Accident And Health Insurance Agent Exam Questions and Answers 2022/2023 | 100% Correct Verified Answers

Accident And Health Insurance Agent Exam Questions and Answers 2022/2023 | 100% Correct Verified Answers H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the policy summary B: the first page of the contract C: the delivery receipt D: upon conditional receipt B: the first page of the contract The policy has all of the following rights EXCEPT: A: Right to solely renew a guaranteed renewable policy. B: Right to terminate a policy C: Unilateral right to renew an Optionally renewable policy D: Right to assign a contract C: Unilateral right to renew an Optionally renewable policy The part of a contract that specifies which expenses may or may not be covered is known as the: A: Exclusion B: Eligible Expense provision C: Insuring Agreement D: Consideration Clause B: Eligible Expense provision Which of the following is considered to be a mandatory provision in a health policy? A: Time Limit on Certain Defenses B: Change of Occupation C: Illegal Occupation D: Intoxicant/Narcotic Usage A: Time Limit on Certain Defenses Which of the following may be considered an eligible expense found in a health policy? A: Cosmetic Surgery B: Premium payment C: cold cream D: Bus fare to receive treatment for a covered loss D: Bus fare to receive treatment for a covered loss K has a policy that covers doctors visits but limits the number of visits per calendar year and pays a limited indemnification limit per visit. K has: A: Basic Medical Expense B: Physician Nonsurgical Coverage C: Basic Surgical Policy D: Basic Hospital Coverage B: Physician Nonsurgical Coverage All of the following are CORRECT about Medicare EXCEPT: A: An insured who is age 30 but collecting Social Security disability for the last two years is eligible for Medicare. B: An insured who is age 60 and is at the end stage of renal failure is eligible for Medicare. C: An insured who turns age 65 and is still employed is eligible for Medicare. D: An insured who has Medicare Part A is eligible to enroll for Medigap policies within six months of enrolling in Part A. D: An insured who has Medicare Part A is eligible to enroll for Medigap policies within six months of enrolling in Part A. Under the Claim Forms provision in an Accident and Health policy, an insurance company must supply an insured with claim forms within a MAXIMUM of how many days after receiving notice of the loss? A: 10 B: 15 C: 20 D: 30 B: 15 The purpose of the Fair Credit Reporting Act is to: A: protect the consumer from having an adverse action against them based of obsolete credit information B: to ensure that credit information used in underwriting is accurate and updated C: make sure that any financial institution handles an individual's credit in a correct, proper manner D: All of the Above D: All of the Above Most Accident and Health policies require that claims must be paid _________ upon written proof of loss. A: 30 days B: Immediately C: 60 days D: 90 days B: Immediately A LTC policy that will only pay for ADL given occasionally by a licensed professional is: A: Skilled Care B: Intermediate Care C: Custodial Care D: None of the Above C: Custodial Care Which of the following policy provisions are optional in a individual health policy? A: Entire Contract B: Change of Occupation C: Entire Contract D: Reinstatement B: Change of Occupation Which of the following elements is part of the entire contract clause? A: The exchange of value between the parties B: The agreement between the policyholder and insurer C: The amount of time the insured has to send a policy back for a full refund D: None of the Above D: None of the Above All of the following are true regarding Social Security disability EXCEPT: A: A insured must wait 5 months before collecting benefits B: To qualify an insured must be unable to do any job in the American economy C: To qualify an insured must be disabled for a year or longer or die within a two year period. D: The insured must have a certain amount of Social Security credits based off age. C: To qualify an insured must be disabled for a year or longer or die within a two year period. Health Care FSA contributions are limited to _______ per year. A: $5,000 B: $3,000 C: $2,700 D: $3,250 C: $2,700 A noncancelable policy means the company A: may not raise the premium or terminate the policy except for nonpayment of premium B: may not cancel before the insured reaches age 50 C: may pay limited benefits and cannot cancel all benefits D: can only terminate coverage if the insured switches occupations A: may not raise the premium or terminate the policy except for nonpayment of premium The maximum number of in-hospital days coverage provided by an individual policy under minimum standards is: A: 30 days B: 45 days C: 90 days D: 180 days D: 180 days If there is a dispute on medical necessity under a HMO, there must be a system in place for a second opinion. If the second opinion determines that a covered service is in fact medically necessary, the HMO must provide service. The only way that benefits are paid for an out-of-network physician is: A: if a referral is given B: state law dictates when coverage out of area exists C: if it is an emergency D: None of the Above A: if a referral is given Which of the following circumstances