CT Life & Health Insurance Exam
Questions and Answers Latest Version
Already Passed
What type of insurance provides financial protection to beneficiaries upon the insured’s death?
✔✔ Life insurance
What is the term for the length of time a life insurance policy is in force before it expires?
✔✔ Policy term
What type of health insurance policy covers only specified illnesses or accidents?
✔✔ Limited benefit policy
What does the grace period in a life insurance policy allow?
✔✔ Extra time to pay a missed premium without losing coverage
What is the purpose of a beneficiary designation in a life insurance policy?
✔✔ To specify who will receive the death benefit
1
,What type of life insurance policy builds cash value over time?
✔✔ Whole life insurance
What does “underwriting” mean in the insurance process?
✔✔ Assessing the risk of insuring an applicant
What is a “premium”?
✔✔ The payment made to keep an insurance policy active
What type of health insurance plan requires you to use doctors within a network?
✔✔ Health Maintenance Organization (HMO)
What is “renewability” in a health insurance policy?
✔✔ The insured’s right to continue coverage after the initial term
What does a “rider” do in an insurance policy?
✔✔ Adds or modifies coverage or benefits
2
,What is the primary purpose of disability income insurance?
✔✔ To provide income replacement if the insured becomes disabled
What is a “co-insurance” clause?
✔✔ The insured and insurer share the cost of covered expenses after the deductible
What is “conversion” in a health insurance policy context?
✔✔ Changing a group policy to an individual policy without a new medical exam
What does “exclusion” mean in an insurance policy?
✔✔ Specific conditions or risks not covered by the policy
What type of life insurance policy allows flexible premiums and adjustable death benefits?
✔✔ Universal life insurance
What is the purpose of “accelerated benefits” in life insurance?
✔✔ To allow early access to death benefits if the insured is terminally ill
3
, What is the difference between “term” and “whole” life insurance?
✔✔ Term provides coverage for a set time; whole life provides lifelong coverage with cash
value
What is a “waiting period” in disability insurance?
✔✔ The time between injury or illness and when benefits start
What does “coordination of benefits” ensure in health insurance?
✔✔ That multiple policies do not pay more than 100% of the claim
What is the “contestability period” in a life insurance policy?
✔✔ Time during which the insurer can review and deny claims based on misstatements
What is “group insurance”?
✔✔ Insurance covering a defined group, usually through an employer
What does “premium mode” refer to?
✔✔ The frequency at which premiums are paid
4
Questions and Answers Latest Version
Already Passed
What type of insurance provides financial protection to beneficiaries upon the insured’s death?
✔✔ Life insurance
What is the term for the length of time a life insurance policy is in force before it expires?
✔✔ Policy term
What type of health insurance policy covers only specified illnesses or accidents?
✔✔ Limited benefit policy
What does the grace period in a life insurance policy allow?
✔✔ Extra time to pay a missed premium without losing coverage
What is the purpose of a beneficiary designation in a life insurance policy?
✔✔ To specify who will receive the death benefit
1
,What type of life insurance policy builds cash value over time?
✔✔ Whole life insurance
What does “underwriting” mean in the insurance process?
✔✔ Assessing the risk of insuring an applicant
What is a “premium”?
✔✔ The payment made to keep an insurance policy active
What type of health insurance plan requires you to use doctors within a network?
✔✔ Health Maintenance Organization (HMO)
What is “renewability” in a health insurance policy?
✔✔ The insured’s right to continue coverage after the initial term
What does a “rider” do in an insurance policy?
✔✔ Adds or modifies coverage or benefits
2
,What is the primary purpose of disability income insurance?
✔✔ To provide income replacement if the insured becomes disabled
What is a “co-insurance” clause?
✔✔ The insured and insurer share the cost of covered expenses after the deductible
What is “conversion” in a health insurance policy context?
✔✔ Changing a group policy to an individual policy without a new medical exam
What does “exclusion” mean in an insurance policy?
✔✔ Specific conditions or risks not covered by the policy
What type of life insurance policy allows flexible premiums and adjustable death benefits?
✔✔ Universal life insurance
What is the purpose of “accelerated benefits” in life insurance?
✔✔ To allow early access to death benefits if the insured is terminally ill
3
, What is the difference between “term” and “whole” life insurance?
✔✔ Term provides coverage for a set time; whole life provides lifelong coverage with cash
value
What is a “waiting period” in disability insurance?
✔✔ The time between injury or illness and when benefits start
What does “coordination of benefits” ensure in health insurance?
✔✔ That multiple policies do not pay more than 100% of the claim
What is the “contestability period” in a life insurance policy?
✔✔ Time during which the insurer can review and deny claims based on misstatements
What is “group insurance”?
✔✔ Insurance covering a defined group, usually through an employer
What does “premium mode” refer to?
✔✔ The frequency at which premiums are paid
4
