215 Test Review Final Exam With All
v v v v v v
Answers Corect 100% v v v
Which of the following would probably NOT be considered in underwriting a health insurance risk?
v v v v v v v v v v v v v v
Hobbies
Consumer reports v
Age
Marital status - ANSWER-✔✔Marital status
v v v v
Jerry has just purchased a life insurance policy and is taking time to review the policy's provisions. He will find
v v v v v v v v v v v v v v v v v v v
that his policy excludes death by all of the following means EXCEPT
v v v v v v v v v v v v
suicide
accident
aviation
war - ANSWER-✔✔accident
v v
Which of the following statements about assignment is NOT correct?
v v v v v v v v v
The policy owner must notify the insurer in writing of the assignment.
v v v v v v v v v v v v
,The insured must approve an assignment.
v v v v v v
The insurance company will not require the signature of the beneficiary for the assignment.
v v v v v v v v v v v v v v
The policy owner may temporarily assign ownership to a lender. - ANSWER-✔✔The insured must approve
v v v v v v v v v v v v v v
an assignment.
v v
Which of the following would NOT be able to contribute to a Traditional IRA?
v v v v v v v v v v v v v
Sally, age 26, who already contributed $1,000 this year into her Roth IRA.
v v v v v v v v v v v v
Dave, age 40, a dentist who has an annuity.
v v v v v v v v v
Darlene, age 72, a flight attendant with a Roth IRA.
v v v v v v v v v v
Boris, age 60, a carpenter who made $250,000 last year. - ANSWER-✔✔Darlene, age 72, a flight attendant
v v v v v v v v v v v v v v v v
with a Roth IRA.
v v v v
Which of the following types of agent authority is specifically set forth in writing in the agent's contract?
v v v v v v v v v v v v v v v v v
Expres
sImplied
Apparent
Personal - ANSWER-✔✔express v v
What does the consideration clause identify?
v v v v v
Benefit amounts v v
Interest rates v v
Premium schedule v v
Risk classification - ANSWER-✔✔Premium schedule
v v v v
,In which of the following situations would the premium payor of a life insurance policy be able to deduct the
v v v v v v v v v v v v v v v v v v v
premium payments for tax purposes?
v v v v v
A) Joe, the sole proprietor of a grocery store, purchases and pays premiums on a $75,000 term life policy on
v v v v v v v v v v v v v v v v v v v
his life and names his wife as beneficiary.
v v v v v v v v
B) Leland, a local board member of the United Way, assigns his $25,000 whole life policy to that organization,
v v v v v v v v v v v v v v v v v v
but continues to make the premium payments.
v v v v v v v
C) Michelle, the legal guardian of five-year-old Angela, makes the premium payments on Angela's $5,000
v v v v v v v v v v v v v v
juvenile life insurance policy.
v v v v
D) Bob takes over the premium payments on his son's $30,000 whole life policy after his son declares
v v v v v v v v v v v v v v v v v
bankruptcy. - ANSWER-✔✔Leland, a local board member of the United Way, assigns his $25,000 whole life
v v v v v v v v v v v v v v v v
policy to that organization, but continues to make the premium payments.
v v v v v v v v v v v
What is the basic source of information for life insurance underwriting and policy issue?
v v v v v v v v v v v v v
Consumer reports v
Medical Information Bureau v v
Application
Physician reports - ANSWER-✔✔Application v v v
Florida law requires that all of the following be coverages be offered in health insurance policies EXCEPT
v v v v v v v v v v v v v v v v
Coverage for diabetes equipment and self-management training
v v v v v v
Coverage for women who have had a breast biopsy that reveals breast cancer
v v v v v v v v v v v v v
Osteoporosis coverage v v
Newborn child of a covered family member for 18 months - ANSWER-✔✔Coverage for women who have
v v v v v v v v v v v v v v v
had a breast biopsy that reveals breast cancer
v v v v v v v v
, Which of the following best describes a vested employee?
v v v v v v v v
An employee who has contributed the maximum allowable contribution from his/her earnings for the year.
v v v v v v v v v v v v v v
An employee entering the employer-sponsored retirement plan immediately following the probationary
v v v v v v v v v v
period of a new job, often also called the open enrollment period.
v v v v v v v v v v v v v
An employee who meets the mandatory distribution age to begin receiving deferred retirement funds,
v v v v v v v v v v v v v
typically 70 1/2.
v v v
A former employee who has been allowed to keep all of the employer's contributions, typically due to
v v v v v v v v v v v v v v v v
continued employment with that employer for a number of years. - ANSWER-✔✔A former employee who
v v v v v v v v v v v v v v v
has been allowed to keep all of the employer's contributions, typically due to continued employment with
v v v v v v v v v v v v v v v v
that employer for a number of years.
v v v v v v v
Jane, age 35, has just purchased a 20-pay whole life policy. When she turns 55, she will
v v v v v v v v v v v v v v v v v
receive the policy's face amount benefitv v v v v
have a fully matured policy
v v v v
cease paying premiums v v
no longer being covered by the policy - ANSWER-✔✔cease paying premiums
v v v v v v v v v v
Statements made by an applicant for life insurance that are guaranteed to be true are
v v v v v v v v v v v v v v
warranties
material statements v
representations
declarations - ANSWER-✔✔warranties v v
v v v v v v
Answers Corect 100% v v v
Which of the following would probably NOT be considered in underwriting a health insurance risk?
