Life & Health Insurance Exam Questions AND Correct Answers
_______ are plans specifically for self-employed and their
employees - ✔✔HR-10 (Keogh Plan)
A 60 year old participant in a 401(k) plan takes a distribution
and rolls it over to an IRA within 60 days. Which of the
following is true? - ✔✔the amount of the distribution is
reduced by the amount of a 20% withholding tax
A deductible is - ✔✔a specified dollar amount that the
insured must pay first before the insurance company will pay
the policy benefits
A father purchases a life insurance policy on his teenage
daughter and adds the Payor Benefit rider. In which of the
following scenarios will the rider waive the payment of
premium? - ✔✔if the father is disabled for more than 6
months
A life insurance policy does not have a war clause. If the
insured is killed during a time of war, what will the
beneficiary receive from the policy? - ✔✔the full death
benefit
A medical expense policy that establishes the amount of
benefit paid based upon the prevailing charges which fall
within the standard range of fees normally charged for a
,specific procedure by a doctor of similar training and
experience in that geographic area is known as - ✔✔usual,
customary, and reasonable
A noncontributory group disability income plan has a 30 day
waiting period and offers benefits of $2000 a month. If an
employee is unable to work for 7 months due to a covered
disability, the employee will receive - ✔✔$12000, all of
which is taxable
A Universal Life Insurance policy is best described as an -
✔✔Annually Renewable Term policy with a cash value
account
A woman obtains a health coverage through the Marketplace
on October 1. Two weeks later she finds out that she is 3
months pregnant. Which of the following is true about
coverage for pregnancy? - ✔✔pregnancy will be covered
immediately
According to the Life Insurance Replacement Regulation, Rule
16.1, replacement of life insurance is defined as a process in
which - ✔✔a new policy is bought and an old policy is
converted to a Reduced Paid-up policy
, All admitted insurance companies in Indiana are subject to
fiscal examinations by the Commissioner - ✔✔at least every 5
years
All of the following are correct about the required provisions
of a health insurance policy EXCEPT - ✔✔a reinstated policy
provides immediate coverage for an illness
All of the following are requirements of eligibility for Social
Security disability income benefits EXCEPT - ✔✔being age 65
All of the following are true regarding the Indiana
Comprehensive Health Insurance Plan EXCEPT - ✔✔the
insured can be charged a premium of up to 100% of the
average standard premium charged by the state's top 5
insurers
All of the following could be considered rebates if offered to
an insured in the sale of insurance EXCEPT - ✔✔dividends
from a mutual insurer
All of the following individuals may qualify for Medicare
health insurance benefits EXCEPT - ✔✔a retired person age
50
_______ are plans specifically for self-employed and their
employees - ✔✔HR-10 (Keogh Plan)
A 60 year old participant in a 401(k) plan takes a distribution
and rolls it over to an IRA within 60 days. Which of the
following is true? - ✔✔the amount of the distribution is
reduced by the amount of a 20% withholding tax
A deductible is - ✔✔a specified dollar amount that the
insured must pay first before the insurance company will pay
the policy benefits
A father purchases a life insurance policy on his teenage
daughter and adds the Payor Benefit rider. In which of the
following scenarios will the rider waive the payment of
premium? - ✔✔if the father is disabled for more than 6
months
A life insurance policy does not have a war clause. If the
insured is killed during a time of war, what will the
beneficiary receive from the policy? - ✔✔the full death
benefit
A medical expense policy that establishes the amount of
benefit paid based upon the prevailing charges which fall
within the standard range of fees normally charged for a
,specific procedure by a doctor of similar training and
experience in that geographic area is known as - ✔✔usual,
customary, and reasonable
A noncontributory group disability income plan has a 30 day
waiting period and offers benefits of $2000 a month. If an
employee is unable to work for 7 months due to a covered
disability, the employee will receive - ✔✔$12000, all of
which is taxable
A Universal Life Insurance policy is best described as an -
✔✔Annually Renewable Term policy with a cash value
account
A woman obtains a health coverage through the Marketplace
on October 1. Two weeks later she finds out that she is 3
months pregnant. Which of the following is true about
coverage for pregnancy? - ✔✔pregnancy will be covered
immediately
According to the Life Insurance Replacement Regulation, Rule
16.1, replacement of life insurance is defined as a process in
which - ✔✔a new policy is bought and an old policy is
converted to a Reduced Paid-up policy
, All admitted insurance companies in Indiana are subject to
fiscal examinations by the Commissioner - ✔✔at least every 5
years
All of the following are correct about the required provisions
of a health insurance policy EXCEPT - ✔✔a reinstated policy
provides immediate coverage for an illness
All of the following are requirements of eligibility for Social
Security disability income benefits EXCEPT - ✔✔being age 65
All of the following are true regarding the Indiana
Comprehensive Health Insurance Plan EXCEPT - ✔✔the
insured can be charged a premium of up to 100% of the
average standard premium charged by the state's top 5
insurers
All of the following could be considered rebates if offered to
an insured in the sale of insurance EXCEPT - ✔✔dividends
from a mutual insurer
All of the following individuals may qualify for Medicare
health insurance benefits EXCEPT - ✔✔a retired person age
50
