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WELLCARE ACT MASTERY FINAL EXAM 2 VERSIONS
2025/2026 BANK ACTUAL QUESTIONS WITH DETAILED
ANSWERS WITH STUDY GUIDE EXPERT VERIFIED FOR
GUARANTEED PASS/ALREADY GRADED A+
Regarding an organizational license, what happens when a corporation
is dissolved? - ANSWERS-The license is terminated
john applies for a variable annuity and does not request that the
premiums be immediately invested in a stock or bond portfolio. After
the annuity is issued, John returns the annuity contract to the insurer
within the free look period. What will John receive from the insurer? -
ANSWERS-The entire premium
Which of the following in NOT of the common personal uses for life
insurance? - ANSWERS-Funding a buy-sell agreement
Which type of life insurance policy gives the policy owner the right to
share in the insurer's surplus? - ANSWERS-Participating
,2|Page
The insured bought an annuity ten years ago. He will retire in five years.
To determine the value of his annuity, he must multiply the value of the
"accumulation units" he owns, times the value of the "separate
account". This type of annuity is known as a - ANSWERS-Variable
annuity
Medicare Part A begins automatically at age: - ANSWERS-65
An individual license is considered terminated: - ANSWERS-On the
death of the licensee
Usually, in order to join a group insurance plan without proving
insurability, an employee must: - ANSWERS-Join the plan during the
enrollment period
A single deductible amount for all members of the same family and a
right to single family member deductibles is known as: - ANSWERS-
Family deductible
COBRA applies to employers with at least - ANSWERS-20 employees
The policy provision which comes into effect when the insured and
primary beneficiary die in a simultaneous (common) accident with no
evidence as to who died first is: - ANSWERS-Common disaster provision
,3|Page
Unless it is merely a statement of an expectation or a belief, a
representation as to the future is considered which of the following? -
ANSWERS-Promise
In group insurance the Certificates of Insurance are issued to: -
ANSWERS-The group members
What is a disability income policy that covers injuries suffered by an
insured on or off the job called? - ANSWERS-An occupational policy
Twelve months ago, a man slipped and fell down a flight of stairs at his
workplace. As a result he has a paralysis for which he is not expected to
recover. This 46 year old person will probably be able to collect
disability income benefits from: - ANSWERS-Workers Compensation
What must an insurer do who accepts an application from an agent
who is not specifically appointed by an insurer and then issues a policy
from that application? - ANSWERS-Forward to the Insurance
Commissioner a Notice of Appointment within 14 days of receipt of
application
If one were to receive the principal sum benefit of death in a disability
policy, the death must occur: - ANSWERS-Within a specified number of
days after injury occurs
, 4|Page
Which of the following is true regarding participation in a group health
plan? - ANSWERS-A non-contributory group health plan must involve all
members
An insurer owned by policyholders is a: - ANSWERS-Mutual insurer
Why should a contingent beneficiary be named in a life insurance
policy? - ANSWERS-To determine who receives the policy benefits if the
primary beneficiary is deceased
When a family policy covers children, all of the following are true
EXCEPT - ANSWERS-Evidence of insurability is required if coverage for
children is permanent insurance
Each of the following terms is an important characteristic of a major
medical policy, EXCEPT: - ANSWERS-Capitation
What would a person be guilty of who refuses to submit books and
records to the Commissioner? - ANSWERS-Misdemeanor
An insured bought a $150,000 non-participating whole life policy many
years ago. She is 100 years old today. She has never borrowed from the
policy, and has made all premium payments when due. The policy cash
value is: - ANSWERS-$150,000
WELLCARE ACT MASTERY FINAL EXAM 2 VERSIONS
2025/2026 BANK ACTUAL QUESTIONS WITH DETAILED
ANSWERS WITH STUDY GUIDE EXPERT VERIFIED FOR
GUARANTEED PASS/ALREADY GRADED A+
Regarding an organizational license, what happens when a corporation
is dissolved? - ANSWERS-The license is terminated
john applies for a variable annuity and does not request that the
premiums be immediately invested in a stock or bond portfolio. After
the annuity is issued, John returns the annuity contract to the insurer
within the free look period. What will John receive from the insurer? -
ANSWERS-The entire premium
Which of the following in NOT of the common personal uses for life
insurance? - ANSWERS-Funding a buy-sell agreement
Which type of life insurance policy gives the policy owner the right to
share in the insurer's surplus? - ANSWERS-Participating
,2|Page
The insured bought an annuity ten years ago. He will retire in five years.
To determine the value of his annuity, he must multiply the value of the
"accumulation units" he owns, times the value of the "separate
account". This type of annuity is known as a - ANSWERS-Variable
annuity
Medicare Part A begins automatically at age: - ANSWERS-65
An individual license is considered terminated: - ANSWERS-On the
death of the licensee
Usually, in order to join a group insurance plan without proving
insurability, an employee must: - ANSWERS-Join the plan during the
enrollment period
A single deductible amount for all members of the same family and a
right to single family member deductibles is known as: - ANSWERS-
Family deductible
COBRA applies to employers with at least - ANSWERS-20 employees
The policy provision which comes into effect when the insured and
primary beneficiary die in a simultaneous (common) accident with no
evidence as to who died first is: - ANSWERS-Common disaster provision
,3|Page
Unless it is merely a statement of an expectation or a belief, a
representation as to the future is considered which of the following? -
ANSWERS-Promise
In group insurance the Certificates of Insurance are issued to: -
ANSWERS-The group members
What is a disability income policy that covers injuries suffered by an
insured on or off the job called? - ANSWERS-An occupational policy
Twelve months ago, a man slipped and fell down a flight of stairs at his
workplace. As a result he has a paralysis for which he is not expected to
recover. This 46 year old person will probably be able to collect
disability income benefits from: - ANSWERS-Workers Compensation
What must an insurer do who accepts an application from an agent
who is not specifically appointed by an insurer and then issues a policy
from that application? - ANSWERS-Forward to the Insurance
Commissioner a Notice of Appointment within 14 days of receipt of
application
If one were to receive the principal sum benefit of death in a disability
policy, the death must occur: - ANSWERS-Within a specified number of
days after injury occurs
, 4|Page
Which of the following is true regarding participation in a group health
plan? - ANSWERS-A non-contributory group health plan must involve all
members
An insurer owned by policyholders is a: - ANSWERS-Mutual insurer
Why should a contingent beneficiary be named in a life insurance
policy? - ANSWERS-To determine who receives the policy benefits if the
primary beneficiary is deceased
When a family policy covers children, all of the following are true
EXCEPT - ANSWERS-Evidence of insurability is required if coverage for
children is permanent insurance
Each of the following terms is an important characteristic of a major
medical policy, EXCEPT: - ANSWERS-Capitation
What would a person be guilty of who refuses to submit books and
records to the Commissioner? - ANSWERS-Misdemeanor
An insured bought a $150,000 non-participating whole life policy many
years ago. She is 100 years old today. She has never borrowed from the
policy, and has made all premium payments when due. The policy cash
value is: - ANSWERS-$150,000
