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Indiana Life and Health Insurance Test with 100% Verified Questions and Answers.
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Indiana Life and Health Insurance Test with 100- Verified Questions and Answers.
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Indiana Life and Health Insurance Test with 100% VerifiedQuestions and Answers
When .an .insurer .issues .an .individual .health .insurance .policy .that .is .guaranteed .renewable, .the .insur
er .agrees .- .(correct .answer) .-To .renew .the .policy .until .the .insured .has .reached .age .65.
The .policyowner .of .a .Universal .Life .policy .may .skip .paying .the .premium .and .the .policy .will .not .laps
e .as .long .as .- .(correct .answer) .-
The .policy .contains .sufficient .cash .value .to .cover .the .cost .of .insurance.
The .policyowner .wants .to .make .sure .that .upon .his .death, .the .life .policy .will .pay .a .portion .of .the .pr
oceeds .annually .to .his .spouse, .but .that .the .principal .will .be .paid .to .their .children .when .they .reach .
a .certain .age. .Which .settlement .option .should .the .policyowner .choose? .- .(correct .answer) .-
Interest .only .option
How .soon .following .the .occurrence .of .a .covered .loss .must .an .insured .submit .written .proof .of .such .
loss .to .the .insurance .company? .- .(correct .answer) .-
Within .90 .days .or .as .soon .as .reasonably .possible, .but .not .to .exceed .1 .year
If .one .takes .Social .Security .retirement .benefits .at .age .62, .what .needs .to .be .done .at .age .65 .to .quali
fy .for .Medicare? .- .(correct .answer) .-Nothing
The .time .limit .of .certain .defenses .provision .prohibits .insurers .from .denying .a .claim .due .to .misrepre
sentation, .as .long .as .the .policy .has .been .in .force .for .at .least .- .(correct .answer) .-2 .years.
What .is .the .clause .that .describes .the .method .of .paying .the .death .benefit .in .the .event .that .the .insu
red .and .beneficiary .are .both .killed .in .the .same .accident? .- .(correct .answer) .-
Common .Disaster .Clause
An .insured .purchased .a .variable .life .insurance .policy .with .a .face .amount .of .
$50,000. .Over .the .life .of .the .policy, .stock .performance .declined .and .the .cash .value .fell .to .
$10,000. .If .the .insured .dies, .how .much .will .be .paid .out? .- .(correct .answer) .-$50,000
,All .of .the .following .are .correct .about .the .required .provisions .of .a .health .insurance .policy .EXCEPT .- .
(correct .answer) .-A .reinstated .policy .provides .immediate .coverage .for .an .illness.
An .insured .and .his .wife .are .both .involved .in .a .head-
on .collision. .The .husband .dies .instantly, .and .the .wife .dies .15 .days .later. .The .company .pays .the .dea
th .benefit .to .the .estate .of .the .insured. .This .indicates .that .the .life .insurance .policy .had .what .provisi
on? .- .(correct .answer) .-Common .Disaster
An .insured .who .has .an .Accidental .Death .and .Dismemberment .policy .loses .her .left .arm .in .an .accide
nt. .What .type .of .benefit .will .she .most .likely .receive .from .this .policy? .- .(correct .answer) .-
The .capital .amount .in .a .lump .sum
Who .can .make .a .fully .deductible .contribution .to .a .traditional .IRA? .- .(correct .answer) .-
An .individual .not .covered .by .an .employer-sponsored .plan .who .has .earned .income
The .provision .that .provides .for .the .sharing .of .expenses .between .the .insured .and .the .insurance .com
pany .is .- .(correct .answer) .-Coinsurance.
Which .of .the .following .is .TRUE .regarding .variable .annuities? .- .(correct .answer) .-
The .annuitant .assumes .the .risks .on .investment.
