Life and Health Insurance Final Test Questions and Answers Graded A+

Life and Health Insurance Final Test Questions and Answers Graded A+ A producer working for an insurance company may be personally liable for acts performed which are prohibited in the agency contract A health insurer MUST provide a proof of loss form within 15 days of receipt of the notice of loss Which of the following statements accurately describes the "time limit on certain defenses"? After a stated period of time, claims cannot be denied due to material misrepresentation on the application Every _______ year(s), an agent's license in Virginia must be renewed. Two An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under the extended term nonforfeiture option, what is the amount of insurance available to the insured? $25,000 Which of the following approves continuing education courses for credit in Virginia? State Continuing Education Board The insurance coverage in a variable life insurance policy may vary based on the value of its underlying investments Medicare Part A coinsurance payments are covered by Medicare Supplement Plan A Viatical settlement proceeds may be subject to the claims of creditors Which life insurance settlement option pays lifetime benefits to two or more people? Joint and survivor Employees are required to work at least ________ hours per week to become eligible for a small employer health plan 30 Which of the following is NOT a dividend option for a life insurance policy? Receiving the entire policy cash value How is the insured protected if a payor benefit rider is attached to the life insurance policy? Premium payments are waived in the event the premium payor dies or becomes disabled After an insurance application has been originated, the producer normally is the major personal contact to the insured When a lapsed policy's premium has been paid current, it has the potential of being reinstated In a staff model HMO, enrollees normally have which of the following pharmacy options available to them? In-house pharmacy Under which circumstance may an insurer discontinue a small employer group medical plan? Insurer discontinues offering the plan to all employers Which of the following would prevent a person from obtaining a Virginia resident agent license? Residing in a state outside of Virginia Home health care benefits typically do NOT include coverage for prescription medication According to the IRS, a company may NOT do which of the following in regards to funds in a qualified retirement plan? Repossess the funds for business purposes In Virginia, at least _______ employee(s) are needed for a small employer medical plan. 2 The application is part of the annuity contract according to the Entire contract clause Defamation can be best defined as Making a statement that is false or maliciously critical of the financial condition of an insurer The principal source of information concerning an applicant's identity, age, and marital status is found in the completed application How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? 6 months An example of rebating would be splitting the commission with the buyer on a sale of insurance Which of the following entities does NOT establish regulations for variable insurance products? State Attorney General