All of the following statements about insurers' anti-fraud activities are correct EXCEPT:
Insurers must maintain an anti-fraud unit or division.
Insurers are required to investigate possible fraudulent claims.
Insurers must penalize insureds who submit fraudulent claim forms.
Insurers must inform insureds about possible penalties for submitting fraudulent
insurance claims.
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Insurers must penalize insureds who submit fraudulent claim forms.
The premiums that a company pays for corporate-owned life insurance (COLI) on the
lives of its employees are generally:
,taxable to the corporation
tax deductible up to a corporate limit set by the IRS annually
tax deductible up to an IRS limit per employee that is changed annually
not tax deductible
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not tax deductible
The fact that ownership of a health insurance contract cannot be transferred to
another party makes it what type of contract?
personal
conditional
aleatory
unilateral
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personal
Under Cal-COBRA, eligible employees who leave their employer's group are entitled
to how many additional months of coverage after they exhaust federal COBRA?
36
18
24
48
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, 18
How is interest (or investment growth, in the case of variable annuities) that
accumulates in a non-corporate-owned deferred annuity taxed?
It is taxed in the year credited to the annuity.
It is taxed when distributed through a withdrawal, but it is tax free if the contract is
annuitized.
It is never taxed.
It is taxed when it is distributed, whether as a withdrawal or through annuitization.
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It is taxed when it is distributed, whether as a withdrawal or through
annuitization.
The insurance company function responsible for evaluating the insurable risks and
assigning appropriate premium rates, is the:
underwriting division
actuarial division
claims division
sales division
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underwriting division
, Jake and seven of his friends are self-employed in different fields. They want to form a
group so that they can buy group life insurance. Which of the following most
accurately describes their best option?
Jake and his friends should consider buying individual life policies, as they are not
eligible for group insurance.
Jake and his friends could form a multiple employer welfare arrangement to get
group life coverage.
Jake and his friends would be eligible to purchase a group life policy if they find at
least two more people to join their group.
Jake and his friends could form an association group to get group life coverage.
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Jake and his friends should consider buying individual life policies, as they
are not eligible for group insurance.
How does Part C change the delivery of health care services under Medicare?
It limits the coverage of Parts A and B.
It reduces the coverage of Parts and B.
It uses managed care providers.
It increases accessibility to services for eligible individuals.
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It uses managed care providers.
Which of the following is NOT a standard life insurance nonforfeiture option?
extended term insurance
Insurers must maintain an anti-fraud unit or division.
Insurers are required to investigate possible fraudulent claims.
Insurers must penalize insureds who submit fraudulent claim forms.
Insurers must inform insureds about possible penalties for submitting fraudulent
insurance claims.
Give this one a try later!
Insurers must penalize insureds who submit fraudulent claim forms.
The premiums that a company pays for corporate-owned life insurance (COLI) on the
lives of its employees are generally:
,taxable to the corporation
tax deductible up to a corporate limit set by the IRS annually
tax deductible up to an IRS limit per employee that is changed annually
not tax deductible
Give this one a try later!
not tax deductible
The fact that ownership of a health insurance contract cannot be transferred to
another party makes it what type of contract?
personal
conditional
aleatory
unilateral
Give this one a try later!
personal
Under Cal-COBRA, eligible employees who leave their employer's group are entitled
to how many additional months of coverage after they exhaust federal COBRA?
36
18
24
48
Give this one a try later!
, 18
How is interest (or investment growth, in the case of variable annuities) that
accumulates in a non-corporate-owned deferred annuity taxed?
It is taxed in the year credited to the annuity.
It is taxed when distributed through a withdrawal, but it is tax free if the contract is
annuitized.
It is never taxed.
It is taxed when it is distributed, whether as a withdrawal or through annuitization.
Give this one a try later!
It is taxed when it is distributed, whether as a withdrawal or through
annuitization.
The insurance company function responsible for evaluating the insurable risks and
assigning appropriate premium rates, is the:
underwriting division
actuarial division
claims division
sales division
Give this one a try later!
underwriting division
, Jake and seven of his friends are self-employed in different fields. They want to form a
group so that they can buy group life insurance. Which of the following most
accurately describes their best option?
Jake and his friends should consider buying individual life policies, as they are not
eligible for group insurance.
Jake and his friends could form a multiple employer welfare arrangement to get
group life coverage.
Jake and his friends would be eligible to purchase a group life policy if they find at
least two more people to join their group.
Jake and his friends could form an association group to get group life coverage.
Give this one a try later!
Jake and his friends should consider buying individual life policies, as they
are not eligible for group insurance.
How does Part C change the delivery of health care services under Medicare?
It limits the coverage of Parts A and B.
It reduces the coverage of Parts and B.
It uses managed care providers.
It increases accessibility to services for eligible individuals.
Give this one a try later!
It uses managed care providers.
Which of the following is NOT a standard life insurance nonforfeiture option?
extended term insurance
