PA Life, Health and Accident Final Exam Questions with Verified Solutions

PA Life, Health and Accident Final Exam Questions with Verified Solutions Which of these factors is NOT taken into consideration when determining the cost of a long-term care policy? Personal Income What is the nonforfeiture value of an annuity before annuitization? All premiums paid, plus interest, minus any withdrawals and surrender charges In an employer sponsored contributory group disability income plan the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at? 60% Premium mode is a term used to describe the? Frequency of the premium payment A master contract and certificate of coverage can be found in which type of policy? Group With a scheduled dental policy, how are covered expenses paid? Benefits are limited to a specific maximum dollar amount per procedure All of the following are included as a part of a contract in the entire contract provision EXPECT the? Change made by the producer A securities license is required for a life insurance producer to sell Variable life insurance Under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? Accidental bodily injury provision Under a life insurance policy, what does the insuring clause state? The insures obligation to pay a death benefit upon an approved death claim What type of disability would be less than total impairment and equal to permanent impairment? Permanent partial disability Which of these statements regarding the annuitant is CORRECT? The annuitants life expectancy determines the annuity payments An insurer must furnish to a claimant forms for filing proof of loss within ___ days upon receiving a notice of claim. 15 days A life insurance policy that is subject to a contract interest rate is referred to as Universal Life Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? Interest only Within how many days must a producer report to the commissioner any charges made against them? 30 days Which of the following would be considered a possible applicant and contract policyholder for group health benefits? Employer How are annuities given favorable tax treatment? Gains are taxed at distribution The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as 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? $10,000 The entire contract includes the actual policy and the Application Which of these describes the result of a modified