Review of Key Quizzes & Correct
_____________Quiz____________?
Who is obligated to make sure all questions are answered and all necessary signatures are
collected on the application? -
Answer✓✓
The Agent
_____________Quiz____________?
An underwriter is reviewing an applicant with an extensive medical history. Which of the
following would give the underwriter a better understanding of how the applicant has been
treated for various illnesses? -
Answer✓✓
Attending physician's statement
_____________Quiz____________?
Which of the following would NOT be eligible for coverage under key person? -
Answer✓✓
The owner of the shop
_____________Quiz____________?
With Adjustable Life, the owner can change all of the following EXCEPT -
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, Answer✓✓
The insured
_____________Quiz____________?
Which of the following is provided by skilled medical personnel to those who need
occasional medical assistance or rehabilitative care? -
Answer✓✓
Intermediate care
_____________Quiz____________?
Partial disability usually pays what percentage of the total disability benefit? -
Answer✓✓
50%
_____________Quiz____________?
Which of the following long-term care benefits would provide coverage for care for
functionally impaired adults on a less than 24-hour basis?
A. Residential care
B. Assisted living
C. Home health care
D. Adult day care -
Answer✓✓
D. Adult day care
_____________Quiz____________?
An insured's long-tern care policy is scheduled to pay fixed amount of coverage of $120 per
day. The long-term care facility only charged $100 per day. How much will the insurance
company pay?
A. 20% of the total cost
B. $120 a day
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, C. $100 a day
D. 80% of the total cost -
Answer✓✓
B. $120 a day
_____________Quiz____________?
In comparison to a policy that uses the accidental means definition, a policy that uses the
accidental bodily injury definition would provide coverage that is
A. More limited in duration
B. Broader in duration
C. Broder in general
D. More limited in general -
Answer✓✓
C. Broader in general
_____________Quiz____________?
An individual has been diagnosed with Alzheimer's disease. He is insured under a life
insurance policy with the accelerated benefits rider. Which of the following is true regarding
taxation of the accelerated benefits?
A. The entire living benefits is considered taxable income
B. A portion of the benefits up to a limit is tax-free; the rest is taxable income
C. Principle is tax free, but interest is taxed
D. The entire benefits will be received tax free -
Answer✓✓
B. B. A portion of the benefits up to a limit is tax-free; the rest is taxable income
_____________Quiz____________?
All of the following are true of an annuity owner EXCEPT
A. The owner has the right to name the beneficiary
B. The owner is the party who may surrender the annuity
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, C. The owner must be the party to receive benefits
D. The owner pays the premiums on the annuity -
Answer✓✓
C. The owner must be the party to receive benefits
_____________Quiz____________?
How is emergency care covered for a member of an HMO?
A. An HMO emergency specialist will cover the patient
B. A member of an HMO can receive care in or out of the HMO service area, but care is
preferred in the service area
C. A member of an HMO may receive care at any emergency facility, at the same cost as if
in his or her own service area
D. HMOs have salaried member physicians, but they do not cover emergency care -
Answer✓✓
B. A member of an HMO can receive care in or out of the HMO service area, but care is
preferred in the service area
_____________Quiz____________?
Death benefits payable to a beneficiary under a life insurance policy are generally
A. Subject to income taxation by the federal government
B. Exempt from income taxation if under $10,000
C. Exempt from income taxation if over $10,000
D. Not subject to income taxation by the federal government -
Answer✓✓
D. Not subject to income taxation by the federal government
_____________Quiz____________?
Which of the following best describes the aleatory nature of an insurance contract?
A. Only one of the parties being legally bound by the contract
B. Ambiguities are interpreted in favor of the insured
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