Connecticut Life and Health Insurance Exam Questions
With Complete Solutions
A consultant derives their income from which source? Correct
Answers Clients
A consumer who has been recently denied insurance, credit, or
employment based on an unfavorable consumer report MUST be
advised as such, Which of the following does this statute
originate from? Correct Answers Fair Credit Reporting Act. A
consumer being investigated must be advised of any denial
based on an unfavorable report.
A description of a qualified plan's insurance contract may be
found in which ERISA reporting form? Correct Answers
Annual return/report (Form 5500). Form 5500 is a disclosure
document that employee benefit plans use to satisfy annual
reporting requirements under ERISA.
A group health certificate for coverage issued in Connecticut
MUST contain a(n) Correct Answers Summary of policy
features and benefits.
A group health plan covers employees in Connecticut,
Massachusetts, and Rhode Island. The state regulatory
jurisdiction established for this plan does NOT affect which plan
aspect? Correct Answers COBRA continuation of coverage.
All of these aspects may be affected EXCEPT for "COBRA
continuation coverage".
,A group-owned insurance company that is formed to assume
and spread the liability risks of its members is known as a
Correct Answers Risk retention group. A group-owned insurer
whose primary activity consists of assuming and spreading the
liability risks of its members is called a risk retention group.
A handicapped child is covered under an individual health
policy. If continuation of coverage is needed beyond the policy's
age limit, which of the following is required? Correct Answers
Proof of incapacity and dependency upon reaching the age limit.
In Connecticut, continuation of medical plan coverage for a
handicapped child beyond the age limit stated in the policy may
require proof of the child's incapacity and dependency upon
reaching the age limit.
A life annuity feature which provides benefit payments for a
minimum number of years, no matter when the annuitant die, is
called Correct Answers period certain.
A life insurance beneficiary died after receiving only six
payments under the policy's life income settlement option. What
happens with the remaining balance of the death proceeds?
Correct Answers Kept by the insurance company. Under the life
income settlement option, the beneficiary is able to have the
benefits converted into an annuity which is based upon the
individual's life expectancy and payable as long as the
beneficiary is still alive.
A life insurance policy provision that has the ability to reduce
the death benefit is called the Correct Answers Accelerated
(living) benefit. Whatever amount is withdrawn from an
, accelerated benefit will be deducted from the face amount when
death occurs.
A medical fee schedule shows the amount an insurer will pay for
a given procedure. This amount is considered to be the Correct
Answers Highest amount payable. The amount shown for a
given medical procedure in a medical fee schedule usually
indicates the highest amount payable to reimburse a physician
and/or other providers.
A policyowner is permitted to take out a policy loan on a whole
life policy at what point? Correct Answers When the policy has
a cash value. A policy loan can be obtained from a whole life
insurance policy once it has accrued a cash value.
A policyowner pays the first annual premium for a $50,000 life
insurance policy and dies one month after the policy effective
date. Which of these statements is normally true? Correct
Answers Beneficiary receives $50,000 income tax-free.
A producer has indicated to a potential client that the proposed
life insurance is covered by the Connecticut Life and Health
Insurance Guaranty Association. This action taken by the
producer is Correct Answers "Prohibited by law". Pointing out
to a prospective client that the life insurance policy you are
presenting is covered by the Connecticut Life and Health
Guaranty Association is prohibited by law.
A producer must complete____credit hours of continuing
education for each licensing period. Correct Answers 24 hours.
All insurance agents must successfully complete 24 credit hours
With Complete Solutions
A consultant derives their income from which source? Correct
Answers Clients
A consumer who has been recently denied insurance, credit, or
employment based on an unfavorable consumer report MUST be
advised as such, Which of the following does this statute
originate from? Correct Answers Fair Credit Reporting Act. A
consumer being investigated must be advised of any denial
based on an unfavorable report.
A description of a qualified plan's insurance contract may be
found in which ERISA reporting form? Correct Answers
Annual return/report (Form 5500). Form 5500 is a disclosure
document that employee benefit plans use to satisfy annual
reporting requirements under ERISA.
A group health certificate for coverage issued in Connecticut
MUST contain a(n) Correct Answers Summary of policy
features and benefits.
A group health plan covers employees in Connecticut,
Massachusetts, and Rhode Island. The state regulatory
jurisdiction established for this plan does NOT affect which plan
aspect? Correct Answers COBRA continuation of coverage.
All of these aspects may be affected EXCEPT for "COBRA
continuation coverage".
,A group-owned insurance company that is formed to assume
and spread the liability risks of its members is known as a
Correct Answers Risk retention group. A group-owned insurer
whose primary activity consists of assuming and spreading the
liability risks of its members is called a risk retention group.
A handicapped child is covered under an individual health
policy. If continuation of coverage is needed beyond the policy's
age limit, which of the following is required? Correct Answers
Proof of incapacity and dependency upon reaching the age limit.
In Connecticut, continuation of medical plan coverage for a
handicapped child beyond the age limit stated in the policy may
require proof of the child's incapacity and dependency upon
reaching the age limit.
A life annuity feature which provides benefit payments for a
minimum number of years, no matter when the annuitant die, is
called Correct Answers period certain.
A life insurance beneficiary died after receiving only six
payments under the policy's life income settlement option. What
happens with the remaining balance of the death proceeds?
Correct Answers Kept by the insurance company. Under the life
income settlement option, the beneficiary is able to have the
benefits converted into an annuity which is based upon the
individual's life expectancy and payable as long as the
beneficiary is still alive.
A life insurance policy provision that has the ability to reduce
the death benefit is called the Correct Answers Accelerated
(living) benefit. Whatever amount is withdrawn from an
, accelerated benefit will be deducted from the face amount when
death occurs.
A medical fee schedule shows the amount an insurer will pay for
a given procedure. This amount is considered to be the Correct
Answers Highest amount payable. The amount shown for a
given medical procedure in a medical fee schedule usually
indicates the highest amount payable to reimburse a physician
and/or other providers.
A policyowner is permitted to take out a policy loan on a whole
life policy at what point? Correct Answers When the policy has
a cash value. A policy loan can be obtained from a whole life
insurance policy once it has accrued a cash value.
A policyowner pays the first annual premium for a $50,000 life
insurance policy and dies one month after the policy effective
date. Which of these statements is normally true? Correct
Answers Beneficiary receives $50,000 income tax-free.
A producer has indicated to a potential client that the proposed
life insurance is covered by the Connecticut Life and Health
Insurance Guaranty Association. This action taken by the
producer is Correct Answers "Prohibited by law". Pointing out
to a prospective client that the life insurance policy you are
presenting is covered by the Connecticut Life and Health
Guaranty Association is prohibited by law.
A producer must complete____credit hours of continuing
education for each licensing period. Correct Answers 24 hours.
All insurance agents must successfully complete 24 credit hours