may lead to the renewal of a producer license without the requirement of completing continuing education requirements? A: There are no exceptions to the continuing education law. B: The producer suffers a stroke and is incapable of completing any coursework. C: The producer is called up to military duty and secures a military waiver. D: Once a producer has been licensed for more than 30 consecutive years and is at least 65 years of age, they are exempt from continuing education requirements. C: The producer is called up to military duty and secures a military waiver. Renewability of a Long Term Care policy must be at least: A: Noncancelable B: Guaranteed Renewable C: Cancellable D: A and B only D: A and B only Under minimum standards, the probationary waiting period for illness may not exceed A: 10 days B: 20 days C: 30 days D: 40 days C: 30 days If a policy owner of a Medicare Supplement becomes eligible for Medicaid, a supplement can be suspended for up to ______ as long as they give the insurer notice within 90 days of being eligible for Medicaid. A: 6 months B: 12 months C: 24 months D: 36 months C: 24 months H has had group LTC coverage for the last 5 months. H has decided to leave his job and find a new career. Upon leaving his group, H would like to convert his group LTC policy to an individual plan. The insurer is most likely to: A: deny conversion B: allow conversion C: allow conversion, but they may increase the premium D: allow conversion as long as H converts within 30 days of leaving they group A: deny conversion If an insurance company issues deceptive statements about its assets, this action is A: false advertising. B: an unfair trade practice. C: unfair discrimination. D: falsification. B: an unfair trade practice. Other than when an agent or insurer sells a supplement not approved by the director, all other violations may incur a maximum fine of: A: $500 B: $1,000 C: $5,000 D: $10,000 C: $5,000 If an insurer discontinues a group policy they are only liable for: A: their extent of benefits under the old contract B: half of the new carrier's covered losses C: nothing D: all losses up to a year A: their extent of benefits under the old contract N has a major medical policy through an insolvent insurer. The maximum the Guarantee Association will pay on N's losses is: A: $500,000 B: $300,000 C: $200,000 D: $100,000 A: $500,000 On March 1 C, who holds an Illinois non-resident license moves from Idaho to Iowa. By which date must C notify the Illinois Director of Insurance about this move? A: By March 31 B: C does not have to notify Illinois since he was a non-resident license holder. C: By May 1 D: By March 16 A: By March 31 V has an HMO who has been financial impaired, the most the HMO Guarantee Association will pay for V's claims is: A: $100,000 B: $250,000 C: $300,000 D: $500,000 D: $500,000 What action would be required of a producer who fails to reinstate a lapsed producer license within the statutory allowed time period? A: The person is barred from entering the insurance business for 5 years. B: The person is barred from entering the insurance business for life. C: The person would be required to take a certified prelicensing course and state exam for each line or authority sought and then to submit an application with the payment of a $180 license fee. D: The person would be required to take a certified prelicensing course and state exam for each line or authority sought and then to submit an application with the payment of a $360 license fee. C: The person would be required to take a certified prelicensing course and state exam for each line or authority sought and then to submit an application with the payment of a $180 license fee. T has recently replaced her Medicare Supplement policy which was in force for 7 months. The contract has a probationary waiting period on all illness related losses for the first ten days of coverage. On day 5, T suffers an illness. The replacing insurer is most likely to: A: cover the loss B: deny the claim C: require T pay more premium to cover the loss D: None of the Above A: cover the loss Another name for a Binder is: A: Conditional Receipt B: Unconditional Receipt C: Temporary Coverage Binder D: Pre-Conditional Receipt B: Unconditional Receipt When an agent sells an Accident and Health policy, he/she should do which of the following with the application? A: Complete it and have the applicant review and sign it B: The agent should initial any and all changes he/she may make later C: Have the applicant sign and then carefully put in the required information in as thoroughly and accurately a manner as possible D: Advise the applicant to provide information in such a manner to make certain the policy will be issued without restrictions A: Complete it and have the applicant review and sign it G had his policy reinstated on August 1. On August 5, G falls ill and needs to spend a few nights in the hospital. Which of the following is most likely to happen? A: The insurer will pay full benefits for G's loss B: The insurer will not pay for G's loss C: G will have to pay more premium to have the loss covered D: None of the Above B: The insurer will not pay for G's loss Which of the rights of renewable will guarantee premiums remain level? A: Guaranteed Renewable B: Cancelable C: Noncan D: None of the Above C: Noncan