Arizona Life and Health Insurance Final Exam Questions & Answers 100% Correct!!

Chris has a single medical contract which covers all medical expenses. His plan is considered to be - ANSWERComprehensive A life policy's spendthrift clause would have no effect if the beneficiary is paid the proceeds as a - ANSWERlump-sum payment What will medicare charge if someone doesn't enroll in certain Medicare programs or plans when they're first eligible? - ANSWERlate enrollment penalty A policy owner is permitted to take out a policy loan on a whole life policy at what point? - ANSWERWhen the policy has a cash value An accident and health insurance policy's premium requirements are set forth in which of the following provisions? - ANSWERConsideration Clause In Arizona, at least __ employee(s) are needed for a small employer medical expense plan. - ANSWER2 A certificate of coverage for a group health policy is best described as - ANSWERproof of coverage for the employee Which of these is NOT an advantage of term life insurance? - ANSWERA cash benefit will be provided if the insured is alive at the end of the policy period What happens to the purchasing power of benefit payments from a fixed life annuity when the cost of living goes up? - ANSWERDecreases A client applies for an individual accident and health policy in Arizona. If the insurer collects personal information from any source other than public records or the applicant, a notice of application practices MUST be given to the applicant no later than the - ANSWERApplication date What is the excise tax rate the IRS imposes of individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan? - ANSWER50% The payment of the first premium, the promise to pay a covered loss, and the agreement to abide by policy conditions are all examples of - ANSWERConsideration