LAW AND RULES PERTINENT TO
INSURANCE EXAM QUESTIONS AND
ANSWERS.
How many years is a producer REQUIRED to maintain transaction records
of a policy?
3 years
5 years
7 years
10 years - CorreCt Answers -5 years
According to the Affordable Care Act, what metal tier is required to have an
actuarial value of 70% with covered individuals paying 30% through
deductibles, co-pays, and other cost sharing features?
Bronze Plan
Silver Plan
Gold Plan
Platinum Plan - CorreCt Answers -Silver plan
When a life insurance policy is issued to replace another life insurance
policy, which of the following does NOT need to be provided to the
purchaser at or before the time the policy is delivered?
Disclosure Statement
The replacing insurer's financial statements
A policy summary
, A copy of the most recent buyer's guide - CorreCt Answers -The replacing
insurer's financial statements
With respect to small group health benefit plans, a carrier may discontinue
coverage or may refuse to renew such a plan if the employer:
employ fewer than 15 full-time employees
has filed for bankruptcy in the prior year
has a supplemental plan with a competing carrier
fails to pay the premium prior to the end of the grace period - CorreCt
Answers -Fails to pay the premium prior to the end of the grace period
Which one of the following statements regarding an examination of an
insurer's books and records by the Director is TRUE?
An insurer has a right to delay an examination by the Director for a period
of not more than 15 days after notification
The Director only has the authority to examine domestic insurers
Reports related to solicitors are not official records archived from
insurance examinations
The insurer must not impede an examination and is required to assist in
the examination procedures - CorreCt Answers -The insurer must not
impede in an examination and is required to assist in the examination
procedures.
A hospital or medical expense policy will typically cover dental treatment
expenses under which circumstance?
After the annual limit of a dental policy's coverage is reached
Dental treatment is needed to repair an injury
, Cosmetic dental treatment is performed
If treatment is performed at a in-network provider - CorreCt Answers -
Dental treatment is needed to repair an injury
An insured MUST submit a proof of loss on a health insurance claim within
how many days after the date of loss?
30
60
90
120 - CorreCt Answers -90
Other than for fraud, under the Time Limit on Certain Defenses Provision,
a health insurance policy is incontestable after it has been in force for a
period of:
1 year
2 years
3 years
4 years - CorreCt Answers -2 years
Under long-term care insurance, which of the following MUST an insurer
offer to each policyowner at the time of purchase?
A decrease in annual benefit levels
Lifetime minimum benefit levels
An inflation protection feature
Minimum benefit levels - CorreCt Answers -An inflation protection feature
INSURANCE EXAM QUESTIONS AND
ANSWERS.
How many years is a producer REQUIRED to maintain transaction records
of a policy?
3 years
5 years
7 years
10 years - CorreCt Answers -5 years
According to the Affordable Care Act, what metal tier is required to have an
actuarial value of 70% with covered individuals paying 30% through
deductibles, co-pays, and other cost sharing features?
Bronze Plan
Silver Plan
Gold Plan
Platinum Plan - CorreCt Answers -Silver plan
When a life insurance policy is issued to replace another life insurance
policy, which of the following does NOT need to be provided to the
purchaser at or before the time the policy is delivered?
Disclosure Statement
The replacing insurer's financial statements
A policy summary
, A copy of the most recent buyer's guide - CorreCt Answers -The replacing
insurer's financial statements
With respect to small group health benefit plans, a carrier may discontinue
coverage or may refuse to renew such a plan if the employer:
employ fewer than 15 full-time employees
has filed for bankruptcy in the prior year
has a supplemental plan with a competing carrier
fails to pay the premium prior to the end of the grace period - CorreCt
Answers -Fails to pay the premium prior to the end of the grace period
Which one of the following statements regarding an examination of an
insurer's books and records by the Director is TRUE?
An insurer has a right to delay an examination by the Director for a period
of not more than 15 days after notification
The Director only has the authority to examine domestic insurers
Reports related to solicitors are not official records archived from
insurance examinations
The insurer must not impede an examination and is required to assist in
the examination procedures - CorreCt Answers -The insurer must not
impede in an examination and is required to assist in the examination
procedures.
A hospital or medical expense policy will typically cover dental treatment
expenses under which circumstance?
After the annual limit of a dental policy's coverage is reached
Dental treatment is needed to repair an injury
, Cosmetic dental treatment is performed
If treatment is performed at a in-network provider - CorreCt Answers -
Dental treatment is needed to repair an injury
An insured MUST submit a proof of loss on a health insurance claim within
how many days after the date of loss?
30
60
90
120 - CorreCt Answers -90
Other than for fraud, under the Time Limit on Certain Defenses Provision,
a health insurance policy is incontestable after it has been in force for a
period of:
1 year
2 years
3 years
4 years - CorreCt Answers -2 years
Under long-term care insurance, which of the following MUST an insurer
offer to each policyowner at the time of purchase?
A decrease in annual benefit levels
Lifetime minimum benefit levels
An inflation protection feature
Minimum benefit levels - CorreCt Answers -An inflation protection feature
