XCEL Kentucky Life and Health Final Exam 100% Solved

XCEL Kentucky Life and Health Final Exam 100% Solved S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: November 1 What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan? 50% The provision in a Group Health policy that allows the insurer to postpone coverage for a covered illness 30 days after the policy's effective date is referred to as the: Waiting Period Which of the following is considered to be the period when the accumulated value in an annuity is payed out? Annuitization Phase When a premium payment for a life-insurance policy is missed, what provision will dictate the actions taken by the insurer? Grace Period Provision Which of the following statements does NOT accurately Describe the tax treatment of premiums and benefits of individual Accident and Health Insurance? Disability income policy premiums are tax-deductible Which life insurance settlement option pays a stated monthly amount until the proceeds are gone? Fixed Amount Option Sexual Orientation, religious preference, and geographical location are not allowed to be used in the underwriting process. Why is this so? Considered unfair discrimination The maximum period which a group health plan may exclude benefits for pre-existing conditions for a participant who is not a late enrollee is: 12 months What term is used when agents share the proceeds from the sale of policies? Commission Splitting Medicare Part A and Part B do NOT pay for: Dental Work Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory group Term Life plan to all its eligible employees? Portion of the premiums paid for by the employer may be a tax deduction Replacement notices are required for all of the following, EXCEPT? Group Conversion What is the underlying concept regarding level premiums? The early years are charged more than what is needed Making any statement, or distributing literature, which is false, or maliciously critical of, or derogatory to the financial condition of an insurer, and which is intended to injure any person engaged: Defamation Misrepresenting an insurance policy, or making incomplete comparisons of policies, for the purpose of inducing someone to change or replace an existing policy is an illegal practice known as: Twisting The insurance company that shares profits or losses with its investors is called a: Stock Company If a health insurer fails to issue a premiums rate quote to an individual within 30 days after receiving a properly completed application requesting a quote, which of the following statements is true? The insurer must issue coverage to the individual and may not impose any pre-existing conditions exclusions The health insurance premiums paid for by each partner in a partnership is considered to be: 100% tax deductible 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 the conditional receipt was issued How do benefit payments fluctuate over time in a variable