SOUTH DAKOTA LIFE AND HEALTH FINAL EXAM QUESTIONS WITH
South Dakota Life and Health Final Exam
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
Study online at https://quizlet.com/_eclbfg
VERSION 2025!!
1. Company Z has a Cross Purchase Each partner must own a policy on the other
Buy-Sell Agreement in place among its partners
three founding partners. If the agree-
ment is funded with individual life in-
surance, what would it require?
2. Which statement regarding the Mis- Coverage will be adjusted to reflect the insured's
statement of Age provision is consid- true age if a misstatement of age is discovered
ered to be true?
3. Which contract permits the remaining Disability Buy-Sell
partners to buy-out the interest of a
disabled business partner?
4. A term life insurance policy matures: upon the insured's death during the term of the
policy
5. If a retiree on Medicare required five Medicare Supplement
hospital stays in one year, which policy
would provide the best insurance for
excess hospital expenses?
6. K becomes ill after traveling overseas Disability Income
and is unable to work for 3 months.
What kind of policy would cover her
loss of income?
7. S is employed by a large corporation 36
that provides group health coverage
for its employees and their depen-
dents. If S dies, the company must al-
low his surviving spouse and depen-
dents to continue their group health
, South Dakota Life and Health Final Exam
Study online at https://quizlet.com/_eclbfg
coverage for a maximum of how many
months under COBRA regulations?
8. Group life insurance policies are gener- annually renewable term
ally written as:
9. An insurance applicant MUST be in- Fair Credit Reporting Act
formed of an investigation regarding
his/her reputation and character ac-
cording to the
10. An example of rebating would be splitting the commission with the buyer on a sale
of insurance
11. A noncontributory group term life plan the entire cost of the plan is paid for by the
is characterized by: employer
12. Which of these circumstances is a Busi- Business owner becoming disabled
ness Disability Buy-Sell policy designed
to help in the sale of a business?
13. Which of the following is considered to Probationary Period
be the time period after a Health Policy
is issued, during which no benefits are
provided for illness?
14. The Common Disaster clause provides This clause provides the payment of proceeds to
that if both the insured and the sole the insured's estate
name beneficiary were to die in a com-
mon accident, which of the following is
true?
15. profit-sharing plan
, South Dakota Life and Health Final Exam
Study online at https://quizlet.com/_eclbfg
A retirement plan that sets aside part of
the company's net income for distribu-
tions to qualified employees is called a:
16. What is being delivered during a policy Insurance contract to the proposed insured
delivery?
17. Long Term Care policies will usually pay Expense incurred (reimbursement)
for eligible benefits using which of the
following methods?
18. What is the excise tax rate the IRS im- 50%
poses on individuals aged 70 1/2 or old-
er who do not take the required mini-
mum distributions from their qualified
retirement plan?
19. K is an annuitant currently receiving Installment Refund annuity
payments. If she were to die before re-
ceiving payments equal to the correct
value, a beneficiary will continue receiv-
ing payments until an amount equal to
the contract value has been paid. This
is called a(n)
20. M becomes disabled and is unable to earned, but unpaid benefits will be paid
work for six months. M dies soon af-
ter from complications arising from this
disability. M has a Disability Income pol-
icy that pays $2,000 a month. Which
of the following statements BEST de-
scribes what is owed to her estate?
South Dakota Life and Health Final Exam
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
Study online at https://quizlet.com/_eclbfg
VERSION 2025!!
1. Company Z has a Cross Purchase Each partner must own a policy on the other
Buy-Sell Agreement in place among its partners
three founding partners. If the agree-
ment is funded with individual life in-
surance, what would it require?
2. Which statement regarding the Mis- Coverage will be adjusted to reflect the insured's
statement of Age provision is consid- true age if a misstatement of age is discovered
ered to be true?
3. Which contract permits the remaining Disability Buy-Sell
partners to buy-out the interest of a
disabled business partner?
4. A term life insurance policy matures: upon the insured's death during the term of the
policy
5. If a retiree on Medicare required five Medicare Supplement
hospital stays in one year, which policy
would provide the best insurance for
excess hospital expenses?
6. K becomes ill after traveling overseas Disability Income
and is unable to work for 3 months.
What kind of policy would cover her
loss of income?
7. S is employed by a large corporation 36
that provides group health coverage
for its employees and their depen-
dents. If S dies, the company must al-
low his surviving spouse and depen-
dents to continue their group health
, South Dakota Life and Health Final Exam
Study online at https://quizlet.com/_eclbfg
coverage for a maximum of how many
months under COBRA regulations?
8. Group life insurance policies are gener- annually renewable term
ally written as:
9. An insurance applicant MUST be in- Fair Credit Reporting Act
formed of an investigation regarding
his/her reputation and character ac-
cording to the
10. An example of rebating would be splitting the commission with the buyer on a sale
of insurance
11. A noncontributory group term life plan the entire cost of the plan is paid for by the
is characterized by: employer
12. Which of these circumstances is a Busi- Business owner becoming disabled
ness Disability Buy-Sell policy designed
to help in the sale of a business?
13. Which of the following is considered to Probationary Period
be the time period after a Health Policy
is issued, during which no benefits are
provided for illness?
14. The Common Disaster clause provides This clause provides the payment of proceeds to
that if both the insured and the sole the insured's estate
name beneficiary were to die in a com-
mon accident, which of the following is
true?
15. profit-sharing plan
, South Dakota Life and Health Final Exam
Study online at https://quizlet.com/_eclbfg
A retirement plan that sets aside part of
the company's net income for distribu-
tions to qualified employees is called a:
16. What is being delivered during a policy Insurance contract to the proposed insured
delivery?
17. Long Term Care policies will usually pay Expense incurred (reimbursement)
for eligible benefits using which of the
following methods?
18. What is the excise tax rate the IRS im- 50%
poses on individuals aged 70 1/2 or old-
er who do not take the required mini-
mum distributions from their qualified
retirement plan?
19. K is an annuitant currently receiving Installment Refund annuity
payments. If she were to die before re-
ceiving payments equal to the correct
value, a beneficiary will continue receiv-
ing payments until an amount equal to
the contract value has been paid. This
is called a(n)
20. M becomes disabled and is unable to earned, but unpaid benefits will be paid
work for six months. M dies soon af-
ter from complications arising from this
disability. M has a Disability Income pol-
icy that pays $2,000 a month. Which
of the following statements BEST de-
scribes what is owed to her estate?
