ANSWERS|LATEST !!!!2026|GRADED A+| (EXAM
Which type of receipt makes the insurer liable for the risk from the date of application,
regardless of the applicant's insurability?
-Inspection receipt
-temporary receipt
-conditional receipt
-binding receipt - ANSWER binding receipt
Which of the following occurs immediately after the application is submitted and the initial
premium is paid?
-the applicant's references
-insurance goes into effect
-the beneficiaries are selected
-the underwriting process begins - ANSWER The underwriting process begins
The entire contract includes the actual policy and
-certification of authority
- application
-consideration
1
, -representations - ANSWER application
Which of the following is TRUE of a point of service plan?
-A patients care is coordinated by an in-network primary care physician
-a patient may see any provider for any condition for the same cost and does not need to
consult a primary care physician
-patients must submit claim forms for all services received
-the difference in cost between in-network and out-of-network is relatively small -
ANSWER A patient may see any provider for any condition for the same cost and
does not need to consult a primary care physician
Which of the following may be thought of as a time deductible rather a dollar deductible in a
disability income policy because benefits are not payable during a time?
-benefit period
-elimination period
-probationary period
-grace period - ANSWER Elimination Period
What is the maximum amount of time the insured has to file legal action against the insurer?
-10 years
-3 years
-5 years
-1 year - ANSWER 3 years
How are issues of ambiguity usually resolved because insurance contracts are contracts to
adhesion?
2
Which type of receipt makes the insurer liable for the risk from the date of application,
regardless of the applicant's insurability?
-Inspection receipt
-temporary receipt
-conditional receipt
-binding receipt - ANSWER binding receipt
Which of the following occurs immediately after the application is submitted and the initial
premium is paid?
-the applicant's references
-insurance goes into effect
-the beneficiaries are selected
-the underwriting process begins - ANSWER The underwriting process begins
The entire contract includes the actual policy and
-certification of authority
- application
-consideration
1
, -representations - ANSWER application
Which of the following is TRUE of a point of service plan?
-A patients care is coordinated by an in-network primary care physician
-a patient may see any provider for any condition for the same cost and does not need to
consult a primary care physician
-patients must submit claim forms for all services received
-the difference in cost between in-network and out-of-network is relatively small -
ANSWER A patient may see any provider for any condition for the same cost and
does not need to consult a primary care physician
Which of the following may be thought of as a time deductible rather a dollar deductible in a
disability income policy because benefits are not payable during a time?
-benefit period
-elimination period
-probationary period
-grace period - ANSWER Elimination Period
What is the maximum amount of time the insured has to file legal action against the insurer?
-10 years
-3 years
-5 years
-1 year - ANSWER 3 years
How are issues of ambiguity usually resolved because insurance contracts are contracts to
adhesion?
2
