Connecticut Life and Health Insurance Exam Questions and Answers 100% Pass
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Course
Connecticut State Insurance
Institution
Connecticut State Insurance
Connecticut Life and Health Insurance Exam
Questions and Answers 100% Pass
A producer has indicated to a potential client that the proposed life insurance is covered
by the Connecticut Life and Health Insurance Guaranty Association. This action taken
by the producer is - Correct Answer ️️ -...
Connecticut Life and Health Insurance Exam Questions and Answers 100% Pass A producer has indicated to a potential client that the proposed life insurance is covered by the Connec ticut Life and Health Insurance Guaranty Association. This action taken by the producer is - Correct Answer ✔️✔️-"Prohibited by law". Pointing out to a prospective client that the life insurance policy you are presenting is covered by the Connecticut Life and Health Guaranty Association is prohibited by law. Which of the following does NOT involve a life settlement transaction? - Correct Answer ✔️✔️-Converting term life coverage to whole life insurance. the business of life settlements includes all of these except "Converting term life coverage to whole life insurance. Life settlement brokers are NOT allowed to - Correct Answer ✔️✔️-Complete transactions prior to being approved for a license. Life settlement brokers need to be licensed before conducting any life settlement transactions. the exception to this would be certain eligible financial professionals. A producer must complete____credit hours of continuing education for each licensing period. - Correct Answer ✔️✔️-24 hours. All insurance agents must successfully complete 24 credit hours of continuing education every 2 years, prior to license renewal. Thr ee of those hours must be in ethics. A life insurance policy provision that has the ability to reduce the death benefit is called the - Correct Answer ✔️✔️-Accelerated (living) benefit. Whatever amount is withdrawn from an accelerated benefit will be deduc ted from the face amount when death occurs. An officer for a corporation takes out numerous unsecured loans from the company's qualified retirement plan. Which of these rules is the plan in violation of? - Correct Answer ✔️✔️-Exclusive benefit rule. The as sets held in a company's qualified retirement plan must be maintained for the exclusive benefit of the employees and their beneficiaries. A source of supplemental income for a life insurance policyowner can be derived from the - Correct Answer ✔️✔️-Cash va lue. Cash value may be used as a source to supplement a policyowner's income. Purchasing insurance is an example of risk - Correct Answer ✔️✔️-Transference. Purchasing insurance is an example of risk transference. Which statement best describes a single pr emium whole life policy? - Correct Answer ✔️✔️-Paid-up policy that offers lifetime protection. A single premium whole life policy provides protection for life as a paid -up policy. Which of the following situations would allow funds to be deposited into a r ollover IRA? - Correct Answer ✔️✔️-An employee quits her job and receives $50,000 from her qualified plan. Medical costs in birthing centers are lowered by using - Correct Answer ✔️✔️-Certified nurse midwives. Birthing centers reduce medical costs through the use of certified nurse midwives. What is a a "functional assessment" for long -term care benefits? - Correct Answer ✔️✔️-
A review of the insured's ability to perform the activities of daily living. A "functional assessment" determines the insured's abil ity to perform the activities of daily living (ADLs) John bought a deferred annuity on Mary. John amends the contract years later to name Tom as the recipient of the proceeds if Mary dies. Who is the annuitant for this contract? - Correct Answer ✔️✔️-Mary. In this situation, Mary is the annuitant because that is where the proceeds of the annuity will be directed. When does the producer give a premium receipt for a life insurance application? - Correct Answer ✔️✔️-"When the initial premium has been paid with the application". A premium receipt is given to an applicant when the initial premium is paid with the application . Which statement is true regarding hospital preadmission certification for emergency situations? - Correct Answer ✔️✔️-Notification is requ ired to be given after insured is admitted to the hospital. Hospital preadmission certification typically requires notification to be given after the patient is admitted to the hospital for an emergency situation. For nonemergency situations, notification is to be given BEFORE admission. When using the approach for life insurance planning, a lump sum may be created to provide for all of the following EXCEPT - Correct Answer ✔️✔️-"Employee benefits". The needs approach to personal life insurance planning may involve creating a lump sum to provide for all of these EXCEPT employee benefits.
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