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Final Exam - Maryland Life and Health questions well answered to pass
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Final Exam - Maryland Life and Health questions well answered to pass
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Final Exam - Maryland Life and HealthHow are monthly life annuity benefit payments treated under a tax-sheltered annuity (TSA)? - correct
answer ✔✔taxed as ordinary income in the year received
Life Insurance replacement can be best defined as _______? - correct answer ✔✔a transaction in which
a new life insurance policy is purchased and an existing life insurance policy is surrendered
According the the affordable care act (ACA), dependent children may remain on their parent's plan until
what age? - correct answer ✔✔26
Long-term care insurance provides ______? - correct answer ✔✔one or more diagnostic, preventive,
therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care
unit of a hospital
Reductions is coverage are one feature of ____ in Health Insurance policies? - correct answer ✔✔cost
containment (one feature)
If group Health benefit levels are too high, what could be the end result? - correct answer
✔✔Overutilization of the plan
Rick is a disabled worker receiving Social Security benefits. What benefits are his wife and dependent
children eligible for? - correct answer ✔✔An income benefit which is a percentage of his primary
insurance amount
An accident and health plan that typically covers ONLY the services of approved providers is called a(n)
_______? - correct answer ✔✔HMO (Health Maintenance Organization) Plan
Contributions made by an employee to a qualified retirement plan are required to be ______? - correct
answer ✔✔subject to a vesting schedule
,Under which circumstance can an insurance company offer group Health insurance? - correct answer
✔✔The sponsoring group provides an employer-employee relationship
Which reinsurance contract between two insurers involves an automatic sharing of the risks assumed? -
correct answer ✔✔Treaty Reinsurance
Health Maintenance Organization (HMO) wellness programs may include each of the following EXCEPT
________? - correct answer ✔✔Diagnostic testing services
Which of these is NOT an Unfair Claims Settlement Practice? - correct answer ✔✔Refusing to pay
persons bringing false or fraudulent claims
Which of these statements regarding a managing general agent is NOT true? - correct answer ✔✔A
managing general agent generally represents the insured
The premiums paid by an employer for his employee's group life insurance are usually considered to be
______? - correct answer ✔✔tax deductible to the employer
Which of the following describes coverage for the Medicare Part B coinsurance? - correct answer ✔✔A
medicare supplement core benefit
Which of the following can be defined as a cause of a loss? - correct answer ✔✔Peril
An insurance policy may be issued with a preferred insurance premium in all of these situations EXCEPT
______? - correct answer ✔✔living in a rural area
Which situation would not require the insured's consent when a life insurance policy is issued? - correct
answer ✔✔a policy is purchased by a parent for a minor child
Jim is covered under a disability income policy. He is hurt while engaged in an occupation that is more
hazardous than the occupation he specified in the policy. What action will the insurer likely take? -
correct answer ✔✔reduce the benefit level
, Greg had recently been terminated from his job that covered him for group life insurance. How long
does he have to convert his coverage to an individual policy? - correct answer ✔✔31 days
Exchanging a new policy for one already in force is called ______? - correct answer ✔✔replacement
Which of these pays an income to two or more annuitants until the death of the last annuitant? - correct
answer ✔✔joint and survivor annuity
Under the Law of Agency, the principal is considered to be ______? - correct answer ✔✔the insurer
When premiums are determined, one factor would be the expenses of the ____? - correct answer
✔✔insurer
Kate received a group accident and health termination notice. How many days does she have to apply for
a converted policy? - correct answer ✔✔31 days
Which of the following statements is NOT true concerning the relationship between group health
insurance plans and Medicare? (assuming the business has more than 20 employees) - correct answer
✔✔Group health coverage is NOT available for workers over the age of 65
When would evidence of insurability be required for a person already covered with a variable universal
life policy? - correct answer ✔✔when the death benefit is increased
The annuitant in a single premium deferred annuity (SPDA)? - correct answer ✔✔makes only one
premium payment
If a Medicare Supplement policy is cancelled by the insurer, which of these circumstances does NOT
require prior approval by the Commissioner? - correct answer ✔✔nonpayment of premium
Medicare Part B excess charges are covered by _____? - correct answer ✔✔Medicare Supplemental
Insurance
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