LIFE, HEALTH, & ACCIDENT INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS

Regarding an organizational license, what happens when a corporation is dissolved? Correct Answer The license is terminated john applies for a variable annuity and does not request that the premiums be immediately invested in a stock or bond portfolio. After the annuity is issued, John returns the annuity contract to the insurer within the free look period. What will John receive from the insurer? Correct Answer The entire premium Which of the following in NOT of the common personal uses for life insurance? Correct Answer Funding a buy-sell agreement Which type of life insurance policy gives the policy owner the right to share in the insurer's surplus? Correct Answer Participating The insured bought an annuity ten years ago. He will retire in five years. To determine the value of his annuity, he must multiply the value of the "accumulation units" he owns, times the value of the "separate account". This type of annuity is known as a Correct Answer Variable annuity Medicare Part A begins automatically at age: Correct Answer 65 An individual license is considered terminated: Correct Answer On the death of the licensee Usually, in order to join a group insurance plan without proving insurability, an employee must: Correct Answer Join the plan during the enrollment period A single deductible amount for all members of the same family and a right to single family member deductibles is known as: Correct Answer Family deductible COBRA applies to employers with at least Correct Answer 20 employees The policy provision which comes into effect when the insured and primary beneficiary die in a simultaneous (common) accident with no evidence as to who died first is: Correct Answer Common disaster provision Unless it is merely a statement of an expectation or a belief, a representation as to the future is considered which of the following? Correct Answer Promise In group insurance the Certificates of Insurance are issu