EFX L&H FINAL QUESTIONS AND ANSWERS
If a beneficiary is designated as irrevocable, how may the policy owner change the beneficiary? -
CORRECT ANSWER✅✅✅The beneficiary may only be changed if the irrevocable beneficiary provides
written consent
Who provides an underwriter with information concerning an applicants health history? - CORRECT
ANSWER✅✅✅The medical information bureau
To who must insurance producers report changes of business or residence address to? - CORRECT
ANSWER✅✅✅The department of insurance
When must coverage for a new born begin under an individual disability policy? - CORRECT
ANSWER✅✅✅At the moment of birth...
How is the state insurance guaranty association funded? - CORRECT ANSWER✅✅✅By its members
& authorized insurers are required to contribute to a fund to provide for payment of claims
An agents license authorizes him/her to represent who? - CORRECT ANSWER✅✅✅The insurance
company and NOT the insured.
Who is the MIB made up of and why? - CORRECT ANSWER✅✅✅Made up of insurers so the
companies can compare the information they have collected on the potential insurable person with
information of insurers may have discovered
When is the earliest a life insurance policy can go into effect? - CORRECT ANSWER✅✅✅When the
application is signed and a check is given to the agent
Give an example of apparent authority - CORRECT ANSWER✅✅✅An agent accepting an overdue
premium past the grace period
What is the basis for a claim against an insurance policy? - CORRECT ANSWER✅✅✅Loss
, A person must be enrolled into Medicare part A & B in order to do what? - CORRECT
ANSWER✅✅✅In order to apply for Medicare supplemental plans
The consideration on part of the insured is what? - CORRECT ANSWER✅✅✅Is the payment of
premiums , representations on the application , & a statement of good health.
Qualified plans must have a beating requirement and must also be what? - CORRECT
ANSWER✅✅✅Must be permanent & not temporary
The amount of social security disability benefits is based on the persons what? - CORRECT
ANSWER✅✅✅The persons (PIA) Primary Insurance amount
A 63 year old man is planning to be employed until age 70. When will he be eligible for Medicare ? -
CORRECT ANSWER✅✅✅Age 65, regardless of his employment status
If he is still insured under his employers group health plan then the Medicare care plan will be a
secondary
How can long term care "LTC" benefits be received tax free by an individual ? - CORRECT
ANSWER✅✅✅LTC benefits are always received tax free
Fiduciary is someone in the position of what? - CORRECT ANSWER✅✅✅Position of trust
If an applicant is found to be a substandard risk, the insurance is likely to do what? - CORRECT
ANSWER✅✅✅Charge a higher premium
Major medical expense contracts are characterized by what? "characteristics" - CORRECT
ANSWER✅✅✅* HIGH maximum limits
* blanket coverage
If a beneficiary is designated as irrevocable, how may the policy owner change the beneficiary? -
CORRECT ANSWER✅✅✅The beneficiary may only be changed if the irrevocable beneficiary provides
written consent
Who provides an underwriter with information concerning an applicants health history? - CORRECT
ANSWER✅✅✅The medical information bureau
To who must insurance producers report changes of business or residence address to? - CORRECT
ANSWER✅✅✅The department of insurance
When must coverage for a new born begin under an individual disability policy? - CORRECT
ANSWER✅✅✅At the moment of birth...
How is the state insurance guaranty association funded? - CORRECT ANSWER✅✅✅By its members
& authorized insurers are required to contribute to a fund to provide for payment of claims
An agents license authorizes him/her to represent who? - CORRECT ANSWER✅✅✅The insurance
company and NOT the insured.
Who is the MIB made up of and why? - CORRECT ANSWER✅✅✅Made up of insurers so the
companies can compare the information they have collected on the potential insurable person with
information of insurers may have discovered
When is the earliest a life insurance policy can go into effect? - CORRECT ANSWER✅✅✅When the
application is signed and a check is given to the agent
Give an example of apparent authority - CORRECT ANSWER✅✅✅An agent accepting an overdue
premium past the grace period
What is the basis for a claim against an insurance policy? - CORRECT ANSWER✅✅✅Loss
, A person must be enrolled into Medicare part A & B in order to do what? - CORRECT
ANSWER✅✅✅In order to apply for Medicare supplemental plans
The consideration on part of the insured is what? - CORRECT ANSWER✅✅✅Is the payment of
premiums , representations on the application , & a statement of good health.
Qualified plans must have a beating requirement and must also be what? - CORRECT
ANSWER✅✅✅Must be permanent & not temporary
The amount of social security disability benefits is based on the persons what? - CORRECT
ANSWER✅✅✅The persons (PIA) Primary Insurance amount
A 63 year old man is planning to be employed until age 70. When will he be eligible for Medicare ? -
CORRECT ANSWER✅✅✅Age 65, regardless of his employment status
If he is still insured under his employers group health plan then the Medicare care plan will be a
secondary
How can long term care "LTC" benefits be received tax free by an individual ? - CORRECT
ANSWER✅✅✅LTC benefits are always received tax free
Fiduciary is someone in the position of what? - CORRECT ANSWER✅✅✅Position of trust
If an applicant is found to be a substandard risk, the insurance is likely to do what? - CORRECT
ANSWER✅✅✅Charge a higher premium
Major medical expense contracts are characterized by what? "characteristics" - CORRECT
ANSWER✅✅✅* HIGH maximum limits
* blanket coverage
