INDIANA LIFE & HEALTH
INSURANCE EXAM LATEST 2024-
2025 WITH 172 ACTUAL
QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY
GRADED A+
The insured and Insurance company will share the cost of covered losses under which health
policy feature? - CORRECT ANSWER -Payment of Claims provision
XYZ Corp was issued a group Health policy for its employees. Under this plan a: - CORRECT
ANSWER -Policy must be issued to XYZ, and a certificate must be issued to each employee
Bryce purchased a disability income policy with a rider that guarantees him the option of
purchasing additional amounts of coverage at predetermined times without requiring to
provide evidence of insurability. What kind of rider is this? - CORRECT ANSWER -
Guaranteed insurability rider
An employer that offers a qualified retirement plan to its employees is eligible to: -
CORRECT ANSWER -make tax-deductible contributions to the plan
A policyowner's rights are limited under which beneficiary designation? - CORRECT ANSWER
-Irrevocable
The Notice of Claims provision requires a policyowner to: - CORRECT ANSWER -Notify an
insurer of a claim within a specified time
An underwriter determines that a life insurance applicant's risk should be reclassified due to
a health issue. This policy may be issued with a(n): - CORRECT ANSWER -Extra premium
,P's individual health policy is now in the Grace Period. P's coverage will remain in force if: -
CORRECT ANSWER -the premium is paid
In health insurance policies, a waiver of premium keeps the coverage in force without
premium payments: - CORRECT ANSWER -After an insured has become totally disabled as
defined in the policy
T has an annuity that guarantees an income payment for the rest of his life. The contract also
guarantees that if T dies before receiving payments for 20 years, the remaining payments
will be paid to his son for the balance of the 20 years. What type of annuity is this? -
CORRECT ANSWER -Life annuity with period certain
Dividends payable to a policyowner are - CORRECT ANSWER -declared by the insurance
company
A group-owned insurance company that is formed to assume and spread the liability risks of
its members is known as a: - CORRECT ANSWER -risk retention group
What type of reinsurance contract involves two companies automatically sharing their risk
exposure? - CORRECT ANSWER -Treaty
Who elects the governing body of a mutual insurance company? - CORRECT ANSWER -
policyholders
An insurance applicant MUST be informed of an investigation regarding his/her reputation
and character according to the - CORRECT ANSWER -Fair Credit Reporting Act
At what point must a life insurance applicant be informed of their rights that fall under the
Fair Credit Reporting Act? - CORRECT ANSWER -Upon completion of the application
, When a policy pays dividends to its policyholders, it is said to be - CORRECT ANSWER -
participating
The stated amount or percent of liquid assets that an insurer must have on hand that will
satisfy future obligations to its policyholders is called - CORRECT ANSWER -Reserves
Which of the following requires insurers to disclose when an applicant's consumer or credit
history is being investigated: - CORRECT ANSWER -1970- Fair credit reporting act
What year was the McCarran-Ferguson Act enacted? - CORRECT ANSWER -1945
Which of these describe a participating insurance policy? - CORRECT ANSWER -
Policyowners are entitled to receive dividends
A nonprofit incorporated society that does not have capital stock and operates for the sole
benefit of its members is known as: - CORRECT ANSWER -A fraternal benefit society
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained? - CORRECT ANSWER -Fair Credit
Reporting Act
The probability of loss becoming more predictable is attributed to: - CORRECT ANSWER -
Law of Large Numbers
Which of the following is a requirement for a risk to be considered insurable? - CORRECT
ANSWER -Predictability of loss
The Law of Large Numbers involves a: - CORRECT ANSWER -Large group of homgeneous
units
The cause of a loss is referred to as a - CORRECT ANSWER -Peril
INSURANCE EXAM LATEST 2024-
2025 WITH 172 ACTUAL
QUESTIONS AND CORRECT
VERIFIED ANSWERS ALREADY
GRADED A+
The insured and Insurance company will share the cost of covered losses under which health
policy feature? - CORRECT ANSWER -Payment of Claims provision
XYZ Corp was issued a group Health policy for its employees. Under this plan a: - CORRECT
ANSWER -Policy must be issued to XYZ, and a certificate must be issued to each employee
Bryce purchased a disability income policy with a rider that guarantees him the option of
purchasing additional amounts of coverage at predetermined times without requiring to
provide evidence of insurability. What kind of rider is this? - CORRECT ANSWER -
Guaranteed insurability rider
An employer that offers a qualified retirement plan to its employees is eligible to: -
CORRECT ANSWER -make tax-deductible contributions to the plan
A policyowner's rights are limited under which beneficiary designation? - CORRECT ANSWER
-Irrevocable
The Notice of Claims provision requires a policyowner to: - CORRECT ANSWER -Notify an
insurer of a claim within a specified time
An underwriter determines that a life insurance applicant's risk should be reclassified due to
a health issue. This policy may be issued with a(n): - CORRECT ANSWER -Extra premium
,P's individual health policy is now in the Grace Period. P's coverage will remain in force if: -
CORRECT ANSWER -the premium is paid
In health insurance policies, a waiver of premium keeps the coverage in force without
premium payments: - CORRECT ANSWER -After an insured has become totally disabled as
defined in the policy
T has an annuity that guarantees an income payment for the rest of his life. The contract also
guarantees that if T dies before receiving payments for 20 years, the remaining payments
will be paid to his son for the balance of the 20 years. What type of annuity is this? -
CORRECT ANSWER -Life annuity with period certain
Dividends payable to a policyowner are - CORRECT ANSWER -declared by the insurance
company
A group-owned insurance company that is formed to assume and spread the liability risks of
its members is known as a: - CORRECT ANSWER -risk retention group
What type of reinsurance contract involves two companies automatically sharing their risk
exposure? - CORRECT ANSWER -Treaty
Who elects the governing body of a mutual insurance company? - CORRECT ANSWER -
policyholders
An insurance applicant MUST be informed of an investigation regarding his/her reputation
and character according to the - CORRECT ANSWER -Fair Credit Reporting Act
At what point must a life insurance applicant be informed of their rights that fall under the
Fair Credit Reporting Act? - CORRECT ANSWER -Upon completion of the application
, When a policy pays dividends to its policyholders, it is said to be - CORRECT ANSWER -
participating
The stated amount or percent of liquid assets that an insurer must have on hand that will
satisfy future obligations to its policyholders is called - CORRECT ANSWER -Reserves
Which of the following requires insurers to disclose when an applicant's consumer or credit
history is being investigated: - CORRECT ANSWER -1970- Fair credit reporting act
What year was the McCarran-Ferguson Act enacted? - CORRECT ANSWER -1945
Which of these describe a participating insurance policy? - CORRECT ANSWER -
Policyowners are entitled to receive dividends
A nonprofit incorporated society that does not have capital stock and operates for the sole
benefit of its members is known as: - CORRECT ANSWER -A fraternal benefit society
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained? - CORRECT ANSWER -Fair Credit
Reporting Act
The probability of loss becoming more predictable is attributed to: - CORRECT ANSWER -
Law of Large Numbers
Which of the following is a requirement for a risk to be considered insurable? - CORRECT
ANSWER -Predictability of loss
The Law of Large Numbers involves a: - CORRECT ANSWER -Large group of homgeneous
units
The cause of a loss is referred to as a - CORRECT ANSWER -Peril
