final exam questions health and life insurance exam with answers 100% pass

final exam questions health and life insurance exam with answers 100% pass What is the maximum Social Security Disability benefit amount an insured can receive? - Answer- 100% of the insured's Primary Insurance Amount (PIA) During the appeal period, an agent may successfully appeal license termination due to continuing education requirements if - Answer- proof of compliance is provided Insurance agents MUST maintain premiums in a fiduciary capacity and remit them - Answer- in the ordinary course of business Which of the following individuals is required to hold an appointment with an insurance company which they represent? - Answer- An agent The policy provision that entitles the insurer to establish conditions the insured must meet while a claim is pending is: - Answer- Time Limit on Certain Defenses Which of the following does Social Security NOT provide benefits for? - Answer- Dismemberment In Virginia, records must be kept for each of the following insurance transactions EXCEPT - Answer- Premium quotes not accepted by the insured or prospective insured According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? - Answer- 31 days After a hearing, the State Corporation Commission may order an agent who willfully violates any provision of the insurance code to pay a MAXIMUM penalty per violation of - Answer- 5000 $ Which of these statements is INCORRECT regarding a Preferred Provider Organization (PPO)? - Answer- PPO's are NOT a type of managed care systems What action should a producer take if the initial premium is NOT submitted with the application? - Answer- Forward the application to the insurer without the initial premium An assignment of benefits of a Health Policy: - Answer- transfers payments to someone other than the policyowner When soliciting a Medicare Supplement policy, an insurance agent should advise an applicant that the - Answer- agent is there to determine what, if any, policy is appropriate for the purchaser, considering existing coverage All of the following statements about Major Medical benefits are true, EXCEPT: - Answer- beneFITS HAVE NO MAXIMUM LIMIT The act of offering an applicant something of value as an inducement to purchase a policy of insurance is - Answer- rebating What should an insured do if the insurer does not send claims forms within the time period set forth in a health policy's Claims Forms provision? - Answer- submit the claim in any form In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this? - Answer- unilateral Which Accident and Health policy provision addresses preexisting conditions? - Answer- Time Limit on Certain Defenses The Legal Actions provision of an insurance contract is designed to do all of the following, EXCEPT: - Answer- protect the producer Which of the following actions is considered an Adverse Underwriting Decision? - Answer- Terminating insurance coverage A Qualified Long Term Care policy requires the Free Look provision to refund 100% of premiums paid within how many days of policy delivery? - Answer- 30 days Insurance companies and agents must implement an information security program to accomplish each of the following EXCEPT - Answer- provide policyholder lists to the Commissioner of Insurance Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT? - Answer- Premiums normally increase at time of renewal Who makes the legally enforceable promises in a unilateral insurance policy? - Answer- Insurance company What type of renewability guarantees premium rates and renewability? - Answer- Noncancellable Each agent shall complete all continuing education requirements by no later than November 30, and shall be given a final opportunity to complete such requirements by - Answer- December 31 every even year