INSURANCE CERTIFICATE EXAM ACTUAL QUESTIONS AND
ANSWERS
The MIB assist insurers in comparing medical information they have collected on a potential insured
among which of to following? - CORRECT ANSWER✅✅other member insured
Annuity is set up to pay a monthly amount for the remainder of the annuitants life which payment
options allows for the remaining principal to be paid out to a designated beneficiary at the time of the
annuitants death - CORRECT ANSWER✅✅Refund Life Annuity
The gatekeeper of an HMO helps to - CORRECT ANSWER✅✅Control access to specialized care
Which of the following riders specifically eliminates coverage for a particular ailment? - CORRECT
ANSWER✅✅Impairment Rider
The owner of a life policy can do all of the following - CORRECT ANSWER✅✅select a settlement option,
assign the policy, and receive the policy's living benefits
The provision in health insurance policies which states that both the printed and a copy of the
application for the entire contract between the policyowner and the insurer is called the - CORRECT
ANSWER✅✅Entire contract
New employees must wait a period of time before they can enroll in the group health plan as specified
under which of the following provisions? - CORRECT ANSWER✅✅Probationary period
When does the free-look period begin for insurance policies? - CORRECT ANSWER✅✅When the
policyowner receives the policy
the length of the grace period in health insurance policies depends on which of the following - CORRECT
ANSWER✅✅the mode of then premium payment
in insurance policies, the entire contract is made up of which of the following - CORRECT
ANSWER✅✅the policy and a copy of the application, stapled together
, a life insurance policy that allows for a partial withdrawal or surrender of its cash value is a - CORRECT
ANSWER✅✅universal life policy
the maximum benefit a policy will pay may be categorized as any of the following - CORRECT
ANSWER✅✅lifetime limit, per-cause limit, annual limit
The owner of an individual nonqualified annuity making regular premium payments can assume those
payments are - CORRECT ANSWER✅✅tax deferred
in the event an employee covered under a group health insurance policy dies, how long may a spouse
receive coverage through COBRA? - CORRECT ANSWER✅✅36 months
what type of underlying insurance is used in a Universal Life policy? - CORRECT ANSWER✅✅Annually
Renewable Term
Insureds' duties to notify insurers of a loss are covered under which of the following provisions? -
CORRECT ANSWER✅✅Notice of Claim
Who chooses where premiums will be invested in a variable life policies? - CORRECT ANSWER✅✅the
policyowner
In an HMO policy, one of the main responsibilities of the primary care physician (PCP) as a gatekeeper is
to do which of the following? - CORRECT ANSWER✅✅Help control costs
The annuity period - CORRECT ANSWER✅✅May last for the lifetime of the annuitant
Which of the following mandatory health provisions states the specified number of days given to an
insured to return the completed claim forms to the insurance company? - CORRECT ANSWER✅✅Proof
of Loss
ANSWERS
The MIB assist insurers in comparing medical information they have collected on a potential insured
among which of to following? - CORRECT ANSWER✅✅other member insured
Annuity is set up to pay a monthly amount for the remainder of the annuitants life which payment
options allows for the remaining principal to be paid out to a designated beneficiary at the time of the
annuitants death - CORRECT ANSWER✅✅Refund Life Annuity
The gatekeeper of an HMO helps to - CORRECT ANSWER✅✅Control access to specialized care
Which of the following riders specifically eliminates coverage for a particular ailment? - CORRECT
ANSWER✅✅Impairment Rider
The owner of a life policy can do all of the following - CORRECT ANSWER✅✅select a settlement option,
assign the policy, and receive the policy's living benefits
The provision in health insurance policies which states that both the printed and a copy of the
application for the entire contract between the policyowner and the insurer is called the - CORRECT
ANSWER✅✅Entire contract
New employees must wait a period of time before they can enroll in the group health plan as specified
under which of the following provisions? - CORRECT ANSWER✅✅Probationary period
When does the free-look period begin for insurance policies? - CORRECT ANSWER✅✅When the
policyowner receives the policy
the length of the grace period in health insurance policies depends on which of the following - CORRECT
ANSWER✅✅the mode of then premium payment
in insurance policies, the entire contract is made up of which of the following - CORRECT
ANSWER✅✅the policy and a copy of the application, stapled together
, a life insurance policy that allows for a partial withdrawal or surrender of its cash value is a - CORRECT
ANSWER✅✅universal life policy
the maximum benefit a policy will pay may be categorized as any of the following - CORRECT
ANSWER✅✅lifetime limit, per-cause limit, annual limit
The owner of an individual nonqualified annuity making regular premium payments can assume those
payments are - CORRECT ANSWER✅✅tax deferred
in the event an employee covered under a group health insurance policy dies, how long may a spouse
receive coverage through COBRA? - CORRECT ANSWER✅✅36 months
what type of underlying insurance is used in a Universal Life policy? - CORRECT ANSWER✅✅Annually
Renewable Term
Insureds' duties to notify insurers of a loss are covered under which of the following provisions? -
CORRECT ANSWER✅✅Notice of Claim
Who chooses where premiums will be invested in a variable life policies? - CORRECT ANSWER✅✅the
policyowner
In an HMO policy, one of the main responsibilities of the primary care physician (PCP) as a gatekeeper is
to do which of the following? - CORRECT ANSWER✅✅Help control costs
The annuity period - CORRECT ANSWER✅✅May last for the lifetime of the annuitant
Which of the following mandatory health provisions states the specified number of days given to an
insured to return the completed claim forms to the insurance company? - CORRECT ANSWER✅✅Proof
of Loss
