SC Accident. Health, and Life Insurance
Exam Questions & Answers (SCORED
A+)
Annuity Certain -ANSWER -Maria would like an annuity that provides a guaranteed
accumulation or payout. The type of annuity she is seeking is called
Survivorship Life -ANSWER -The type of policy which pays on the death of the last
person is called
Malign another insurer -ANSWER -Defamation occurs when a producer makes a false
statement intended to
A 70 year old NOT eligible for Social Security
*You are not eligible to receive Medicare Part A benefits at age 65 or older if you are
eligible to receive Social Security benefits -ANSWER -Part A Hospital coverage
provided under Medicare is automatically made available to each of the following
EXCEPT
At the time of application -ANSWER -According to life insurance contract law, insurable
interest exists
the policy loan value which the insured may borrow against -ANSWER -A whole life
insurance policy accumulates cash value that becomes
upon changing his or her legal name
*the producer must notify the Department upon changing his or her legal name. -
ANSWER -A licensee MUST notify the Department of a legal name change
Allows the secondary payor to reduce their benefit payments so no more than 100% of
the claim is paid.
*coordination of benefits allows the secondary payor to reduce their benefit payments
so that no more than 100% fo the claim is paid. -ANSWER -Which of the following does
Coordination of Benefits allow?
Determines what is paid by the primary and secondary insurers in the event of a claim. -
ANSWER -In group health care, what is the purpose of the coordination of benefits
provision?
, Losing money at a casino
*Pure risk is a category of risk in which loss is the only possible outcome, which is the
opposite of speculative risk. Gambling is considered a speculative risk where there is a
chance of either gain or loss. -ANSWER -All of the following are examples fo pure risk
EXCEPT
Term Life Insurance -ANSWER -Which of the following policies does NOT build cash
value?
Roth IRA -ANSWER -Which of these retirement plans do NOT qualify for a federal
income tax deduction?
Incontestable Clause -ANSWER -Which of the following protects a policy owner from a
misrepresentation caused by an innocent mistake?
indicates a preexisting condition -ANSWER -A proposed insured for a health insurance
policy was treated for heart disease within the past year. When applying for health
insurance, the heart disease treatment.69216
The Department of Insurance -ANSWER -Which entity is responsible for regulation
continuing education requirements in South Carolina?
Implied authority -ANSWER -The power given to an individual producer that is not
specifically addressed in his/her contract is considered what type of authority?
A good health statement -ANSWER -Upon policy delivery, which of the following myst a
producer have an applicant sign if no initial premium was collected with the life
insurance application?
When contribution or participation rules have been violated -ANSWER -When can a
group health policy renewal be denied according to the Health Insurance Portability and
Accountability Act (HIPPA)?
Medicare Supplement F
*Plans F and G are the only medicare supplement insurance plans that cover costs
known as medicare part B excess charges. -ANSWER -Which type of plan would be the
most appropriate for an individual on Medicare and is concerned that Medicare will NOT
pay for charges exceeding the approved amount?
Inflation protection -ANSWER -An insurer is REQUIRED to offer which of the following
to each long term care applicant at the time of purchase?
6 months -ANSWER -An insurer may exclude preexisting conditions on a Medicare
Supplement policy for ______ months.
Exam Questions & Answers (SCORED
A+)
Annuity Certain -ANSWER -Maria would like an annuity that provides a guaranteed
accumulation or payout. The type of annuity she is seeking is called
Survivorship Life -ANSWER -The type of policy which pays on the death of the last
person is called
Malign another insurer -ANSWER -Defamation occurs when a producer makes a false
statement intended to
A 70 year old NOT eligible for Social Security
*You are not eligible to receive Medicare Part A benefits at age 65 or older if you are
eligible to receive Social Security benefits -ANSWER -Part A Hospital coverage
provided under Medicare is automatically made available to each of the following
EXCEPT
At the time of application -ANSWER -According to life insurance contract law, insurable
interest exists
the policy loan value which the insured may borrow against -ANSWER -A whole life
insurance policy accumulates cash value that becomes
upon changing his or her legal name
*the producer must notify the Department upon changing his or her legal name. -
ANSWER -A licensee MUST notify the Department of a legal name change
Allows the secondary payor to reduce their benefit payments so no more than 100% of
the claim is paid.
*coordination of benefits allows the secondary payor to reduce their benefit payments
so that no more than 100% fo the claim is paid. -ANSWER -Which of the following does
Coordination of Benefits allow?
Determines what is paid by the primary and secondary insurers in the event of a claim. -
ANSWER -In group health care, what is the purpose of the coordination of benefits
provision?
, Losing money at a casino
*Pure risk is a category of risk in which loss is the only possible outcome, which is the
opposite of speculative risk. Gambling is considered a speculative risk where there is a
chance of either gain or loss. -ANSWER -All of the following are examples fo pure risk
EXCEPT
Term Life Insurance -ANSWER -Which of the following policies does NOT build cash
value?
Roth IRA -ANSWER -Which of these retirement plans do NOT qualify for a federal
income tax deduction?
Incontestable Clause -ANSWER -Which of the following protects a policy owner from a
misrepresentation caused by an innocent mistake?
indicates a preexisting condition -ANSWER -A proposed insured for a health insurance
policy was treated for heart disease within the past year. When applying for health
insurance, the heart disease treatment.69216
The Department of Insurance -ANSWER -Which entity is responsible for regulation
continuing education requirements in South Carolina?
Implied authority -ANSWER -The power given to an individual producer that is not
specifically addressed in his/her contract is considered what type of authority?
A good health statement -ANSWER -Upon policy delivery, which of the following myst a
producer have an applicant sign if no initial premium was collected with the life
insurance application?
When contribution or participation rules have been violated -ANSWER -When can a
group health policy renewal be denied according to the Health Insurance Portability and
Accountability Act (HIPPA)?
Medicare Supplement F
*Plans F and G are the only medicare supplement insurance plans that cover costs
known as medicare part B excess charges. -ANSWER -Which type of plan would be the
most appropriate for an individual on Medicare and is concerned that Medicare will NOT
pay for charges exceeding the approved amount?
Inflation protection -ANSWER -An insurer is REQUIRED to offer which of the following
to each long term care applicant at the time of purchase?
6 months -ANSWER -An insurer may exclude preexisting conditions on a Medicare
Supplement policy for ______ months.
