Ad Banker Comprehensive Exam Life and Health
Arizona-with answers
Withdrawals |from |a |non-qualified |annuity |prior |to |annuitization |are |taxed |on |a |___________ |basis.
A
First |in, |last |out |(FILO)
B
First-in, |first |out |(FIFO)
C
Last-in, |first |out |(LIFO)
D
Average |cost |basis |(ACB) |- |correct |answer |-C
Before |granting |a |license, |the |Director |may |ask |for |which |of |the |following |type |of |information?
A
College |degree
B
Copy |of |tax |returns
C
Verification |of |medical |history
D
Criminal |background |information |- |correct |answer |-D
Which |is |true |regarding |the |advertising |of |Accident |and |Sickness |Insurance?
A
When |insurers |advertise |that |a |group |endorses |a |certain |health |product, |the |public |must |be |made
|aware |of |any |control |the |insurer |may |have |regarding |the |group
B
,Advertisements |may |use |words |or |phrases |such |as |'all', |'complete', |'comprehensive'
C
Sales |talks |and |personal |testimonials |are |not |considered |advertising
D
When |an |agent |misleads |the |public |in |an |advertisement, |only |the |agent |is |accountable |- |correct
|answer |-A
Arizona |law |permits |pre-existing |conditions |exclusions |for |up |to |18 |months |for |what |individuals?
A
No |one
B
Late |enrollees
C
Adults
D
Newborns |- |correct |answer |-B
A |group |plan |is |designed |to |insure |all |of |the |following, |except:
A
Creditors
B
Members
C
Employees
D
Debtors |- |correct |answer |-A
Which |underwriting |source |is |primarily |used |when |an |application |reveals |conditions |for |which |more
|medical |information |is |required?
A
Attending |Physician's |Statement
,B
Medical |Information |Bureau |Report
C
Inspection |Report
D
Agent's |Report |- |correct |answer |-A
Intentionally |distorting |the |truth |with |intent |to |gain |something |of |value |is |________.
A
Warranty
B
Concealment
C
Fraud
D
Misrepresentation |- |correct |answer |-C
J |makes |a |contribution |to |her |IRA. |All |of |the |following |information |determines |whether |J's
|contribution |is |tax-deductible, |EXCEPT:
A
Whether |J |participates |in |an |employer |sponsored |retirement |plan
B
Whether |J |is |over |a |specified |age
C
Whether |J's |IRA |is |a |Traditional |or |a |Roth
D
Whether |J |has |income |over |a |certain |amount |- |correct |answer |-B
A |replacing |insurer |must |assume |liability |for |paying |ongoing |existing |claims |under |which |law?
, A
COBRA
B
No-Loss, |No-Gain
C
HIPAA
D
ERISA |- |correct |answer |-B
Benefit |payments |made |on |a |____________ |basis |are |not |scheduled, |but |are |based |on |the |average
|fee |charged |by |all |doctors |in |a |given |geographical |area.
A
Pre-paid
B
Fee-for-service
C
Usual, |customary, |and |reasonable |(UCR)
D
Reimbursement |- |correct |answer |-C
If |a |policyowner |of |a |convertible |term |life |insurance |policy |exercises |his/her |right |to |convert, |which
|of |the |following |will |happen?
A
The |new |policy |will |only |be |issued |after |proof |of |insurability |is |provided
B
The |term |policy |will |be |replaced |by |a |permanent |life |insurance |policy
C
The |new |life |insurance |policy |will |likely |have |a |much |lower |premium
Arizona-with answers
Withdrawals |from |a |non-qualified |annuity |prior |to |annuitization |are |taxed |on |a |___________ |basis.
A
First |in, |last |out |(FILO)
B
First-in, |first |out |(FIFO)
C
Last-in, |first |out |(LIFO)
D
Average |cost |basis |(ACB) |- |correct |answer |-C
Before |granting |a |license, |the |Director |may |ask |for |which |of |the |following |type |of |information?
A
College |degree
B
Copy |of |tax |returns
C
Verification |of |medical |history
D
Criminal |background |information |- |correct |answer |-D
Which |is |true |regarding |the |advertising |of |Accident |and |Sickness |Insurance?
A
When |insurers |advertise |that |a |group |endorses |a |certain |health |product, |the |public |must |be |made
|aware |of |any |control |the |insurer |may |have |regarding |the |group
B
,Advertisements |may |use |words |or |phrases |such |as |'all', |'complete', |'comprehensive'
C
Sales |talks |and |personal |testimonials |are |not |considered |advertising
D
When |an |agent |misleads |the |public |in |an |advertisement, |only |the |agent |is |accountable |- |correct
|answer |-A
Arizona |law |permits |pre-existing |conditions |exclusions |for |up |to |18 |months |for |what |individuals?
A
No |one
B
Late |enrollees
C
Adults
D
Newborns |- |correct |answer |-B
A |group |plan |is |designed |to |insure |all |of |the |following, |except:
A
Creditors
B
Members
C
Employees
D
Debtors |- |correct |answer |-A
Which |underwriting |source |is |primarily |used |when |an |application |reveals |conditions |for |which |more
|medical |information |is |required?
A
Attending |Physician's |Statement
,B
Medical |Information |Bureau |Report
C
Inspection |Report
D
Agent's |Report |- |correct |answer |-A
Intentionally |distorting |the |truth |with |intent |to |gain |something |of |value |is |________.
A
Warranty
B
Concealment
C
Fraud
D
Misrepresentation |- |correct |answer |-C
J |makes |a |contribution |to |her |IRA. |All |of |the |following |information |determines |whether |J's
|contribution |is |tax-deductible, |EXCEPT:
A
Whether |J |participates |in |an |employer |sponsored |retirement |plan
B
Whether |J |is |over |a |specified |age
C
Whether |J's |IRA |is |a |Traditional |or |a |Roth
D
Whether |J |has |income |over |a |certain |amount |- |correct |answer |-B
A |replacing |insurer |must |assume |liability |for |paying |ongoing |existing |claims |under |which |law?
, A
COBRA
B
No-Loss, |No-Gain
C
HIPAA
D
ERISA |- |correct |answer |-B
Benefit |payments |made |on |a |____________ |basis |are |not |scheduled, |but |are |based |on |the |average
|fee |charged |by |all |doctors |in |a |given |geographical |area.
A
Pre-paid
B
Fee-for-service
C
Usual, |customary, |and |reasonable |(UCR)
D
Reimbursement |- |correct |answer |-C
If |a |policyowner |of |a |convertible |term |life |insurance |policy |exercises |his/her |right |to |convert, |which
|of |the |following |will |happen?
A
The |new |policy |will |only |be |issued |after |proof |of |insurability |is |provided
B
The |term |policy |will |be |replaced |by |a |permanent |life |insurance |policy
C
The |new |life |insurance |policy |will |likely |have |a |much |lower |premium
