Life and Health Insurance ExamFX
with Verified Detailed Answers
In coinsurance, the larger the percentage that is paid by the
insured... -
correct answer ✅the lower the required premium will be.
What entity can legally bind coverage? -
correct answer ✅Insurer
The provision which states that both the policy and a copy of the
application form the contract between the policyowner and the
insurer is called the -
correct answer ✅Entire contract
In an individual LTC insurance plan, the insured is able to deduct the
premiums from taxes. What income taxation will be imposed on the
benefits received? -
correct answer ✅No Tax
What kind of LTC benefit would provide coverage for care for
functionally impaired adults on a less than 24-hour basis? -
correct answer ✅Adult Day Care
,Life and Health Insurance ExamFX
with Verified Detailed Answers
A life insurance policy used to fund an agreement that contractually
establishes the intent of someone to purchase a business upon the
insured business owner's death is a -
correct answer ✅Buy-sell agreement.
Under an individual disability policy, the MINIMUM schedule of
time in which claim payments must be made to an insured is -
correct answer ✅Monthly
Which type of life insurance policy generates immediate cash
value? -
correct answer ✅Single Premium
The legal process that gives the insurer, after payment of a loss, the
right to seek recovery from a third party that was responsible for
the loss is known as -
correct answer ✅Subrogation
Kevin and Nancy are married; Kevin is the primary breadwinner and
has a health insurance policy that covers both him and his wife.
Nancy has an illness that requires significant medical attention.
Kevin and Nancy decided to legally separate, which means that
Nancy will no longer be eligible for health insurance coverage under
, Life and Health Insurance ExamFX
with Verified Detailed Answers
Kevin. What would be Nancy's best option? -
correct answer ✅COBRA
Ray has an individual major medical policy that requires a
coinsurance payment. Ray vey rarely visits his physician and would
prefer to pay the lowest premium possible. Which coinsurance
agreement would be best for Ray? -
correct answer ✅50/50
The gatekeeper of an HMO helps... -
correct answer ✅control specialists costs.
The premium charged for exercising the Guaranteed Insurability
Rider is based upon the insured's... -
correct answer ✅Attained age.
Who must pay for the cost of a medical examination required in the
process of underwriting? -
correct answer ✅The Insurer
In a replacement situation the agent must consider what? -
correct answer ✅Limitations, Exclusions, and Benefits.
with Verified Detailed Answers
In coinsurance, the larger the percentage that is paid by the
insured... -
correct answer ✅the lower the required premium will be.
What entity can legally bind coverage? -
correct answer ✅Insurer
The provision which states that both the policy and a copy of the
application form the contract between the policyowner and the
insurer is called the -
correct answer ✅Entire contract
In an individual LTC insurance plan, the insured is able to deduct the
premiums from taxes. What income taxation will be imposed on the
benefits received? -
correct answer ✅No Tax
What kind of LTC benefit would provide coverage for care for
functionally impaired adults on a less than 24-hour basis? -
correct answer ✅Adult Day Care
,Life and Health Insurance ExamFX
with Verified Detailed Answers
A life insurance policy used to fund an agreement that contractually
establishes the intent of someone to purchase a business upon the
insured business owner's death is a -
correct answer ✅Buy-sell agreement.
Under an individual disability policy, the MINIMUM schedule of
time in which claim payments must be made to an insured is -
correct answer ✅Monthly
Which type of life insurance policy generates immediate cash
value? -
correct answer ✅Single Premium
The legal process that gives the insurer, after payment of a loss, the
right to seek recovery from a third party that was responsible for
the loss is known as -
correct answer ✅Subrogation
Kevin and Nancy are married; Kevin is the primary breadwinner and
has a health insurance policy that covers both him and his wife.
Nancy has an illness that requires significant medical attention.
Kevin and Nancy decided to legally separate, which means that
Nancy will no longer be eligible for health insurance coverage under
, Life and Health Insurance ExamFX
with Verified Detailed Answers
Kevin. What would be Nancy's best option? -
correct answer ✅COBRA
Ray has an individual major medical policy that requires a
coinsurance payment. Ray vey rarely visits his physician and would
prefer to pay the lowest premium possible. Which coinsurance
agreement would be best for Ray? -
correct answer ✅50/50
The gatekeeper of an HMO helps... -
correct answer ✅control specialists costs.
The premium charged for exercising the Guaranteed Insurability
Rider is based upon the insured's... -
correct answer ✅Attained age.
Who must pay for the cost of a medical examination required in the
process of underwriting? -
correct answer ✅The Insurer
In a replacement situation the agent must consider what? -
correct answer ✅Limitations, Exclusions, and Benefits.
