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Indiana Life and Health Insurance State Exam Simulator With Correct Answers.
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Indiana Life and Health Insurance State Exam Simulator With Correct Answers.
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Indiana Life and Health Insurance StateExam Simulator With Correct Answers
An architecture firm would stand to lose a lot of money in the event of the death of
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its project manager. Which type of policy should the firm purchase on its project
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manager? - answer-Universal life insurance
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Key Person insurance
m m
Graded insurance m
Executive insurance m
Correct. Key person insurance is a type of life insurance policy that provides a death
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benefit to a business if its owner or another significant employee passes away.
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If a retiree on Medicare required five hospital stays in one year, which policy would
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mprovide the best insurance for excess hospital expenses? - answer-Long-term care
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Indemnity
Medicare Supplement m
Medicaid
Correct. In this situation, a Medicare Supplement policy would provide the subscriber
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mthe best coverage for excess charges.
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Which of the following permits an insurance company to transact business in
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Indiana?3 - answer-Certificate of admission
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Certificate of domestication m m
Certificate of authenticity m m
Certificate of authority m m
Correct. A certificate of authority permits an insurance company to transact business
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in Indiana.
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A policyowner is able to choose the frequency of premium payments through what
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mpolicy feature? m
Consideration
Payor benefit m
Premium Mode m
Assignment provision m
53 of 200 Questions Remaining
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Proceed
Correct. Premium Mode is the feature that allows the policyowner to select the timing
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mof premium payment, such as monthly, quarterly, annually etc. - answer-
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, Z owns a Disability Income policy with a 30-day Elimination period. Z contracts
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mpneumonia that leaves him unable to work from January 1 until January 15. Z then
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mbecomes disabled from an accident on February 1 and the disability lasts until July 1
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mthe same year. Z will become eligible to receive benefits starting on: - answer-
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January 1 m
January 15 m
February 1 m
March 1 m
53 of 200 Questions Remaining
m m m m
Proceed
Correct. The elimination period is the period of time between the onset of a disability,
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mand the time you are eligible for benefits. It is best thought of as a deductible period
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mfor your policy. After a 30-day Elimination period, Z will become eligible for receiving
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mbenefits on March 1. m m m
Which of the following are Equity Indexed annuities typically invested in? - answer-
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Corporate Bonds m
Money Market accounts m m
Municipal Bonds m
S&P 500 m
53 of 200 Questions Remaining
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Proceed
Correct. An indexed annuity is a type of tax-deferred annuity whose credited interest
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mis linked to an equity index — typically the S&P 500.
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A group life insurance policy can be converted to an individual whole life policy under
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mwhich circumstance? - answer-Employment termination
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Nonpayment of premiums m m
Policy reinstatement m
Decrease in employer revenue m m m
53 of 200 Questions Remaining
m m m m
Proceed
Correct. Termination of employment is a circumstance under which a group life
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minsurance policy can be converted to an individual policy.
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K owns a Whole Life policy. If K wants an increasing Death Benefit to protect against
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minflation, which Dividend Option should she chose? - answer-Paid-Up Additional
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mInsurance
Cash Option m
Reduced Premiums m
Accumulate with Interest m m
53 of 200 Questions Remaining
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Proceed
Correct. In this situation, Paid-Up Option should be
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