Practice for Proctored exam Questions
And Answers
A
R
U
LA
C
O
D
,An insured filed a claim with her insurance company and submitted all the proof of loss
requested. The insurer is non-responsive. How many days must the insured wait before
beginning legal action to recover her money? - ANS Correct Answer: the insured must wait
60 DAYS before taking legal action to recover their money
A
Dalton has given his insurer permission to go after a 3rd party to collect damages owed. This is
known as: - ANS Correct Answer: Subrogation, Subrogation is the right of the insurer to
assume the rights of the insured and sue the responsible third party for damages inflicted upon
R
the insured
When a company provides employees with a noncontributory group health insurance plan, what
percentage of employees must be covered? - ANS Correct Answer: 100%, Noncontributory
U
group health plans must have 100% of the employees covered
The provision on roberts insurance policy that allowed the policy to remain in force, even though
LA
he forgot to pay his premium, is: - ANS Correct Answer: The Grace Period Provision, The
grace period allows the policy to remain in force for a specified number of days beyond the
premium due date.
An insured has how many days from the date of loss to provide proof of loss? - ANS
Correct Answer: 90 days, An insured has 90 days from the time of loss to provide the insurer
C
proof of loss
What entity protects policyowners of life insurance policies against the possibility of insolvency?
- ANS Correct: Nevada Life and Health Guaranty Association, The Nevada Life and Health
O
Insurance Guaranty Association is a group of licensed insurance companies whose purpose is
to protect policyholders of policies issued by an insolvent insurance company, up to specified
limits.
D
A limited dread disease policy most likely would cover: - ANS Correct Answer: Cancer,
Dread disease policies are a type of limited policy that covers specific catastrophic illnesses that
have high medical cost. Cancer and Heart disease are common examples of dread disease.
At a minimum, how often must the insurance commissioner examine the assets, transactions,
accounts, conduct, and business affairs of each authorized insurer? - ANS Correct Answer:
Every 5 Years, The Insurance Commissioner may examine the assets, transactions, accounts,
records, conduct, and business affairs, including general or specific business and marketing
, activity, of each authorized insurer as often as deemed necessary by the commissioner and not
less than every 5 years.
What type of insurer is formed under the laws of any place outside the united states? - ANS
Correct Answer: Alien, An Alien Insurer is one formed under the laws of any place outside the
united states
Claims forms must be given to a claimant within: - ANS Correct Answer: 15 Days, Claims
forms must be provided to the claimant a maximum of 15 days after receiving a notice of claim
At what point must insurable interest be present for a life insurance policy to be valid? - ANS
A
Correct Answer: When the application is made, Insurable interest has to exist when the
application is made for the contract to be valid
R
Which provision encourages a disabled policy owner to try to work? - ANS Correct Answer:
Recurrent disability, The Recurrent Disability provision encourages a person with a disability to
try and go back to work. It specifies a certain number of days that a recurrence of the disability
is considered a continuation, not a new disability. Therefore it does not have a new elimination
U
period.
Jeff was injured in a car wreck. How many days does he have to provide a notice of claim to his
LA
insurer? - ANS Correct Answer: 20 days, A notice of claim must be given to the insurer
within 20 days.
Amelia has a nonqualified annuity that is paid out of her paycheck. It will be paid: - ANS
Correct Answer: Post Tax, A nonqualified plan is not eligible for tax benefits. Therefore a
nonqualified annuity would be paid with after tax income. The test makers try to trick you with
C
different names of annuities or policies, but the question is asking about pretax or after tax on a
nonqualified plan
Tim was injured in an accident, how many days does he have to provide proof of loss? - ANS
O
Correct Answer: 90 days, An insured has 90 days from the time of loss to provide the insurer
proof of loss
D
What kind of contract uses periodic payments as a way to systematically liquidate assets? -
ANS Correct Answer: Annuity, An annuity is a way to provide liquidation of an estate
A Medicare Part C plan cannot be offer as - ANS Correct Answer: FSA, Medicare part C
plans may be offered as any of the following: PFFS, PPO, HMO, MSA, SNP, POS, OR PSO.
