2024 INDIANA LIFE AND HEALTH
INSURANCE FINAL EXAM WITH
CORRECT AND VALID ANSWERS
According to Indiana law, how long is the right of return for a Long Term Care
policy?
10 days
15 days
30 days
45 days - CORRECT ANSWERS-30 days
The probability of loss becoming more predictable is attributed to
Law of Large Numbers
speculative risk
insurable interest
Law of Frequent Risks - CORRECT ANSWERS-Law of Large Numbers
Which of the following is considered a class beneficiary designation?
Irrevocable Trust
Insured's spouse
Insured's estate
Surviving children - CORRECT ANSWERS-Surviving children
Which of these is NOT considered to be a violation of the Unfair Competition
Law in Indiana?
monopolize or restrain trade
making unsubstantiated criticisms about an insurance company
pay insurance commissions to an unlicensed individual
paying a finder's fee to an individual who provides a sales lead - CORRECT
ANSWERS-paying a finder's fee to an individual who provides a sales lead
What is required for Producers to sell Long Term Care (LTC) in Indiana?
Eight hours of post licensing education specifically devoted to LTC
Twelve hours of post licensing education specifically devoted to LTC
A Chartered Long Term Care (CLTC) designation
Passing a separate examination specifically devoted to Long Term Care -
CORRECT ANSWERS-Eight hours of post licensing education specifically
devoted to LTC
Medicare Supplement policies are designed to
, provide coverage for custodial care
provide a supplemental income source
provide coverage for medical expenses not covered by Medicare
provide coverage for medical expenses not covered by Medicaid - CORRECT
ANSWERS-provide coverage for medical expenses not covered by Medicare
How many days from the date of loss must an Individual Health Insurance
policyowner file Proof of Loss after receiving claim forms from the insurer?
10 days
30 days
60 days
90 days - CORRECT ANSWERS-90 days
The required Health provision which obligates the insurer to initiate action is
called the
Proof of Loss provision
Change of Beneficiary provision
Legal Actions provision
Time of Payment of Claims provision - CORRECT ANSWERS-Time of Payment
of Claims provision
If a Disability Income policy includes a 30-day elimination period, how long
will the insurance company pay benefits if the insured is injured and unable
to work for 90 days?
60 days
30 days
120 days
0 days - CORRECT ANSWERS-60 days
A viatical settlement agent, according to the Indiana Department of
Insurance, is
an individual who finances a viatical settlement contract
an individual who regulates the statute compliance of a viatical settlement
contract
an individual who negotiates a viatical settlement contract with a viator
an individual who purchases a life insurance contract from a terminally ill
person - CORRECT ANSWERS-an individual who negotiates a viatical
settlement contract with a viator
How many days must an insured notify the insurer of a claim under the
Notice of Claim provision?
10 days
20 days
30 days
45 days - CORRECT ANSWERS-20 days
INSURANCE FINAL EXAM WITH
CORRECT AND VALID ANSWERS
According to Indiana law, how long is the right of return for a Long Term Care
policy?
10 days
15 days
30 days
45 days - CORRECT ANSWERS-30 days
The probability of loss becoming more predictable is attributed to
Law of Large Numbers
speculative risk
insurable interest
Law of Frequent Risks - CORRECT ANSWERS-Law of Large Numbers
Which of the following is considered a class beneficiary designation?
Irrevocable Trust
Insured's spouse
Insured's estate
Surviving children - CORRECT ANSWERS-Surviving children
Which of these is NOT considered to be a violation of the Unfair Competition
Law in Indiana?
monopolize or restrain trade
making unsubstantiated criticisms about an insurance company
pay insurance commissions to an unlicensed individual
paying a finder's fee to an individual who provides a sales lead - CORRECT
ANSWERS-paying a finder's fee to an individual who provides a sales lead
What is required for Producers to sell Long Term Care (LTC) in Indiana?
Eight hours of post licensing education specifically devoted to LTC
Twelve hours of post licensing education specifically devoted to LTC
A Chartered Long Term Care (CLTC) designation
Passing a separate examination specifically devoted to Long Term Care -
CORRECT ANSWERS-Eight hours of post licensing education specifically
devoted to LTC
Medicare Supplement policies are designed to
, provide coverage for custodial care
provide a supplemental income source
provide coverage for medical expenses not covered by Medicare
provide coverage for medical expenses not covered by Medicaid - CORRECT
ANSWERS-provide coverage for medical expenses not covered by Medicare
How many days from the date of loss must an Individual Health Insurance
policyowner file Proof of Loss after receiving claim forms from the insurer?
10 days
30 days
60 days
90 days - CORRECT ANSWERS-90 days
The required Health provision which obligates the insurer to initiate action is
called the
Proof of Loss provision
Change of Beneficiary provision
Legal Actions provision
Time of Payment of Claims provision - CORRECT ANSWERS-Time of Payment
of Claims provision
If a Disability Income policy includes a 30-day elimination period, how long
will the insurance company pay benefits if the insured is injured and unable
to work for 90 days?
60 days
30 days
120 days
0 days - CORRECT ANSWERS-60 days
A viatical settlement agent, according to the Indiana Department of
Insurance, is
an individual who finances a viatical settlement contract
an individual who regulates the statute compliance of a viatical settlement
contract
an individual who negotiates a viatical settlement contract with a viator
an individual who purchases a life insurance contract from a terminally ill
person - CORRECT ANSWERS-an individual who negotiates a viatical
settlement contract with a viator
How many days must an insured notify the insurer of a claim under the
Notice of Claim provision?
10 days
20 days
30 days
45 days - CORRECT ANSWERS-20 days
