XCEL LIFE AND HEALTH INSURANCE
TEST REVIEW QUESTIONS WITH
COMPLETE ANSWERS
Declarations - ANSWER-In what part of an insurance policy are policy benefits
found?
Legal purpose - ANSWER-Which contract element is insurable interest a component
of?
a minimum of 12 months after date of purchase - ANSWER-How soon can the
benefit payments begin with a deferred annuity?
Concurrent review - ANSWER-In which of the following processes will the insurer
oversee the insured's hospital stay to confirm everything is going according to
schedule and that the insured will be released as planned?
liquidity - ANSWER-Insurance premium is determined by each of the following
factors EXCEPT
maintain the same coverage and increase the premium - ANSWER-The election of
COBRA for continuation of health coverage will
on or before the last day of the licensee's birth month - ANSWER-What is the
renewal date of a resident insurance agent's license?
any applicable benefit reduction - ANSWER-In Ohio, when an advertisement for
accident and health insurance refers to dollar amount benefits, the advertisement
must also disclose
State insurance departments - ANSWER-An insurer's claim settlement practices are
regulated by the
Juvenile insurance - ANSWER-Which type of life insurance is normally associated
with a Payor Benefit rider?
a 70-year old NOT eligible for Social Security - ANSWER-Part A Hospital expense
coverage provided under Medicare is automatically made available to each of the
following EXCEPT
63 - ANSWER-Ron has a new employer and wishes to enroll in the company's group
health plan. In determining whether his pre-existing health condition applies, Ron
cannot have more than a ___ day gap without previous health insurance.
January 1 through Match 31 - ANSWER-The open enrollment period for Medicare
Part B is
,the licensee may be assessed the administrative costs incurred by the Department -
ANSWER-When an agent's license is suspended or revoked because the licensee is
found to be in violation of a state law
responsible third party - ANSWER-Under the subrogation clause, legal action can be
taken by the insurer against the
is issued a policy - ANSWER-A person covered with an individual health plan
3 - ANSWER-A licensee who is required to take continuing education must include
how many ethics coursework hours?
prohibit a specific practice listed in the order - ANSWER-A cease and desist order
issued by the superintendent against an agent
Silver Plan - ANSWER-According to the Affordable Care Act, what metal tier is
required to have an actuarial value of 70% with covered individuals paying 30%
through deductibles, co-pays, and other cost sharing features?
accidental death - ANSWER-All of these are common exclusions to a life insurance
policy EXCEPT
Refusing to pay persons bringing false or fraudulent claims - ANSWER-All of the
following may be an unfair claims practice EXCEPT
Hazard - ANSWER-Which of the following is considered to be an event or condition
that increases the probability of an insured's loss?
When becoming eligible for Medicare - ANSWER-An individual can enroll in a Part C
Medicare Advantage Plan at what time?
will be the secondary insurer and pay for claims not fully covered by the group plan -
ANSWER-A 70-year old insured individual has suffered from kidney failure for the
past 24 months. She is covered by her spouse's large-group employer plan. How will
Medicare be utilized in this situation?
an unfair claim settlement practice - ANSWER-An insurer, in general business
practice, fails to promptly provide a reasonable explanation for the denial of a claim.
This is considered to be
10 days - ANSWER-Kathy pays a monthly premium on her health insurance policy.
How long is her grace period?
fee for service - ANSWER-A health care provider claim may be settled using which
of the following payment methods?
variable life insurance - ANSWER-A securities license is required for a life insurance
producer to sell
, provide coverage for a home mortgage - ANSWER-Decreasing term life insurance is
often used to
guaranteed issue - ANSWER-Each application for long-term care insurance shall
contain clear and unambiguous questions to determine the health condition of the
applicant EXCEPT applications for
accelerated death benefit rider - ANSWER-Which of the following is considered to be
an alternative to a life settlement?
until policy termination - ANSWER-A policyholder's unmarried child is incapable of
self support and has proof of incapacity. The child is provided medical care coverage
under the parent's policy
31 days - ANSWER-Greg had recently been terminated from his job that covered
him for group life insurance. How long does he have to convert his coverage to an
individual policy?
life only - ANSWER-Which of the following annuity payout options makes no
additional payments regardless of when the annuitant dies?
guaranteed lifetime withdrawal benefit - ANSWER-Phil is shopping for an annuity
that guarantees he CANNOT outlive the benefits. Which of these benefit options
would he choose?
limited pay policy - ANSWER-A permanent life insurance policy where the
policyowner pays premiums for a specified number of years is called a(n)
a statement that the policy is limited - ANSWER-Ohio requires advertisements for
accident and health insurance policies covering ONLY a specified illness to
prominently display
home health care - ANSWER-Which type of long-term care benefit would be most
appropriate for a stroke victim who requires speech therapy administered at her
home?
primary care physician - ANSWER-A health insuring corporation (HIC) member
receives all preventative and routine medical care from the
all future premiums are waived if the insured recovers from the disability - ANSWER-
The waiver of premium does NOT include which provision?
age 65 - ANSWER-At what age will a person normally enroll with an insurance
carrier under a Part C Medicare Advantage Plan?
Unpaid provision - ANSWER-David submits a $500 claim for medical expenses.
There is a past-due amount owed for insurance premiums of $200. As a result, the
insurer only pays $300 for the claim. This deduction came as a result of which
provision?
