Exam (elaborations)
SC ACCIDENT. HEALTH, AND LIFE INSURANCE EXAM
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SC ACCIDENT. HEALTH, AND LIFE INSURANCE EXAM
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SC ACCIDENT. HEALTH, AND LIFE INSURANCE EXAMAnnuity Certain - Answers -Maria would like an annuity that provides a guaranteed
accumulation or payout. The type of annuity she is seeking is called
Survivorship Life - Answers -The type of policy which pays on the death of the last
person is called
Malign another insurer - Answers -Defamation occurs when a producer makes a false
statement intended to
A 70 year old NOT eligible for Social Security
*You are not eligible to receive Medicare Part A benefits at age 65 or older if you are
eligible to receive Social Security benefits - Answers -Part A Hospital coverage provided
under Medicare is automatically made available to each of the following EXCEPT
At the time of application - Answers -According to life insurance contract law, insurable
interest exists
the policy loan value which the insured may borrow against - Answers -A whole life
insurance policy accumulates cash value that becomes
upon changing his or her legal name
*the producer must notify the Department upon changing his or her legal name. -
Answers -A licensee MUST notify the Department of a legal name change
Allows the secondary payor to reduce their benefit payments so no more than 100% of
the claim is paid.
*coordination of benefits allows the secondary payor to reduce their benefit payments
so that no more than 100% fo the claim is paid. - Answers -Which of the following does
Coordination of Benefits allow?
Determines what is paid by the primary and secondary insurers in the event of a claim. -
Answers -In group health care, what is the purpose of the coordination of benefits
provision?
Losing money at a casino
*Pure risk is a category of risk in which loss is the only possible outcome, which is the
opposite of speculative risk. Gambling is considered a speculative risk where there is a
chance of either gain or loss. - Answers -All of the following are examples fo pure risk
EXCEPT
, Term Life Insurance - Answers -Which of the following policies does NOT build cash
value?
Roth IRA - Answers -Which of these retirement plans do NOT qualify for a federal
income tax deduction?
Incontestable Clause - Answers -Which of the following protects a policy owner from a
misrepresentation caused by an innocent mistake?
indicates a preexisting condition - Answers -A proposed insured for a health insurance
policy was treated for heart disease within the past year. When applying for health
insurance, the heart disease treatment.69216
The Department of Insurance - Answers -Which entity is responsible for regulation
continuing education requirements in South Carolina?
Implied authority - Answers -The power given to an individual producer that is not
specifically addressed in his/her contract is considered what type of authority?
A good health statement - Answers -Upon policy delivery, which of the following myst a
producer have an applicant sign if no initial premium was collected with the life
insurance application?
When contribution or participation rules have been violated - Answers -When can a
group health policy renewal be denied according to the Health Insurance Portability and
Accountability Act (HIPPA)?
Medicare Supplement F
*Plans F and G are the only medicare supplement insurance plans that cover costs
known as medicare part B excess charges. - Answers -Which type of plan would be the
most appropriate for an individual on Medicare and is concerned that Medicare will NOT
pay for charges exceeding the approved amount?
Inflation protection - Answers -An insurer is REQUIRED to offer which of the following to
each long term care applicant at the time of purchase?
6 months - Answers -An insurer may exclude preexisting conditions on a Medicare
Supplement policy for ______ months.
May 30th.
*The "effective date" is the health insurance coverage start date. - Answers -Sonya
applied for a health insurance policy on April 1. Her agent submitted the information to
the insurance company on April 6. She paid the premium on May 15 with the policy
indicating the effective date being May 30. On which date would Sonya have coverage?
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