West Virginia Life and Health Practice Exam with Complete Solutions

West Virginia Life and Health Practice Exam with Complete Solutions Defamation A brochure including an untrue statement regarding a competitors ability to pay claims off-the-job accident An accident policy will most likely pay a benefit for Delivery Receipt The signed document that starts the free look period Conditional Receipt T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later. Assuming that T is an acceptable risk, what item is given to T? 25% If a life insurance policy's cash value is subject to loans exceeding _______, replacement is said to have occurred. Obtain the beneficiary's signature Which of these actions is NOT required when a producer replaces an individual life insurance policy? "My insurer guarantees cash values" A producer is making a sales presentation for a whole life insurance policy. Which of the following statements may the producer guarantee during the presentation? Time Limit on Certain Defenses Which Accident and Health policy provision addresses preexisting conditions? Irrevocable Beneficiary What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? Her group health plan A 66 year-old is covered under a group health plan while employed with a business that has 40 employees. If she injures herself while walking in the park, what coverage would be considered primary? Aviation Exclusion A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following? Variable Life Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? Anti-money laundering rules T cash surrenders a recently-issued whole life policy. He also requests that the proceeds be payable to an unrelated third party. T would likely be red-flagged for violation of Rebating Offering a client something of value not stated in the contract in exchange for their business. Life Settlement Contract A whole life insurance policyowner does not wish to continue making premium payments. Which of the following enables the policyowner to sell the policy for more than its cash value? File written proof of loss After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? Waiver of Premium A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? Health Maintenance Organization (HMO) Which of the following is an organization that provides health services on a prepaid basis? Variable Universal Life Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? Complete the application and review the information with the customer prior to obtaining the customer's signature, then send the application off to the insurance company. Which of the following correctly explains the actions an agent should take if a customer wants to apply for an insurance policy? January 26 On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When