TEST REVIEW QUESTIONS WITH
COMPLETE ANSWERS
Declarations - ANSWER-In what part of an insurance policy are policy benefits
found?
Legal purpose - ANSWER-Which contract element is insurable interest a component
of?
a minimum of 12 months after date of purchase - ANSWER-How soon can the
benefit payments begin with a deferred annuity?
Concurrent review - ANSWER-In which of the following processes will the insurer
oversee the insured's hospital stay to confirm everything is going according to
schedule and that the insured will be released as planned?
liquidity - ANSWER-Insurance premium is determined by each of the following
factors EXCEPT
maintain the same coverage and increase the premium - ANSWER-The election of
COBRA for continuation of health coverage will
on or before the last day of the licensee's birth month - ANSWER-What is the
renewal date of a resident insurance agent's license?
any applicable benefit reduction - ANSWER-In Ohio, when an advertisement for
accident and health insurance refers to dollar amount benefits, the advertisement
must also disclose
State insurance departments - ANSWER-An insurer's claim settlement practices are
regulated by the
Juvenile insurance - ANSWER-Which type of life insurance is normally associated
with a Payor Benefit rider?
a 70-year old NOT eligible for Social Security - ANSWER-Part A Hospital expense
coverage provided under Medicare is automatically made available to each of the
following EXCEPT
63 - ANSWER-Ron has a new employer and wishes to enroll in the company's group
health plan. In determining whether his pre-existing health condition applies, Ron
cannot have more than a ___ day gap without previous health insurance.
January 1 through Match 31 - ANSWER-The open enrollment period for Medicare
Part B is
,the licensee may be assessed the administrative costs incurred by the Department -
ANSWER-When an agent's license is suspended or revoked because the licensee is
found to be in violation of a state law
responsible third party - ANSWER-Under the subrogation clause, legal action can be
taken by the insurer against the
is issued a policy - ANSWER-A person covered with an individual health plan
3 - ANSWER-A licensee who is required to take continuing education must include
how many ethics coursework hours?
prohibit a specific practice listed in the order - ANSWER-A cease and desist order
issued by the superintendent against an agent
Silver Plan - ANSWER-According to the Affordable Care Act, what metal tier is
required to have an actuarial value of 70% with covered individuals paying 30%
through deductibles, co-pays, and other cost sharing features?
accidental death - ANSWER-All of these are common exclusions to a life insurance
policy EXCEPT
Refusing to pay persons bringing false or fraudulent claims - ANSWER-All of the
following may be an unfair claims practice EXCEPT
Hazard - ANSWER-Which of the following is considered to be an event or condition
that increases the probability of an insured's loss?
When becoming eligible for Medicare - ANSWER-An individual can enroll in a Part C
Medicare Advantage Plan at what time?
will be the secondary insurer and pay for claims not fully covered by the group plan -
ANSWER-A 70-year old insured individual has suffered from kidney failure for the
past 24 months. She is covered by her spouse's large-group employer plan. How will
Medicare be utilized in this situation?
an unfair claim settlement practice - ANSWER-An insurer, in general business
practice, fails to promptly provide a reasonable explanation for the denial of a claim.
This is considered to be
10 days - ANSWER-Kathy pays a monthly premium on her health insurance policy.
How long is her grace period?
fee for service - ANSWER-A health care provider claim may be settled using which
of the following payment methods?
variable life insurance - ANSWER-A securities license is required for a life insurance
producer to sell
, provide coverage for a home mortgage - ANSWER-Decreasing term life insurance is
often used to
guaranteed issue - ANSWER-Each application for long-term care insurance shall
contain clear and unambiguous questions to determine the health condition of the
applicant EXCEPT applications for
accelerated death benefit rider - ANSWER-Which of the following is considered to be
an alternative to a life settlement?
until policy termination - ANSWER-A policyholder's unmarried child is incapable of
self support and has proof of incapacity. The child is provided medical care coverage
under the parent's policy
31 days - ANSWER-Greg had recently been terminated from his job that covered
him for group life insurance. How long does he have to convert his coverage to an
individual policy?
life only - ANSWER-Which of the following annuity payout options makes no
additional payments regardless of when the annuitant dies?
guaranteed lifetime withdrawal benefit - ANSWER-Phil is shopping for an annuity
that guarantees he CANNOT outlive the benefits. Which of these benefit options
would he choose?
limited pay policy - ANSWER-A permanent life insurance policy where the
policyowner pays premiums for a specified number of years is called a(n)
a statement that the policy is limited - ANSWER-Ohio requires advertisements for
accident and health insurance policies covering ONLY a specified illness to
prominently display
home health care - ANSWER-Which type of long-term care benefit would be most
appropriate for a stroke victim who requires speech therapy administered at her
home?
primary care physician - ANSWER-A health insuring corporation (HIC) member
receives all preventative and routine medical care from the
all future premiums are waived if the insured recovers from the disability - ANSWER-
The waiver of premium does NOT include which provision?
age 65 - ANSWER-At what age will a person normally enroll with an insurance
carrier under a Part C Medicare Advantage Plan?
Unpaid provision - ANSWER-David submits a $500 claim for medical expenses.
There is a past-due amount owed for insurance premiums of $200. As a result, the
insurer only pays $300 for the claim. This deduction came as a result of which
provision?
