Final Exam - Tennessee Life and Health Questions and Answers Already Graded A+. COMPLETE UPDATE.

Final Exam - Tennessee Life and Health Questions and Answers Already Graded A+. COMPLETE UPDATE. Insurance policies are offered on a "take it or leave it" basis, which make them - Correct Ans: d. Contracts of Adhesion All of these statements about Equity Indexed Life Insurance are correct EXCEPT - Correct Ans: c. The premiums can be lowered or raised, based on investment performance P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to a disability? - Correct Ans: c. P will still receive declared dividends Which of the following actions require a policy owner to provide proof of insurability in an Adjustable Life policy? - Correct Ans: a. increase face amount Which provision prevents an insurer from changing the terms of the contract with the policy owner by referring to documents not found within the policy itself? - Correct Ans: c. Entire Contract Provision K pays on a $20,000 20-Year Endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary? - Correct Ans: c. $20,000 death benefit - Correct Ans: b. HMO Which of the following characteristics is CORRECT about Interest Sensitive Whole Life? - Correct Ans: a. There is a flexible premium payment K failed to pay a renewal premium within the time granted by the insurer. K then sends in a payment which the insurer subsequently accepts. Which policy provision specifies that coverage may be restored in this situation? - Correct Ans: b. Reinstatement Which of the following is an important underwriting principle of group life insurance? - Correct Ans: b. Everyone must be covered in the group Bryce purchased a disability income policy with a rider that guarantees him the option of purchasing additional amounts of coverage at predetermined times without requiring to provide evidence of insurability. What kind of rider is this? - Correct Ans: a. Guaranteed insurability rider The sections of an insurance contract which limit coverage are called - Correct Ans: c. exclusions A 66 year-old is covered under a group health plan while employed with a business that has 40 employees. If she injures herself while walking in the park, what coverage would be considered primary? - Correct Ans: d. Her group health plan The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called a(n) - Correct Ans: b. Accidental Death and Dismemberment rider (AD&D) To be eligible for Social Security disability benefits, an employee must be unable to perform - Correct Ans: a. any occupation Which of these is NOT an example of a No forfeiture option? - Correct Ans: d. Life Income What is the initial requirement for an insured to become eligible for benefits under the Waiver of Premium provision? - Correct Ans: d. Insured must be under a physician's care Which of the following policies requires a producer to leave a buyers guide with the applicant? - Correct Ans: c. Universal Life Order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and - Correct Ans: b. the initial premium An insurer must provide an insured with claim forms within days after receiving notice of a loss. - Correct Ans: c. 15 What is the elimination period of an individual disability policy? - Correct Ans: Time period a disabled person must wait before benefits are paid The clause identifying which losses resulting from an accident or sickness are insured by the policy is called the - Correct Ans: Insuring clause M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on M. What determines the claim M is eligible for?