1
Indiana Life and Health Insurance Exam
(Latest 2025/2026 Update) 150
Questions with Verified Answers | 100%
Correct | Grade A.
The insured and Insurance company will share the cost of covered losses under
which health policy feature? - (answers)Payment of Claims provision
XYZ Corp was issued a group Health policy for its employees. Under this plan a: -
(answers)Policy must be issued to XYZ, and a certificate must be issued to each
employee
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? -
(answers)Guaranteed insurability rider
An employer that offers a qualified retirement plan to its employees is eligible to:
- (answers)make tax-deductible contributions to the plan
A policyowner's rights are limited under which beneficiary designation? -
(answers)Irrevocable
The Notice of Claims provision requires a policyowner to: - (answers)Notify an
insurer of a claim within a specified time
,2
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
(answers)Extra premium
P's individual health policy is now in the Grace Period. P's coverage will remain in
force if: - (answers)the premium is paid
In health insurance policies, a waiver of premium keeps the coverage in force
without premium payments: - (answers)After an insured has become totally
disabled as defined in the policy
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this? - (answers)Life annuity with period certain
Dividends payable to a policyowner are - (answers)declared by the insurance
company
A group-owned insurance company that is formed to assume and spread the
liability risks of its members is known as a: - (answers)risk retention group
What type of reinsurance contract involves two companies automatically sharing
their risk exposure? - (answers)Treaty
, 3
Who elects the governing body of a mutual insurance company? -
(answers)policyholders
An insurance applicant MUST be informed of an investigation regarding his/her
reputation and character according to the - (answers)Fair Credit Reporting Act
At what point must a life insurance applicant be informed of their rights that fall
under the Fair Credit Reporting Act? - (answers)Upon completion of the
application
When a policy pays dividends to its policyholders, it is said to be -
(answers)participating
The stated amount or percent of liquid assets that an insurer must have on hand
that will satisfy future obligations to its policyholders is called - (answers)Reserves
Which of the following requires insurers to disclose when an applicant's consumer
or credit history is being investigated: - (answers)1970- Fair credit reporting act
What year was the McCarran-Ferguson Act enacted? - (answers)1945
Which of these describe a participating insurance policy? - (answers)Policyowners
are entitled to receive dividends
Indiana Life and Health Insurance Exam
(Latest 2025/2026 Update) 150
Questions with Verified Answers | 100%
Correct | Grade A.
The insured and Insurance company will share the cost of covered losses under
which health policy feature? - (answers)Payment of Claims provision
XYZ Corp was issued a group Health policy for its employees. Under this plan a: -
(answers)Policy must be issued to XYZ, and a certificate must be issued to each
employee
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? -
(answers)Guaranteed insurability rider
An employer that offers a qualified retirement plan to its employees is eligible to:
- (answers)make tax-deductible contributions to the plan
A policyowner's rights are limited under which beneficiary designation? -
(answers)Irrevocable
The Notice of Claims provision requires a policyowner to: - (answers)Notify an
insurer of a claim within a specified time
,2
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
(answers)Extra premium
P's individual health policy is now in the Grace Period. P's coverage will remain in
force if: - (answers)the premium is paid
In health insurance policies, a waiver of premium keeps the coverage in force
without premium payments: - (answers)After an insured has become totally
disabled as defined in the policy
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this? - (answers)Life annuity with period certain
Dividends payable to a policyowner are - (answers)declared by the insurance
company
A group-owned insurance company that is formed to assume and spread the
liability risks of its members is known as a: - (answers)risk retention group
What type of reinsurance contract involves two companies automatically sharing
their risk exposure? - (answers)Treaty
, 3
Who elects the governing body of a mutual insurance company? -
(answers)policyholders
An insurance applicant MUST be informed of an investigation regarding his/her
reputation and character according to the - (answers)Fair Credit Reporting Act
At what point must a life insurance applicant be informed of their rights that fall
under the Fair Credit Reporting Act? - (answers)Upon completion of the
application
When a policy pays dividends to its policyholders, it is said to be -
(answers)participating
The stated amount or percent of liquid assets that an insurer must have on hand
that will satisfy future obligations to its policyholders is called - (answers)Reserves
Which of the following requires insurers to disclose when an applicant's consumer
or credit history is being investigated: - (answers)1970- Fair credit reporting act
What year was the McCarran-Ferguson Act enacted? - (answers)1945
Which of these describe a participating insurance policy? - (answers)Policyowners
are entitled to receive dividends
