FL 0215 Health and Life Ins
Generally how long is a benefit period for Major Medical Expense? - ANSone year
Which of these needs is satisfied by Adjustable Life Insurance? - ANSInsured's need for flexible
premiums
Which of these is considered a statement that is assured to be true in every respect? -
ANSWarranty
What is Medicare? - ANSA hospital and medical expense insurance program
How does a typical Variable Life Policy investment account grow? - ANSThrough mutual funds,
stocks, bonds
All of the following will result in the suspension of an agent's license EXCEPT - ANSacting with
fiduciary responsibility
Which is true concerning a Variable universal Life policy? - ANSPolicyowner controls where the
investment will go and selects the amount of the premium payment
Which of the following is NOT a limited benefit plan? - ANSLife insurance policy
An agent's license can be suspended or revoked by - ANSwriting primarily controlled business
Medicaid was designed to assist individuals who are - ANSbelow a specific income limit
Which of these actions should a producer take when submitting an insurance application to an
insurer? - ANSInform insurer of relevant information not included on the application
What does the ownership clause in a life insurance policy state? - ANSWho the policyowner is
and what rights the policyowner is entitled to
When does a life insurance contract become effective if the initial premium is not collected
during the application process? - ANSwhen the producer delivers policy and collects initial
premium
Which of the following policies is characterized by flexible premium and death benefit and allows
the policyowner control of the investment aspect of the plan? - ANSVariable universal life
Additional coverage can be added to a Whole Life policy by adding a(n): - ANSdecreasing term
rider
, M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on
M. What determines the claim M is eligible for? - ANSDetermined by the terms of policy
S would like to use dividends from her life insurance policy to purchased paid-up additions. All
of these would be factors that determine how much coverage can be purchased EXCEPT -
ANSbeneficiary's age
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a
fatal accident where K dies before P. Under the Common Disaster provision, which of these
statements is true? - ANSProceeds will be payable to K's state if P dies within a specified time
The type of annuity that can be purchased with one monetary deposit is called a(n): -
ANSImmediate Annuity
A ___ day notice to the policyholder is required for any health insurer that wishes to cancel a
health insurance policy. - ANS45
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years
later, the company discovered W's true age at issue had been 59. What would the normal
procedure be under the misstatement of age provision in regard to the payment of the death
claim? - ANSThe proceeds would be reduced based on whatever the premium would have been
if purchased at age 59
Whole Life insurance is sometimes referred to as "Straight Life". What does the word "Straight"
indicate when using this phrase? - ANSThe duration of premium payments
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: -
ANSmandatory income tax withholding on the transfer amount
Which parts of a life insurance policy are guaranteed to be true? - ANSWarranty
An example of sliding would be - ANScharging for an additional product without the applicant's
consent
What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy?
- ANSPremiums may increase at time of renewal
The guarantee of insurability option provides a long-term care policyowner the ability to: -
ANSbuy additional coverage at a later date
Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year
Term coverage for his wife on the same policy. Which if these policies did Y purchase? -
ANSWhole Life policy with an Other Insured Rider
Generally how long is a benefit period for Major Medical Expense? - ANSone year
Which of these needs is satisfied by Adjustable Life Insurance? - ANSInsured's need for flexible
premiums
Which of these is considered a statement that is assured to be true in every respect? -
ANSWarranty
What is Medicare? - ANSA hospital and medical expense insurance program
How does a typical Variable Life Policy investment account grow? - ANSThrough mutual funds,
stocks, bonds
All of the following will result in the suspension of an agent's license EXCEPT - ANSacting with
fiduciary responsibility
Which is true concerning a Variable universal Life policy? - ANSPolicyowner controls where the
investment will go and selects the amount of the premium payment
Which of the following is NOT a limited benefit plan? - ANSLife insurance policy
An agent's license can be suspended or revoked by - ANSwriting primarily controlled business
Medicaid was designed to assist individuals who are - ANSbelow a specific income limit
Which of these actions should a producer take when submitting an insurance application to an
insurer? - ANSInform insurer of relevant information not included on the application
What does the ownership clause in a life insurance policy state? - ANSWho the policyowner is
and what rights the policyowner is entitled to
When does a life insurance contract become effective if the initial premium is not collected
during the application process? - ANSwhen the producer delivers policy and collects initial
premium
Which of the following policies is characterized by flexible premium and death benefit and allows
the policyowner control of the investment aspect of the plan? - ANSVariable universal life
Additional coverage can be added to a Whole Life policy by adding a(n): - ANSdecreasing term
rider
, M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on
M. What determines the claim M is eligible for? - ANSDetermined by the terms of policy
S would like to use dividends from her life insurance policy to purchased paid-up additions. All
of these would be factors that determine how much coverage can be purchased EXCEPT -
ANSbeneficiary's age
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a
fatal accident where K dies before P. Under the Common Disaster provision, which of these
statements is true? - ANSProceeds will be payable to K's state if P dies within a specified time
The type of annuity that can be purchased with one monetary deposit is called a(n): -
ANSImmediate Annuity
A ___ day notice to the policyholder is required for any health insurer that wishes to cancel a
health insurance policy. - ANS45
W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years
later, the company discovered W's true age at issue had been 59. What would the normal
procedure be under the misstatement of age provision in regard to the payment of the death
claim? - ANSThe proceeds would be reduced based on whatever the premium would have been
if purchased at age 59
Whole Life insurance is sometimes referred to as "Straight Life". What does the word "Straight"
indicate when using this phrase? - ANSThe duration of premium payments
A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: -
ANSmandatory income tax withholding on the transfer amount
Which parts of a life insurance policy are guaranteed to be true? - ANSWarranty
An example of sliding would be - ANScharging for an additional product without the applicant's
consent
What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy?
- ANSPremiums may increase at time of renewal
The guarantee of insurability option provides a long-term care policyowner the ability to: -
ANSbuy additional coverage at a later date
Y purchased $100,000 worth of permanent protection on himself and $50,000 worth of 10-year
Term coverage for his wife on the same policy. Which if these policies did Y purchase? -
ANSWhole Life policy with an Other Insured Rider
