in the marketplace - ✔✔Providers
|| || || || || || || || || || || || ||
Which of the following statements BEST describes employer contributions for employer
|| || || || || || || || || || ||
provided health insurance - ✔✔Employer contributions are deductible
|| || || || || || ||
An annuity's accumulation period may - ✔✔Continue after the purchase payments stop
|| || || || || || || || || || ||
, Which of these is NOT an underwriting responsibility of a life insurance agent - ✔✔Determining
|| || || || || || || || || || || || || || ||
the final rate classification
|| || ||
What happens to the death benefit of a life insurance policy if the insured elects a partial payment
|| || || || || || || || || || || || || || || || || ||
from the accelerated (living) benefit provision - ✔✔Reduced
|| || || || || || ||
Mike applied for life insurance and was issued a conditional receipt. He is later found to be
|| || || || || || || || || || || || || || || || ||
insurable and is issued a policy. When does his coverage become effective? - ✔✔Date of issuance
|| || || || || || || || || || || || || || ||
of the conditional receipt
|| || || ||
Which of the following actions may result in a producers license being suspended? -
|| || || || || || || || || || || || || ||
✔✔Misappropriation of premiums || ||
Which of the following is NOT covered by a comprehensive long term care policy - ✔✔Acute
|| || || || || || || || || || || || || || || ||
Care
An insurer will typically assess a back end load on a deferred annuity that is cancelled during the
|| || || || || || || || || || || || || || || || || ||
early contract years. What is this back end load referred as? - ✔✔Surrender charge
|| || || || || || || || || || || || ||
The ACA established 'exchanges' in order to - ✔✔Assist individuals and small businesses when
|| || || || || || || || || || || || || ||
making their health insurance policies || || || ||
which of the following entities does NOT establish regulations for variable insurance products? -
|| || || || || || || || || || || || || ||
✔✔State attorney general || ||
According to the law of large numbers, how would losses be affected if the number of similar
|| || || || || || || || || || || || || || || || ||
insured units increased - ✔✔Predictability of losses will be improved
|| || || || || || || || ||
What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to a
|| || || || || || || || || || || || || || || || ||
minor - ✔✔Minors are normally not capable of handling money in a reasonable manner
|| || || || || || || || || || || || ||
solutions
The purpose of the 'No loss No Gain' provision is to avoid duplication of _____ and _____ when
|| || || || || || || || || || || || || || || || || ||
an individual is covered under multiple group health insurance plans: - ✔✔Benfit payments and
|| || || || || || || || || || || || || ||
overinsurance
A life insurance policy can usually be contested by the insurer only during the first ____ years of
|| || || || || || || || || || || || || || || || || ||
the contract - ✔✔2 years
|| || || ||
After an annuity has been in force for ____ years, it becomes incontestable - ✔✔2 years
|| || || || || || || || || || || || || || ||
In long term care insurance, what is the length of time for which claims will be paid - ✔✔Benefit
|| || || || || || || || || || || || || || || || || || ||
period
After an insurance application has been originated, the producer normally - ✔✔Is the major
|| || || || || || || || || || || || || ||
personal contact to the insured || || || ||
What happens to a life insurance policy when the policy loan balance exceeds the cash value -
|| || || || || || || || || || || || || || || || ||
✔✔Policy will no longer be in force || || || || || ||
The ACA must ensure a sufficient choice of ______ in the marketplace - ✔✔Providers
|| || || || || || || || || || || || ||
Which of the following statements BEST describes employer contributions for employer
|| || || || || || || || || || ||
provided health insurance - ✔✔Employer contributions are deductible
|| || || || || || ||
An annuity's accumulation period may - ✔✔Continue after the purchase payments stop
|| || || || || || || || || || ||
, Which of these is NOT an underwriting responsibility of a life insurance agent - ✔✔Determining
|| || || || || || || || || || || || || || ||
the final rate classification
|| || ||
What happens to the death benefit of a life insurance policy if the insured elects a partial payment
|| || || || || || || || || || || || || || || || || ||
from the accelerated (living) benefit provision - ✔✔Reduced
|| || || || || || ||
Mike applied for life insurance and was issued a conditional receipt. He is later found to be
|| || || || || || || || || || || || || || || || ||
insurable and is issued a policy. When does his coverage become effective? - ✔✔Date of issuance
|| || || || || || || || || || || || || || ||
of the conditional receipt
|| || || ||
Which of the following actions may result in a producers license being suspended? -
|| || || || || || || || || || || || || ||
✔✔Misappropriation of premiums || ||
Which of the following is NOT covered by a comprehensive long term care policy - ✔✔Acute
|| || || || || || || || || || || || || || || ||
Care
An insurer will typically assess a back end load on a deferred annuity that is cancelled during the
|| || || || || || || || || || || || || || || || || ||
early contract years. What is this back end load referred as? - ✔✔Surrender charge
|| || || || || || || || || || || || ||
The ACA established 'exchanges' in order to - ✔✔Assist individuals and small businesses when
|| || || || || || || || || || || || || ||
making their health insurance policies || || || ||
which of the following entities does NOT establish regulations for variable insurance products? -
|| || || || || || || || || || || || || ||
✔✔State attorney general || ||
According to the law of large numbers, how would losses be affected if the number of similar
|| || || || || || || || || || || || || || || || ||
insured units increased - ✔✔Predictability of losses will be improved
|| || || || || || || || ||
What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to a
|| || || || || || || || || || || || || || || || ||
minor - ✔✔Minors are normally not capable of handling money in a reasonable manner
|| || || || || || || || || || || || ||
