1|Page
PA Life, Health and Accident ACTUAL exam: || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Newest
Exam!!!
Which settlement option involves having the proceeds
remain with the insurer and earnings paid on a monthly
basis to the beneficiary? - Answer-Interest only
Within how many days must a producer report to the
commissioner any charges made against them? - Answer-
30 days
Which of the following would be considered a possible
applicant and contract policyholder for group health
benefits? - Answer-Employer
How are annuities given favorable tax treatment? -
Answer-Gains are taxed at distribution
,2|Page
The term which describes the fact that both parties of a
contract may NOT receive the same value is referred to as
- Answer-Aleatory
Karen is a producer who has obtained personal
information about a client without having a legitimate
reason to do so. Under the McCarran-Ferguson Act, what
is the minimum penalty for this? - Answer-$10,000
The entire contract includes the actual policy and the -
Answer-Application
Which of these describes the result of a modified
endowment contract that failed to meet the seven pay
test? - Answer-Pre Death distributions are typically taxable
Phil is shopping for an annuity that guarantees he
CANNOT outlive the benefits. Which of these benefit
options would he choose? - Answer-Guaranteed lifetime
withdrawal benefit
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A permanent life insurance policy where the policy owner
pays premiums for a specified number of years is called
an? - Answer-limited pay policy
The waiver of premium does NOT include which
provision? - Answer-All future premiums are waived if the
insured recovers from the disability
A life insurance illustration showing future premiums being
paid out of non guaranteed value must disclose that -
Answer-The policy owner may need to resume premium
payments depending on actual results
When a producer offers something of value in return for
the purchase of an insurance policy, which prohibited
sales practice has been committed? - Answer-Inducement
A whole life insurance policy accumulates cash value that
becomes - Answer-the policy loan which the insured may
borrow against
, 4|Page
Which of the following is a violation of PA insurance law? -
Answer-Offering insurance contracts through unlicensed
entities
A policyholder has a major medical plan with a 80%/20%
coinsurance and a deductible of $75. If the insured has
previously met her deductible and receives a bill for $175,
how much will the insurer pay? - Answer-$140 the
insurance company pays 80% of $175
Which type of life insurance is normally associated with a
Payor Benefit rider? - Answer-Juvenile insurance
Which of these is NOT a characteristic of the Accelerated
death benefit option? - Answer-The benefit can be offered
as a rider at a specific extra cost or may be at no cost
An employee under a group insurance policy has the right
to name a beneficiary - Answer-Convert to an individual
policy in the event of employment termination
Which contract element is insurable interest a component
of? - Answer-Legal Purpose
PA Life, Health and Accident ACTUAL exam: || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Newest
Exam!!!
Which settlement option involves having the proceeds
remain with the insurer and earnings paid on a monthly
basis to the beneficiary? - Answer-Interest only
Within how many days must a producer report to the
commissioner any charges made against them? - Answer-
30 days
Which of the following would be considered a possible
applicant and contract policyholder for group health
benefits? - Answer-Employer
How are annuities given favorable tax treatment? -
Answer-Gains are taxed at distribution
,2|Page
The term which describes the fact that both parties of a
contract may NOT receive the same value is referred to as
- Answer-Aleatory
Karen is a producer who has obtained personal
information about a client without having a legitimate
reason to do so. Under the McCarran-Ferguson Act, what
is the minimum penalty for this? - Answer-$10,000
The entire contract includes the actual policy and the -
Answer-Application
Which of these describes the result of a modified
endowment contract that failed to meet the seven pay
test? - Answer-Pre Death distributions are typically taxable
Phil is shopping for an annuity that guarantees he
CANNOT outlive the benefits. Which of these benefit
options would he choose? - Answer-Guaranteed lifetime
withdrawal benefit
,3|Page
A permanent life insurance policy where the policy owner
pays premiums for a specified number of years is called
an? - Answer-limited pay policy
The waiver of premium does NOT include which
provision? - Answer-All future premiums are waived if the
insured recovers from the disability
A life insurance illustration showing future premiums being
paid out of non guaranteed value must disclose that -
Answer-The policy owner may need to resume premium
payments depending on actual results
When a producer offers something of value in return for
the purchase of an insurance policy, which prohibited
sales practice has been committed? - Answer-Inducement
A whole life insurance policy accumulates cash value that
becomes - Answer-the policy loan which the insured may
borrow against
, 4|Page
Which of the following is a violation of PA insurance law? -
Answer-Offering insurance contracts through unlicensed
entities
A policyholder has a major medical plan with a 80%/20%
coinsurance and a deductible of $75. If the insured has
previously met her deductible and receives a bill for $175,
how much will the insurer pay? - Answer-$140 the
insurance company pays 80% of $175
Which type of life insurance is normally associated with a
Payor Benefit rider? - Answer-Juvenile insurance
Which of these is NOT a characteristic of the Accelerated
death benefit option? - Answer-The benefit can be offered
as a rider at a specific extra cost or may be at no cost
An employee under a group insurance policy has the right
to name a beneficiary - Answer-Convert to an individual
policy in the event of employment termination
Which contract element is insurable interest a component
of? - Answer-Legal Purpose
