FL 0215 Health and Life Ins Questions with Detailed Verified Answers

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FL 0215 Health and Life Ins Questions
with Detailed Verified Answers

Question: Generally how long is a benefit period for Major Medical Expense?


Ans: one year


Question: Which of these needs is satisfied by Adjustable Life Insurance?


Ans: Insured's need for flexible premiums


Question: Which of these is considered a statement that is assured to be true
in every respect?


Ans: Warranty


Question: What is Medicare?


Ans: A hospital and medical expense insurance program


Question: How does a typical Variable Life Policy investment account grow?


Ans: Through mutual funds, stocks, bonds


Question: All of the following will result in the suspension of an agent's
license EXCEPT

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Ans: acting with fiduciary responsibility


Question: Which is true concerning a Variable universal Life policy?


Ans: Policyowner controls where the investment will go and selects the
amount of the premium payment


Question: Which of the following is NOT a limited benefit plan?


Ans: Life insurance policy


Question: An agent's license can be suspended or revoked by


Ans: writing primarily controlled business


Question: Medicaid was designed to assist individuals who are


Ans: below a specific income limit


Question: Which of these actions should a producer take when submitting an
insurance application to an insurer?


Ans: Inform insurer of relevant information not included on the application


Question: What does the ownership clause in a life insurance policy state?


Ans: Who the policyowner is and what rights the policyowner is entitled to

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Question: When does a life insurance contract become effective if the initial
premium is not collected during the application process?


Ans: when the producer delivers policy and collects initial premium


Question: Which of the following policies is characterized by flexible
premium and death benefit and allows the policyowner control of the
investment aspect of the plan?


Ans: Variable universal life


Question: Additional coverage can be added to a Whole Life policy by adding
a(n):


Ans: decreasing term rider


Question: M is insured under a basic Hospital/Surgical Expense policy. A
physician performs surgery on M. What determines the claim M is eligible for?


Ans: Determined by the terms of policy


Question: S would like to use dividends from her life insurance policy to
purchased paid-up additions. All of these would be factors that determine how
much coverage can be purchased EXCEPT


Ans: beneficiary's age

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Question: K is the insured and P is the sole beneficiary on a life insurance
policy. Both are involved in a fatal accident where K dies before P. Under the
Common Disaster provision, which of these statements is true?


Ans: Proceeds will be payable to K's state if P dies within a specified time


Question: The type of annuity that can be purchased with one monetary
deposit is called a(n):


Ans: Immediate Annuity


Question: A ___ day notice to the policyholder is required for any health
insurer that wishes to cancel a health insurance policy.


Ans: 45


Question: W gave W's age as 50 when W purchased a Life policy. At the time
of W's death seven years later, the company discovered W's true age at issue
had been 59. What would the normal procedure be under the misstatement of
age provision in regard to the payment of the death claim?


Ans: The proceeds would be reduced based on whatever the premium would
have been if purchased at age 59


Question: Whole Life insurance is sometimes referred to as "Straight Life".
What does the word "Straight" indicate when using this phrase?


Ans: The duration of premium payments