A.D. BANKER: Life & Health - Comprehensive Exam
$250,000 - ANS-A married couple purchases a $250,000 Joint Life Policy. When the older of the
two dies, what is the amount payable to the survivor?
10 - ANS-A client purchases an individual disability income policy and receives the policy from
the insurer 45 days after application. Upon receipt of the policy, the client typically has
______days to review and return the policy to receive a full refund for any reason.
10 days - ANS-Under the reinstatement provision of an accident and health insurance policy,
benefits for sickness are delayed. They resume following a probationary period of ________
after the policy is reinstated.
10 days for sickness, and immediately for accidental injuries - ANS-One of your clients just
reinstated his health insurance plan. When is coverage effective for sickness and accident?
100% - ANS-With a Noncontributory Group Life Plan, what percentage of the employer's
employees must participate?
15 - ANS-An insured should receive necessary claim forms within _____ days after notice of
claim.
2 - ANS-After a life insurance policy has been in force for more than _____ years the policy is
considered incontestable.
2 - ANS-The Time Limit on Certain Defenses (Incontestable) period is _____ years under
individual health and disability contracts.
20% - ANS-A Medicare Supplement Policy must include, as a core benefit, Medicare Part B
coinsurance in the amount of _______.
3 - ANS-Core Benefits of Medicare Supplement policies cover ____ pints of blood.
31 days - ANS-The grace period for an individual health insurance policy being paid on a
quarterly basis is:
5 months - ANS-The waiting period from the start of a disability to be eligible to apply for Social
Security disability is:
60 days - ANS-Under the Legal Actions Mandatory Uniform Provision, an insured must wait at
least _____ days after providing proof of loss before he or she can take legal action against the
insurer.
, A class is a distinct grouping of small employers as shown on an insurer's records - ANS-When
it comes to small group health insurance:
A condition that is terminal - ANS-Which of the following could initiate the Accelerated Benefits
Provision or Rider of a life policy?
A Medicare Supplement policy must be noncancellable and guaranteed renewable - ANS-All the
following statements regarding the regulation of Medicare supplement policies sold in the state
of Arkansas are correct, except:
A policy summary - ANS-A personalized computer-generated illustration detailing premiums,
cash values, interest rates, and surrender values is called __________.
A regular dental checkup - ANS-Part B of Medicare excludes which of the following medical
expenses?
A specified period of time - ANS-Term Life insurance is designed to provide coverage for
___________.
A statement of good health - ANS-In the event a policy is delivered by an agent to the insured,
and the premium payment is to be collected at the time of this delivery, normally what else must
the agent obtain to make the delivery complete?
Accidental Death Rider - ANS-When the death of an insured occurs within a specified period,
causing the policy to pay double or triple benefits, this policy must have which of the following
riders?
Accumulation Period - ANS-The period of time over which a single sum or periodic deposits
grow within an annuity is referred to as the:
Actual loss experience of the group - ANS-Experience rating utilizes _______ in determining the
rate the insurer will charge for group coverage in each year of coverage.
Adverse Selection - ANS-An employer who has an Open Enrollment Period four times during a
policy period for group dental coverage might cause the insurer to have concerns about which
of the following?
All retirees are automatically covered - ANS-Which of the following is not true of Medicare Part
B?
An appointing insurer must file a notice of appointment within 30 days of the first submitted
application - ANS-All of the following statements regarding producer appointments are true,
except:
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