FSA is a flexible spending account
Transacting insurance does not include which of the following? - ANS Correct Answer:
Investigation, Transacting insurance includes solicitation, inducement, preliminary, negotiations,
And Answers
A
R
U
LA
C
O
D
,An insured filed a claim with her insurance company and submitted all the proof of loss
requested. The insurer is non-responsive. How many days must the insured wait before
beginning legal action to recover her money? - ANS Correct Answer: the insured must wait
60 DAYS before taking legal action to recover their money
A
Dalton has given his insurer permission to go after a 3rd party to collect damages owed. This is
known as: - ANS Correct Answer: Subrogation, Subrogation is the right of the insurer to
assume the rights of the insured and sue the responsible third party for damages inflicted upon
R
the insured
When a company provides employees with a noncontributory group health insurance plan, what
percentage of employees must be covered? - ANS Correct Answer: 100%, Noncontributory
U
group health plans must have 100% of the employees covered
The provision on roberts insurance policy that allowed the policy to remain in force, even though
LA
he forgot to pay his premium, is: - ANS Correct Answer: The Grace Period Provision, The
grace period allows the policy to remain in force for a specified number of days beyond the
premium due date.
An insured has how many days from the date of loss to provide proof of loss? - ANS
Correct Answer: 90 days, An insured has 90 days from the time of loss to provide the insurer
C
proof of loss
What entity protects policyowners of life insurance policies against the possibility of insolvency?
- ANS Correct: Nevada Life and Health Guaranty Association, The Nevada Life and Health
O
Insurance Guaranty Association is a group of licensed insurance companies whose purpose is
to protect policyholders of policies issued by an insolvent insurance company, up to specified
limits.
D
A limited dread disease policy most likely would cover: - ANS Correct Answer: Cancer,
Dread disease policies are a type of limited policy that covers specific catastrophic illnesses that
have high medical cost. Cancer and Heart disease are common examples of dread disease.
At a minimum, how often must the insurance commissioner examine the assets, transactions,
accounts, conduct, and business affairs of each authorized insurer? - ANS Correct Answer:
Every 5 Years, The Insurance Commissioner may examine the assets, transactions, accounts,
records, conduct, and business affairs, including general or specific business and marketing
, activity, of each authorized insurer as often as deemed necessary by the commissioner and not
less than every 5 years.
What type of insurer is formed under the laws of any place outside the united states? - ANS
Correct Answer: Alien, An Alien Insurer is one formed under the laws of any place outside the
united states
Claims forms must be given to a claimant within: - ANS Correct Answer: 15 Days, Claims
forms must be provided to the claimant a maximum of 15 days after receiving a notice of claim
At what point must insurable interest be present for a life insurance policy to be valid? - ANS
A
Correct Answer: When the application is made, Insurable interest has to exist when the
application is made for the contract to be valid
R
Which provision encourages a disabled policy owner to try to work? - ANS Correct Answer:
Recurrent disability, The Recurrent Disability provision encourages a person with a disability to
try and go back to work. It specifies a certain number of days that a recurrence of the disability
is considered a continuation, not a new disability. Therefore it does not have a new elimination
U
period.
Jeff was injured in a car wreck. How many days does he have to provide a notice of claim to his
LA
insurer? - ANS Correct Answer: 20 days, A notice of claim must be given to the insurer
within 20 days.
Amelia has a nonqualified annuity that is paid out of her paycheck. It will be paid: - ANS
Correct Answer: Post Tax, A nonqualified plan is not eligible for tax benefits. Therefore a
nonqualified annuity would be paid with after tax income. The test makers try to trick you with
C
different names of annuities or policies, but the question is asking about pretax or after tax on a
nonqualified plan
Tim was injured in an accident, how many days does he have to provide proof of loss? - ANS
O
Correct Answer: 90 days, An insured has 90 days from the time of loss to provide the insurer
proof of loss
D
What kind of contract uses periodic payments as a way to systematically liquidate assets? -
ANS Correct Answer: Annuity, An annuity is a way to provide liquidation of an estate
A Medicare Part C plan cannot be offer as - ANS Correct Answer: FSA, Medicare part C
plans may be offered as any of the following: PFFS, PPO, HMO, MSA, SNP, POS, OR PSO.
FSA is a flexible spending account
Transacting insurance does not include which of the following? - ANS Correct Answer:
Investigation, Transacting insurance includes solicitation, inducement, preliminary, negotiations,