What .characteristic .makes .whole .life .permanent .protection? .- .(correct .answer) .-
Coverage .until .death .or .age .100
An .applicant .for .a .health .insurance .policy .returns .a .completed .application .to .her .agent, .along .with .
a .check .for .the .first .premium. .She .receives .a .conditional .receipt .two .weeks .later. .Which .of .the .follo
wing .has .the .insurer .done .by .this .point? .- .(correct .answer) .-
Neither .approved .the .application .nor .issued .the .policy
Which .of .the .following .will .vary .the .length .of .the .grace .period .in .health .insurance .policies? .- .
(correct .answer) .-The .mode .of .the .premium .payment
An .insurance .contract .requires .that .both .the .insured .and .the .insurer .meet .certain .conditions .in .ord
er .for .the .contract .to .be .enforceable. .What .contract .characteristic .does .this .describe? .- .
(correct .answer) .-Conditional
Which .of .the .following .insurance .arrangements .will .be .appropriate .for .a .parent .buying .a .life .insura
nce .policy .on .a .child .where .the .parent .is .the .policyowner? .- .(correct .answer) .-Third-
party .ownership
An .individual .purchased .a .
$100,000 .Joint .Life .policy .on .himself .and .his .wife. .Eight .years .later, .he .died .in .an .automobile .accide
nt. .How .much .will .his .wife .receive .from .the .policy? .- .(correct .answer) .-$100,000
Which .of .the .following .statements .is .correct .regarding .a .whole .life .policy? .- .(correct .answer) .-
The .policyowner .is .entitled .to .policy .loans.
, Which .of .the .following .is .true .regarding .taxation .of .dividends .in .participating .policies? .- .
(correct .answer) .-Dividends .are .not .taxable.
How .many .consecutive .months .of .coverage .
(other .than .in .an .acute .care .unit .of .a .hospital) .must .LTC .insurance .provide .in .this .state? .- .
(correct .answer) .-12
What .type .of .insurance .would .be .used .for .a .Return .of .Premium .rider? .- .(correct .answer) .-Increasing
.Term
All .of .the .following .are .TRUE .statements .regarding .the .accumulation .at .interest .option .EXCEPT .- .
(correct .answer) .-The .interest .is .not .taxable .since .it .remains .inside .the .insurance .policy.
When .an .annuity .is .written, .whose .life .expectancy .is .taken .into .account? .- .(correct .answer) .-
Annuitant
A .lucky .individual .won .the .state .lottery, .so .the .state .will .be .sending .him .a .check .each .month .for .th
e .next .25 .years. .What .type .of .annuity .products .are .they .likely .to .use .to .provide .these .benefits? .- .
(correct .answer) .-Immediate .annuity
Under .a .20-
pay .whole .life .policy, .in .order .for .the .policy .to .pay .the .death .benefit .to .a .beneficiary, .the .premium
s .must .be .paid .- .(correct .answer) .-For .20 .years .or .until .death, .whichever .occurs .first.
Which .of .the .following .statements .is .true .regarding .coinsurance? .- .(correct .answer) .-
The .larger .the .percentage .that .is .paid .by .the .insured, .the .lower .the .required .premium .will .be.
Which .of .the .following .is .NOT .a .feature .of .a .guaranteed .renewable .provision? .- .(correct .answer) .-
The .insurer .can .increase .the .policy .premium .on .an .individual .basis.
Life .income .joint .and .survivor .settlement .option .guarantees .- .(correct .answer) .-
Income .for .2 .or .more .recipients .until .they .die.
What .is .the .number .of .credits .required .for .fully .insured .status .for .Social .Security .disability .benefits?
.- .(correct .answer) .-40
Which .of .the .following .is .INCORRECT .concerning .a .noncontributory .group .plan? .- .(correct .answer) .-
The .employees .receive .individual .policies.
What .is .another .name .for .interest-sensitive .whole .life .insurance? .- .(correct .answer) .-
Current .assumption .life
According .to .the .rights .of .renewability .rider .for .cancellable .policies, .all .of .the .following .are .correct .
about .the .cancellation .of .an .individual .insurance .policy .EXCEPT .- .(correct .answer) .-
Unearned .premiums .are .retained .by .the .insurance .company.
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