CT Life & Health Insurance Exam 2024 (XCEL SOLUTIONS & PROMETRIC) Questions and Answers (100%Correct).

CT Life & Health Insurance Exam 2024 (XCEL SOLUTIONS & PROMETRIC) Questions and Answers (100%Correct). Laura added a children's rider to her life insurance policy. What type of coverage was added? - ANSWER Level term With life insurance, the needs approach is used primarily in determining - ANSWER How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - ANSWER Consultant Jonas is covered with disability insurance through his employer. The employer pays 75% of the premium, while Jonas pays the other 25%. What is Jonas' tax liability for any benefits paid from the disability plan? - ANSWER Taxes must be paid on 75% of the benefits received The Commissioner is empowered to perform each of the following acts EXCEPT - ANSWER Makes rules that are consistent with those of neighboring states (Monitor insurer solvency, make rules and regulations that are consistent with the laws of CT, monitor insurer premium rates) How are the premiums for an individually-owned disability income policy treated for tax purposes? - ANSWER Not tax-deductible at all Scott has a life insurance policy in which the dividends are left with the insurance company. This particular policy may be paid up when the cash value plus accumulated dividends - ANSWER Equal the net single premium for the same face amount at the insured's attained age Which of these is NOT a standard provision in qualified long-term care policies sold in Connecticut? - ANSWER Prior hospitalization (30-day free look period, guaranteed renewability, provide minimum coverage for 12 consecutive months) Accident and health insurance claim handling is made more convenient to the insured by utilizing - ANSWER Assignment of benefits Specialty care is provided by which of the following health maintenance organization (HMO) providers? - ANSWER Neurologist Which of the following facilitates nonresident licensing in the state of Connecticut? - ANSWER Reciprocity agreement CT Life & Health Insurance Exam 2024 To secure authority for soliciting insurance products in the State of Connecticut, an insurance company must secure a certificate of authority from - ANSWER The Connecticut Insurance Commissioner A group health certificate for coverage issued in Connecticut MUST contain a(n) - ANSWER Summary of policy features and benefits Any employee insured under a group life insurance plan is normally - ANSWER Covered with term life insurance Which statement regarding whole life insurance is accurate? - ANSWER Insurance coverage can continue for life All of these are considered to be a violation of the Federal Fraud and False Statements Act EXCEPT - ANSWER Claims reimbursement (Overvaluing land, abstracting funds, false entries on reports) A comprehensive major medical health insurance policy contains an Eligible Expenses provision which identifies the types of health care services that are covered. All of the following health care services are typically covered EXCEPT for - ANSWER Experimental and investigative services (Hospital charges, physician fees, nursing services) An employee welfare plan exempt from ERISA regulations would be - ANSWER Church plans Medicare Part B excess charges are covered by - ANSWER Medicare Supplemental insurance A major medical expense policy typically does NOT - ANSWER Pay surgeon fees on a first-dollar basis (Contain a deductible, have a high limit of coverage, contain a coinsurance provision) Mary has a Health Savings Account (HSA). Distributions that she has made for anything other than qualified medical expenses are considered taxable and subject to a penalty of - ANSWER 20% Under an adjustable life insurance policy, which of the following may NOT be changed without further underwriting? - ANSWER The person insured (The period of coverage, the payment period, the plan of coverage) When a producer acts within the scope of his/her contractual authority, which of the following is legally responsible for these actions? - ANSWER The insurer .