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Life and Health Insurance Bundle
Life and Health Insurance Bundle
[Show more]Life and Health Insurance Bundle
[Show more]Basic Medical Expense policies ans Provide coverage for Hospital, Surgical and Physicians Medical Expense. 
-Purchased as a individual or group policy. 
-provide first dollar coverage (no deductibles). 
-limited benefit periods and low coverage limits. 
 
Major Medical Expense Policy ans ...
Preview 3 out of 28 pages
Add to cartBasic Medical Expense policies ans Provide coverage for Hospital, Surgical and Physicians Medical Expense. 
-Purchased as a individual or group policy. 
-provide first dollar coverage (no deductibles). 
-limited benefit periods and low coverage limits. 
 
Major Medical Expense Policy ans ...
UNIT 1: The term used to describe the individual who is covered by the insurance is 
A. insurer 
B. insured 
C. policyowner 
D. risk ans B 
 
Which of the following is a risk? 
A. A car may need to have new brakes installed after several years of regular driving. 
B. An individual may need med...
Preview 4 out of 34 pages
Add to cartUNIT 1: The term used to describe the individual who is covered by the insurance is 
A. insurer 
B. insured 
C. policyowner 
D. risk ans B 
 
Which of the following is a risk? 
A. A car may need to have new brakes installed after several years of regular driving. 
B. An individual may need med...
Only one party makes a legally enforceable promise ans What is meant by referring to an insurance policy as a unilateral contract? 
 
At all times ans When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? 
 
a loss exposure ans ...
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Add to cartOnly one party makes a legally enforceable promise ans What is meant by referring to an insurance policy as a unilateral contract? 
 
At all times ans When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? 
 
a loss exposure ans ...
What is insurance? ans Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. 
 
What's the difference between pure risk and speculative risk? ans Pure risk is when you'll lose it all or there will be no change. Speculative ris...
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Add to cartWhat is insurance? ans Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. 
 
What's the difference between pure risk and speculative risk? ans Pure risk is when you'll lose it all or there will be no change. Speculative ris...
Employer-provided group term life insurance is exempt from income taxation up to ans $50,000 
 
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month does this enrollment period end? ans 3 months 
 
Which statement is true regarding ...
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Add to cartEmployer-provided group term life insurance is exempt from income taxation up to ans $50,000 
 
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month does this enrollment period end? ans 3 months 
 
Which statement is true regarding ...
What type of reinsurance contract involves two companies automatically sharing their risk exposure? ans Treaty 
 
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 ans reserves 
 
When third...
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Add to cartWhat type of reinsurance contract involves two companies automatically sharing their risk exposure? ans Treaty 
 
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 ans reserves 
 
When third...
When are group disability benefits considered to be tax-free to the insured? ans When the recipient pays the premiums 
 
An insurable interest in each other's lives may exist in absence of an economic interest when the individuals are ans Marriage partners 
 
What is the elimination per...
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Add to cartWhen are group disability benefits considered to be tax-free to the insured? ans When the recipient pays the premiums 
 
An insurable interest in each other's lives may exist in absence of an economic interest when the individuals are ans Marriage partners 
 
What is the elimination per...
Which of the following would be considered a speculative risk? ans The possibility the painting you bought might be a long-lost masterpiece 
 
A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices desc...
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Add to cartWhich of the following would be considered a speculative risk? ans The possibility the painting you bought might be a long-lost masterpiece 
 
A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices desc...
3x sold
All of the following are included as part of a contract in the entire contract provision EXCEPT the 
 
riders 
application 
changes made by the producer 
policy ans changes made by the producer 
 
Health insurance involves two perils, accident and ____. ans sickness 
 
All of the followi...
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Add to cartAll of the following are included as part of a contract in the entire contract provision EXCEPT the 
 
riders 
application 
changes made by the producer 
policy ans changes made by the producer 
 
Health insurance involves two perils, accident and ____. ans sickness 
 
All of the followi...
Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? ans Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. 
 
Whi...
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Add to cartUnder the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? ans Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. 
 
Whi...
Insured ans The person covered by the insurance policy. 
 
Rider ans A written modification attached to a policy that increases or decreases coverage and/or premiums. 
 
What is a unilateral contract? ans A contract in which only one of the parties is legally bound to fulfill its o...
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Add to cartInsured ans The person covered by the insurance policy. 
 
Rider ans A written modification attached to a policy that increases or decreases coverage and/or premiums. 
 
What is a unilateral contract? ans A contract in which only one of the parties is legally bound to fulfill its o...
All of the following are producer responsibilities to the applicant, except: ans Offering and selling only the lowest premium policy 
 
___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. ans Insurers 
 
When both parties must perform ce...
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Add to cartAll of the following are producer responsibilities to the applicant, except: ans Offering and selling only the lowest premium policy 
 
___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. ans Insurers 
 
When both parties must perform ce...
12x sold
In a Life insurance contract, an insurance company's promise to pay stated benefits is called the: 
a) insuring clause 
b) consideration clause 
c) entire contract 
d) owner's rights ans insuring clause 
 
under which circumstance MUST a health insurer have an expedited grievance review pro...
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Add to cartIn a Life insurance contract, an insurance company's promise to pay stated benefits is called the: 
a) insuring clause 
b) consideration clause 
c) entire contract 
d) owner's rights ans insuring clause 
 
under which circumstance MUST a health insurer have an expedited grievance review pro...
Individual disability income policies typical include an elimination period (t/f) ans True 
 
A producer's license may be denied, suspended, or revoked if the licensee: ans is found guilty of misrepresentation in obtaining the license 
 
Which of the following actions is NOT possible wi...
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Add to cartIndividual disability income policies typical include an elimination period (t/f) ans True 
 
A producer's license may be denied, suspended, or revoked if the licensee: ans is found guilty of misrepresentation in obtaining the license 
 
Which of the following actions is NOT possible wi...
Insurance transaction includes: ans By mail or other means: 
- Solicitation 
- Negotiation 
- Sale 
- Advising an individual about coverage 
 
Elements of a legal contract ans -Agreement (offer and acceptance) 
- Consideration 
- Competent parties 
- Legal purpose 
 - Negotiation does...
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Add to cartInsurance transaction includes: ans By mail or other means: 
- Solicitation 
- Negotiation 
- Sale 
- Advising an individual about coverage 
 
Elements of a legal contract ans -Agreement (offer and acceptance) 
- Consideration 
- Competent parties 
- Legal purpose 
 - Negotiation does...
How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? 
A. immediately 
B. 1 year 
C. 2 years 
D. At age 65 ans 2 years 
 
What is the return of premium rider? 
A. an increasing amount of term insurance that always equals the total o...
Preview 3 out of 22 pages
Add to cartHow long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? 
A. immediately 
B. 1 year 
C. 2 years 
D. At age 65 ans 2 years 
 
What is the return of premium rider? 
A. an increasing amount of term insurance that always equals the total o...
2x sold
The commissioner examines each insurer every ___ Years. ans 5 years 
 
$____ fine per day if a person violates, aids, or abets a written cease and desist order ans $10,000 
 
License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner ha...
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Add to cartThe commissioner examines each insurer every ___ Years. ans 5 years 
 
$____ fine per day if a person violates, aids, or abets a written cease and desist order ans $10,000 
 
License fee may request a hearing within ____ days of commissioners order. After hearing request, Commissioner ha...
What distinguishes a deferred annuity from an immediate annuity? ans The time at which benefit payments start 
 
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her b...
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Add to cartWhat distinguishes a deferred annuity from an immediate annuity? ans The time at which benefit payments start 
 
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her b...
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