XCEL Arizona Life and Health Insurance State Exam Questions and Answers Graded A

XCEL Arizona Life and Health Insurance State Exam Questions and Answers Graded A Under a long-term care inflation rider, the benefit levels periodically increase without proof of insurability In order for a health plan to be an "accountable health plan", who has to approve it? the director Medicare Part A coinsurance payments are covered by Medicare Supplement Plan A Employees generally receive workers compensation benefits for lost wages and medical expenses due to occupational accidents What year was the Mental Health Parity and Addiction Equity Act established? 2008 In what situation would disability income insurance premiums be a deductible expense? Corporation paying for group disability income coverage for its employees John received a one-time distribution of $50,000 from his modified endowment contract (MEC). Prior to that, the contract's cash value was $150,000, the contract investment amount was $100,000, and the death benefit was $500,000. What percentage of the $50,000 distribution was taxable as ordinary income? 100% A survivorship life insurance policy usually covers how many lives? 2 Mentally or physically handicapped dependent children MUST be covered under an individual health insurance policy until they become self-supportive ERISA requires that a Summary Plan Description must be provided to a new plan member within how many days following the new member's eligibility date? 90 days A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? Partial disability What is the maximum number of employees (earning at least $5,000) that an employer can have in order to start a SIMPLE retirement plan? 100 employees Which of the following health plans pay benefits on a pre-paid service basis? HMO An individual may receive Medicare Part A Hospital benefits, regardless of age, as long as the person has received which of the following benefits for at least 24 months? Social Security Disability Which of the co-annuitants listed below would receive the largest monthly benefit payments in a joint and 100% survivor annuity? Ages 71 and 73 Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be treated for tax purposes? As a Section 1035 exchange Karen is considering replacing her individual accident and health insurance policy with another individual policy. She has had issues in the past with her gall bladder that would be considered a pre-existing condition. How will a pre-existing conditions exclusion affect Karen's new insurance contract? May reduce her