v v v v v v v v v v v v v v
Hobbies
Consumer reports v
Age
Marital status - ANSWER-✔✔Marital status
v v v v
Jerry has just purchased a life insurance policy and is taking time to review the policy's provisions. He will find
v v v v v v v v v v v v v v v v v v v
that his policy excludes death by all of the following means EXCEPT
v v v v v v v v v v v v
suicide
accident
aviation
war - ANSWER-✔✔accident
v v
Which of the following statements about assignment is NOT correct?
v v v v v v v v v
The policy owner must notify the insurer in writing of the assignment.
v v v v v v v v v v v v
,The insured must approve an assignment.
v v v v v v
The insurance company will not require the signature of the beneficiary for the assignment.
v v v v v v v v v v v v v v
The policy owner may temporarily assign ownership to a lender. - ANSWER-✔✔The insured must approve
v v v v v v v v v v v v v v
an assignment.
v v
Which of the following would NOT be able to contribute to a Traditional IRA?
v v v v v v v v v v v v v
Sally, age 26, who already contributed $1,000 this year into her Roth IRA.
v v v v v v v v v v v v
Dave, age 40, a dentist who has an annuity.
v v v v v v v v v
Darlene, age 72, a flight attendant with a Roth IRA.
v v v v v v v v v v
Boris, age 60, a carpenter who made $250,000 last year. - ANSWER-✔✔Darlene, age 72, a flight attendant
v v v v v v v v v v v v v v v v
with a Roth IRA.
v v v v
Which of the following types of agent authority is specifically set forth in writing in the agent's contract?
v v v v v v v v v v v v v v v v v
Expres
sImplied
Apparent
Personal - ANSWER-✔✔express v v
What does the consideration clause identify?
v v v v v
Benefit amounts v v
Interest rates v v
Premium schedule v v
Risk classification - ANSWER-✔✔Premium schedule
v v v v
,In which of the following situations would the premium payor of a life insurance policy be able to deduct the
v v v v v v v v v v v v v v v v v v v
premium payments for tax purposes?
v v v v v
A) Joe, the sole proprietor of a grocery store, purchases and pays premiums on a $75,000 term life policy on
v v v v v v v v v v v v v v v v v v v
his life and names his wife as beneficiary.
v v v v v v v v
B) Leland, a local board member of the United Way, assigns his $25,000 whole life policy to that organization,
v v v v v v v v v v v v v v v v v v
but continues to make the premium payments.
v v v v v v v
C) Michelle, the legal guardian of five-year-old Angela, makes the premium payments on Angela's $5,000
v v v v v v v v v v v v v v
juvenile life insurance policy.
v v v v
D) Bob takes over the premium payments on his son's $30,000 whole life policy after his son declares
v v v v v v v v v v v v v v v v v
bankruptcy. - ANSWER-✔✔Leland, a local board member of the United Way, assigns his $25,000 whole life
v v v v v v v v v v v v v v v v
policy to that organization, but continues to make the premium payments.
v v v v v v v v v v v
What is the basic source of information for life insurance underwriting and policy issue?
v v v v v v v v v v v v v
Consumer reports v
Medical Information Bureau v v
Application
Physician reports - ANSWER-✔✔Application v v v
Florida law requires that all of the following be coverages be offered in health insurance policies EXCEPT
v v v v v v v v v v v v v v v v
Coverage for diabetes equipment and self-management training
v v v v v v
Coverage for women who have had a breast biopsy that reveals breast cancer
v v v v v v v v v v v v v
Osteoporosis coverage v v
Newborn child of a covered family member for 18 months - ANSWER-✔✔Coverage for women who have
v v v v v v v v v v v v v v v
had a breast biopsy that reveals breast cancer
v v v v v v v v
, Which of the following best describes a vested employee?
v v v v v v v v
An employee who has contributed the maximum allowable contribution from his/her earnings for the year.
v v v v v v v v v v v v v v
An employee entering the employer-sponsored retirement plan immediately following the probationary
v v v v v v v v v v
period of a new job, often also called the open enrollment period.
v v v v v v v v v v v v v
An employee who meets the mandatory distribution age to begin receiving deferred retirement funds,
v v v v v v v v v v v v v
typically 70 1/2.
v v v
A former employee who has been allowed to keep all of the employer's contributions, typically due to
v v v v v v v v v v v v v v v v
continued employment with that employer for a number of years. - ANSWER-✔✔A former employee who
v v v v v v v v v v v v v v v
has been allowed to keep all of the employer's contributions, typically due to continued employment with
v v v v v v v v v v v v v v v v
that employer for a number of years.
v v v v v v v
Jane, age 35, has just purchased a 20-pay whole life policy. When she turns 55, she will
v v v v v v v v v v v v v v v v v
receive the policy's face amount benefitv v v v v
have a fully matured policy
v v v v
cease paying premiums v v
no longer being covered by the policy - ANSWER-✔✔cease paying premiums
v v v v v v v v v v
Statements made by an applicant for life insurance that are guaranteed to be true are
v v v v v v v v v v v v v v
warranties
material statements v
representations
declarations - ANSWER-✔✔warranties v v
