Final test Exam Questions With Verified Answers

A health insurer MUST provide a proof of loss form - ANSWER-within 15 days of receipt of the notice of loss Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER-After a stated period of time, claims cannot be denied due to material misrepresentation on the application Every _______ year(s), an agent's license in Virginia must be renewed. - ANSWER-Two An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under the extended term nonforfeiture option, what is the amount of insurance available to the insured? - ANSWER-$25,000 Which of the following approves continuing education courses for credit in Virginia? - ANSWER-State Continuing Education Board The insurance coverage in a variable life insurance policy may vary based on the value of - ANSWER-its underlying investments Medicare Part A coinsurance payments are covered by - ANSWER-Medicare Supplement Plan A Viatical settlement proceeds may be subject to the claims of - ANSWER-creditors Which life insurance settlement option pays lifetime benefits to two or more people? - ANSWER-Joint and survivor Employees are required to work at least ________ hours per week to become eligible for a small employer health plan - ANSWER-30 Which of the following is NOT a dividend option for a life insurance policy? - ANSWER-Receiving the entire policy cash value How is the insured protected if a payor benefit rider is attached to the life insurance policy? - ANSWER-Premium payments are waived in the event the premium payor dies or becomes disabled After an insurance application has been originated, the producer normally - ANSWER-is the major personal contact to the insured When a lapsed policy's premium has been paid current, it has the potential of being - ANSWER-reinstated In a staff model HMO, enrollees normally have which of the following pharmacy options available to them? - ANSWER-In-house pharmacy Under which circumstance may an insurer discontinue a small employer group medical plan? - ANSWER-Insurer discontinues offering the plan to all employers Which of the following would prevent a person from obtaining a Virginia resident agent license? - ANSWER-Residing in a state outside of Virginia Home health care benefits typically do NOT include coverage for - ANSWER-prescription medication According to the IRS, a company may NOT do which of the following in regards to funds in a qualified retirement plan? - ANSWER-Repossess the funds for business purposes In Virginia, at least _______ employee(s) are needed for a small employer medical plan. - ANSWER-2 The application is part of the annuity contract according to the - ANSWER-Entire contract clause Defamation can be best defined as - ANSWER-Making a statement that is false or maliciously critical of the financial condition of an insurer