EXAMFX LIFE AND HEALTH EXAM
NEWEST ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
An insured who has an Accidental Death and
Dismemberment policy loses her left arm in an
accident. What type of benefit will she most likely
receive from this policy? - ....ANSWER...The capital
amount in a lump sum.
(Accidental Death and Dismemberment policies pay
a capital amount (a percentage of the principal
amount) for the loss of one limb or loss of sight in
one eye. The principal amount is paid for death or
often for the loss of 2 limbs of loss of sight in both
eyes. Benefits are paid in a Lump sum.)
A brain surgeon has an accident and develops
tremors in her right arm. Which disability income
policy definition of total disability will cover for all
,losses? - ....ANSWER..."Own occupation"-less
restrictive than other definitions.
(in theory, the brain surgeon could find other work,
but because her disability income policy specifies
that she is covered for her own occupation, she
would be wholly covered.)
Ray has an individual major medical policy that
requires a coinsurance payment. Ray very rarely
visits his physician and would prefer to pay the
lowest premium possible. Which coinsurance
arrangement would be best for Ray? -
....ANSWER...50/50.
(After the deductible has been paid, the insurance
company will pay a specified amount for a
physician's visit, while the insured pays the
remaining percentage. this is called "coinsurance".
Plans will often be listed in a fraction format, with
the first number representing the amount that will
be paid by the insurer. The less insurer must pay
with coinsurance payments, the lower the premiums
will be. Therefore, Ray should choose the 50/50
plan.)
What is necessary in order to be eligible to receive
benefits form a long-term care policy? -
,....ANSWER...The insured must be unable to perform
some activities of daily living.
(Normally to be eligible for benefits from a long-
term care policy, the insured must be unable to
perform some of their activities of daily living
(ADLs). ADLs include bathing, dressing, toileting,
transferring continence, and eating.)
Which of the following is NOT covered under a long-
term care policy? - ....ANSWER...Acute care in a
hospital.
(a long-term care policy may provide coverage for
home health care, adult day care, hospice care, or
respite care. Acute care is not covered under a long-
term care policy.)
Which of the following terms means a result of a
calculation based on the average number of months
the insured is projected to live due to medical
history and mortality factors? - ....ANSWER...Life
expectancy.
(Life expectancy is an important concept in life
settlement contracts. It refers to a calculation based
on the average number of months the insured is
projected to live due to medical history and mortality
factors (an arithmetic mean).)
, all of the following statements concerning workers
compensation are correct EXCEPT - ....ANSWER...A
worker receives benefits only if the work-related
injury was not his/ her fault.
(Workers Compensation benefits are payable when a
worker is injured by a work-related injury,
regardless of fault or negligence.)
An applicant for a health insurance policy returns a
completed application to her agent, along with a
check for the first premium. She receives a
conditional receipt two weeks later. Which of the
following has the insurer done by this point? -
....ANSWER...Neither approved the application nor
issued the policy.
(when the agent receives the application and issues
a conditional receipt, the insurer has not yet
approved the application and issued the policy.
Under the Fair Credit Reporting Act, individuals
rejected for insurance due to information contained
in a consumer report - ....ANSWER...Must be
informed of the source of the report.
NEWEST ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
An insured who has an Accidental Death and
Dismemberment policy loses her left arm in an
accident. What type of benefit will she most likely
receive from this policy? - ....ANSWER...The capital
amount in a lump sum.
(Accidental Death and Dismemberment policies pay
a capital amount (a percentage of the principal
amount) for the loss of one limb or loss of sight in
one eye. The principal amount is paid for death or
often for the loss of 2 limbs of loss of sight in both
eyes. Benefits are paid in a Lump sum.)
A brain surgeon has an accident and develops
tremors in her right arm. Which disability income
policy definition of total disability will cover for all
,losses? - ....ANSWER..."Own occupation"-less
restrictive than other definitions.
(in theory, the brain surgeon could find other work,
but because her disability income policy specifies
that she is covered for her own occupation, she
would be wholly covered.)
Ray has an individual major medical policy that
requires a coinsurance payment. Ray very rarely
visits his physician and would prefer to pay the
lowest premium possible. Which coinsurance
arrangement would be best for Ray? -
....ANSWER...50/50.
(After the deductible has been paid, the insurance
company will pay a specified amount for a
physician's visit, while the insured pays the
remaining percentage. this is called "coinsurance".
Plans will often be listed in a fraction format, with
the first number representing the amount that will
be paid by the insurer. The less insurer must pay
with coinsurance payments, the lower the premiums
will be. Therefore, Ray should choose the 50/50
plan.)
What is necessary in order to be eligible to receive
benefits form a long-term care policy? -
,....ANSWER...The insured must be unable to perform
some activities of daily living.
(Normally to be eligible for benefits from a long-
term care policy, the insured must be unable to
perform some of their activities of daily living
(ADLs). ADLs include bathing, dressing, toileting,
transferring continence, and eating.)
Which of the following is NOT covered under a long-
term care policy? - ....ANSWER...Acute care in a
hospital.
(a long-term care policy may provide coverage for
home health care, adult day care, hospice care, or
respite care. Acute care is not covered under a long-
term care policy.)
Which of the following terms means a result of a
calculation based on the average number of months
the insured is projected to live due to medical
history and mortality factors? - ....ANSWER...Life
expectancy.
(Life expectancy is an important concept in life
settlement contracts. It refers to a calculation based
on the average number of months the insured is
projected to live due to medical history and mortality
factors (an arithmetic mean).)
, all of the following statements concerning workers
compensation are correct EXCEPT - ....ANSWER...A
worker receives benefits only if the work-related
injury was not his/ her fault.
(Workers Compensation benefits are payable when a
worker is injured by a work-related injury,
regardless of fault or negligence.)
An applicant for a health insurance policy returns a
completed application to her agent, along with a
check for the first premium. She receives a
conditional receipt two weeks later. Which of the
following has the insurer done by this point? -
....ANSWER...Neither approved the application nor
issued the policy.
(when the agent receives the application and issues
a conditional receipt, the insurer has not yet
approved the application and issued the policy.
Under the Fair Credit Reporting Act, individuals
rejected for insurance due to information contained
in a consumer report - ....ANSWER...Must be
informed of the source of the report.
