Final Exam Practice (South Carolina Life & Health) exam questions with 100% correct answers

Assisted Living Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? $4,000 ($100,000 x.04) Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Primary describes the free-look period All of the following are functions of an insuring clause EXCEPT Law of Agency The authority granted to a licensed producer is provided via the with guidelines regarding credit reporting and distribution The Fair Credit Reporting Act protects consumer Payor Rider A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n) Insurable interest which of the following is present when an applicant stands to lose value if the insured dies? The policy's effective date is earlier than the present What happens when an insurance policy is backdated? Accumulation period Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Periodic Income In what form do disability income policies typically pay benefits? The policy would be payable, minus the premium amount If an insured dies during the grace period with no premiums paid Hedge against inflation Index whole life insurance contains a securities component that acts as a(n) Department of Insurance When a licensee's address has changed, who must be notified of this change? Prosthodontics The branch of chemistry which deals w/ the replacement of missing parts is called? stock insurer A nonparticipating company is sometimes called It is taxable What happends to interest earned if the annuitant dies before the payout start date? certificate What is issued to each employee of an employer health plan? Joint A life insurance policy written on one contract for 2 people in which it's payable upon the fitst death is called Protecting the business by covering entry level employees with life insurance All of the following are considered appropriate uses of life insurance for business purposes EXCEPT Exclusion Ratio The taxable portion of each annuity payment is calculated using which method? mandatory The reinstatement provision in a health insurance policy is An individual who has a hobby racing cars once a month Which scenario would most life insurance policies exclude coverage for? 10 days The free look period in South Carolina for individual health insurance policies is __ days. Wages What is the primary factor that determines the benefits paid under a disability income policy? supplementary medical insurance What is Medicare Part B also known as? Designed to fill in the gaps of Part A & Part B Medicare A Medicare Suppelement Policy is Submit to the replacing insurer a list of the policies to be replaced which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? Bronze, Silver, Gold, Platinum How are health plans classified according to the Affordable Care Act? Association or labor group A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called Guaranteed renewable policy A health insurnace policy that allows an insurer to change the policyowner's premiums, but NOT cancel the poli