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EXAMFX LIFE AND HEALTH EXAM NEWEST
2024-2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
When an employee terminates coverage under a group insurance
policy, coverage continues in force - CORRECT ANSWER-For
31 days.
(an employee has 31 days under the conversion privilege to
convert to an individual policy.)
When an employer offers to give an employee a wage increase
in the amount of the premium on a new life insurance policy,
this is called a(n) - CORRECT ANSWER-Executive bonus.
(same as definition)
Which of the following statements is NOT true concerning
Medicaid? - CORRECT ANSWER-It consists of 3 parts: Part A:
hospitalization, Part B: doctor's services, and Part C: disability
income.
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(Medicaid is a state program funded by state and federal taxes
that provide medical care for the needy. Parts A-C are part of
Medicare.)
In a survivorship life policy, when does the insurer pay the death
benefit? - CORRECT ANSWER-upon the last death.
(survivorship life pays on the last death rather than upon the first
death.)
An insured misstated her age on an application for an individual
health insurance policy. The insurance company found the
mistake after the contestable period had expired. The insurance
company will take which of the following actions regarding any
claim that has been issued? - CORRECT ANSWER-Adjust the
claim benefit to reflect the insured's true age.
( the misstatement of age provision says that if a client has
misstated her age, whether internal or unintentionally, they will
adjust the benefits being paid. It doesn't matter when the mistake
was found.)
Which of the following is true of a children's rider added to an
insured's permanent life insurance policy? - CORRECT
ANSWER-It is term coverage that is convertible to permanent
insurance at or prior to the child reaching the maximum
coverage age.
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(children's rider is term insurance covering all of the children in
the family, including newly born children, and is convertible to
permanent insurance upon a child reaching the maximum age
without evidence of insurability.
How many pairs of glassed in a 12-month period will a vision
expense insurance plan cover? - CORRECT ANSWER-one.
(it is common in most vision expense insurance plans to restrict
benefits to one exam and one pair of glasses in any 12-month
period.)
which of the following riders would NOT increase the premium
for a policyowner? - CORRECT ANSWER-Impairment rider.
(the impairment rider excludes a specified condition from
coverage, therefore, reducing benefits. an insurance company
will not charge extra for a rider that reduces benefits.)
in the event of a divorce, which of the following would allow a
divorcee to continue receiving group health coverage under an
insured spouse's plan for an additional 36 months? - CORRECT
ANSWER-COBRA.
(dependents of employees are eligible to receive group health
insurance under the employee's plan. If the employee and the
dependent becomes legally separated or divorced, or if the
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employee dies, the dependent will be eligible for COBRA
benefits for up to 36 months.)
An insurance policy that only requires a payment of premium at
its inception, provides insurance protection for the life of the
insured, and matures at the insured's age 100 is called -
CORRECT ANSWER-single premium whole life.
(Single premium whole life requires the entire premium to be
paid in one lump sum at the policy's inception.)
a married couple's retirement annuity pays them $250 per
month. The husband dies and his wife continues to receive
$125.50 per month for as long as she lives. When the wife dies,
payments stop. What settlement option did they select? -
CORRECT ANSWER-Joint and survivor.
(under a joint settlement option, payments would stop at the first
death, but under the joint and survivor, payment would continue
until both recipients die. Usually, the surviving beneficiary
receives 1/2 or 2/3 of the amount received when both
beneficiaries were alive.)
a 63-year-old man is planning to be employed until age 68.
When will he be eligible for Medicare? - CORRECT ANSWER-
Age 65, regardless of his employment status.
EXAMFX LIFE AND HEALTH EXAM NEWEST
2024-2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
When an employee terminates coverage under a group insurance
policy, coverage continues in force - CORRECT ANSWER-For
31 days.
(an employee has 31 days under the conversion privilege to
convert to an individual policy.)
When an employer offers to give an employee a wage increase
in the amount of the premium on a new life insurance policy,
this is called a(n) - CORRECT ANSWER-Executive bonus.
(same as definition)
Which of the following statements is NOT true concerning
Medicaid? - CORRECT ANSWER-It consists of 3 parts: Part A:
hospitalization, Part B: doctor's services, and Part C: disability
income.
,2|Page
(Medicaid is a state program funded by state and federal taxes
that provide medical care for the needy. Parts A-C are part of
Medicare.)
In a survivorship life policy, when does the insurer pay the death
benefit? - CORRECT ANSWER-upon the last death.
(survivorship life pays on the last death rather than upon the first
death.)
An insured misstated her age on an application for an individual
health insurance policy. The insurance company found the
mistake after the contestable period had expired. The insurance
company will take which of the following actions regarding any
claim that has been issued? - CORRECT ANSWER-Adjust the
claim benefit to reflect the insured's true age.
( the misstatement of age provision says that if a client has
misstated her age, whether internal or unintentionally, they will
adjust the benefits being paid. It doesn't matter when the mistake
was found.)
Which of the following is true of a children's rider added to an
insured's permanent life insurance policy? - CORRECT
ANSWER-It is term coverage that is convertible to permanent
insurance at or prior to the child reaching the maximum
coverage age.
,3|Page
(children's rider is term insurance covering all of the children in
the family, including newly born children, and is convertible to
permanent insurance upon a child reaching the maximum age
without evidence of insurability.
How many pairs of glassed in a 12-month period will a vision
expense insurance plan cover? - CORRECT ANSWER-one.
(it is common in most vision expense insurance plans to restrict
benefits to one exam and one pair of glasses in any 12-month
period.)
which of the following riders would NOT increase the premium
for a policyowner? - CORRECT ANSWER-Impairment rider.
(the impairment rider excludes a specified condition from
coverage, therefore, reducing benefits. an insurance company
will not charge extra for a rider that reduces benefits.)
in the event of a divorce, which of the following would allow a
divorcee to continue receiving group health coverage under an
insured spouse's plan for an additional 36 months? - CORRECT
ANSWER-COBRA.
(dependents of employees are eligible to receive group health
insurance under the employee's plan. If the employee and the
dependent becomes legally separated or divorced, or if the
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employee dies, the dependent will be eligible for COBRA
benefits for up to 36 months.)
An insurance policy that only requires a payment of premium at
its inception, provides insurance protection for the life of the
insured, and matures at the insured's age 100 is called -
CORRECT ANSWER-single premium whole life.
(Single premium whole life requires the entire premium to be
paid in one lump sum at the policy's inception.)
a married couple's retirement annuity pays them $250 per
month. The husband dies and his wife continues to receive
$125.50 per month for as long as she lives. When the wife dies,
payments stop. What settlement option did they select? -
CORRECT ANSWER-Joint and survivor.
(under a joint settlement option, payments would stop at the first
death, but under the joint and survivor, payment would continue
until both recipients die. Usually, the surviving beneficiary
receives 1/2 or 2/3 of the amount received when both
beneficiaries were alive.)
a 63-year-old man is planning to be employed until age 68.
When will he be eligible for Medicare? - CORRECT ANSWER-
Age 65, regardless of his employment status.
