FX Life Insurance Test more than 50 Questions and A
Revocable - ANSWERSAn insured want to name her husband as the beneficiary of her
health policy. She also wishes to retain all of the rights of ownership. The insured
should have herhusband named as what type of beneficiary?
100 - ANSWERSIn order for a debtor group to qualify for group life insurance, what
should be the minimum number of participants joining the plan every year
Replacement rule - ANSWERSWhich rule would apply if an agent knows an applicant
is going to cash in an old policy and use the funds to purchase new insurance?
Nonforfeiture values - ANSWERSWhich term secribes the benefits of a life insurance
policy that the policyowner does not automatically relinquish even if the policy lapses?
Twisting - ANSWERSAgents who persaude insureds to cancel a policy in favor of
another one when it might not be in the insured's best interest are guilty of
Certificate holder - ANSWERSIf an employee is accepted into a group insurance plan,
which status will the employee have?
Outline of Coverage - ANSWERSWhich document helps ensure that full and fair
disclosure is provided to the recipient of a policy?
5 - ANSWERSA licensed agent must complete how many hours of continuing
education specific to ethics and regulatory updates?
The pre-existing condition waiting period fulfilled in the old policy will be transferred to
the ne wpolicy, the new one picking up where the old on left off - ANSWERSAn
individual purchased a Medicare supplement policy in March and decied to replace it 2
months later. His history of coronary artery disease is considered a pre-existing
condition. Which of the following is true?
That its policies are covered by a state Guaranty Association - ANSWERSWhich of the
following may NOT be included in an insurance company's advertisement?
The insured over the age of 64 - ANSWERSWho does the secondary addressee
provision protect?
The insurance contract - ANSWERSWhich of the following is an agreement between
an insured and an insurer, where the insurer agrees to indemnify the insured for specific
losses in exchange for a premium?
, 50/50 - ANSWERSRay has an individual major medical policy that requires a
coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest
premium possible. Which coinsurance arranngement would be best for Ray?
Single payment or periodic payments - ANSWERSWhich two terms are associated
directly with the way an annuity is funded?
An insured borrows money from the bank and makes a collateal assignment of a part of
the death benefit to secure the loan - ANSWERSAll of the following are examples of
thirs party ownership of life insurance
Reduction of premium - ANSWERSAn insured pays $1,200 annually for her life
insurance premium. The insured applies this year's $300 worth of accumulated
dividends to the next year's premiums, thus reducing it to $900. What option does this
describe?
Convert to an individual policy - ANSWERSA small company offers group insurance to
its employees, but recently has decided to terminate the health insurance contract,
leaving the workers without insurance. What can the employees do regarding their
insurance?
Free-Look period - ANSWERSWhat phase begins after a new policy is delivered?
The individual insured - ANSWERSIn a group policy, who is issued a certificate of
insurance?
No, the group must be formed for a purpose other than obtaining group insurance -
ANSWERSCan a group that is formed for the sole purpose of obtaining group insurance
qualify for group coverage?
$50,000 - ANSWERSAn employee will be taxed on the cost of group life insurnace paid
by the employer if the amount of coverage exceeds
3 - ANSWERSIn this state, long-term care benefits may be triggered by inability to
perform how many activities of daily living?
If the employee enrolls within a certain time period - ANSWERSUnder what conditions
will proof of insurability NOT be required of an employee wanting to enroll in a group
insurance plan?
The date the summary was prepared - ANSWERSWhich of the following dates must be
contained in a policy summary?
Pay dividends to the policyowner - ANSWERSA participating insurance policy may do
which of the following?
Revocable - ANSWERSAn insured want to name her husband as the beneficiary of her
health policy. She also wishes to retain all of the rights of ownership. The insured
should have herhusband named as what type of beneficiary?
100 - ANSWERSIn order for a debtor group to qualify for group life insurance, what
should be the minimum number of participants joining the plan every year
Replacement rule - ANSWERSWhich rule would apply if an agent knows an applicant
is going to cash in an old policy and use the funds to purchase new insurance?
Nonforfeiture values - ANSWERSWhich term secribes the benefits of a life insurance
policy that the policyowner does not automatically relinquish even if the policy lapses?
Twisting - ANSWERSAgents who persaude insureds to cancel a policy in favor of
another one when it might not be in the insured's best interest are guilty of
Certificate holder - ANSWERSIf an employee is accepted into a group insurance plan,
which status will the employee have?
Outline of Coverage - ANSWERSWhich document helps ensure that full and fair
disclosure is provided to the recipient of a policy?
5 - ANSWERSA licensed agent must complete how many hours of continuing
education specific to ethics and regulatory updates?
The pre-existing condition waiting period fulfilled in the old policy will be transferred to
the ne wpolicy, the new one picking up where the old on left off - ANSWERSAn
individual purchased a Medicare supplement policy in March and decied to replace it 2
months later. His history of coronary artery disease is considered a pre-existing
condition. Which of the following is true?
That its policies are covered by a state Guaranty Association - ANSWERSWhich of the
following may NOT be included in an insurance company's advertisement?
The insured over the age of 64 - ANSWERSWho does the secondary addressee
provision protect?
The insurance contract - ANSWERSWhich of the following is an agreement between
an insured and an insurer, where the insurer agrees to indemnify the insured for specific
losses in exchange for a premium?
, 50/50 - ANSWERSRay has an individual major medical policy that requires a
coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest
premium possible. Which coinsurance arranngement would be best for Ray?
Single payment or periodic payments - ANSWERSWhich two terms are associated
directly with the way an annuity is funded?
An insured borrows money from the bank and makes a collateal assignment of a part of
the death benefit to secure the loan - ANSWERSAll of the following are examples of
thirs party ownership of life insurance
Reduction of premium - ANSWERSAn insured pays $1,200 annually for her life
insurance premium. The insured applies this year's $300 worth of accumulated
dividends to the next year's premiums, thus reducing it to $900. What option does this
describe?
Convert to an individual policy - ANSWERSA small company offers group insurance to
its employees, but recently has decided to terminate the health insurance contract,
leaving the workers without insurance. What can the employees do regarding their
insurance?
Free-Look period - ANSWERSWhat phase begins after a new policy is delivered?
The individual insured - ANSWERSIn a group policy, who is issued a certificate of
insurance?
No, the group must be formed for a purpose other than obtaining group insurance -
ANSWERSCan a group that is formed for the sole purpose of obtaining group insurance
qualify for group coverage?
$50,000 - ANSWERSAn employee will be taxed on the cost of group life insurnace paid
by the employer if the amount of coverage exceeds
3 - ANSWERSIn this state, long-term care benefits may be triggered by inability to
perform how many activities of daily living?
If the employee enrolls within a certain time period - ANSWERSUnder what conditions
will proof of insurability NOT be required of an employee wanting to enroll in a group
insurance plan?
The date the summary was prepared - ANSWERSWhich of the following dates must be
contained in a policy summary?
Pay dividends to the policyowner - ANSWERSA participating insurance policy may do
which of the following?
