Life, Accident, & Health State Exam Simulator CORRECT 100%
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Course
Life, Accident, & Health
Institution
Life, Accident, & Health
Modified Endowment Contract (MEC) is best described as - ANSWER A life insurance contract which accumulates cash values higher than the IRS will allow
According to life insurance contract law, insurable interest exists - ANSWER At the Time of the application
Under Workers' Compensation, injur...
Life, Accident, & Health State Exam Simulator CORRECT 100%
A Modified Endowment Contract (MEC) is best described as - ANSWER A life insurance contract
which accumulates cash values higher than the IRS will allow
According to life insurance contract law, insurable interest exists - ANSWER At the Time of the
application
Under Workers' Compensation, injured employees are covered for all of the following issues EXCEPT
- ANSWER Pain and suffering
What happens when an insurance policy is backdated? - ANSWER The policy's effective date is
earlier than the present
Key Person Disability Insurance pays benefits to the - ANSWER Employer
, What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an
employee to do? - ANSWER In the event of employment termination, group health insurance can be
kept if the employee pays the premiums
Making a statement that is false or maliciously critical of the financial condition of an insurer is
known as - ANSWER Defamation
Which of the following statements is CORRECT regarding an individual applying for life or health
insurance? - ANSWER The applicants medical history may be analyzed and reported
Index whole life insurance contains a securities component that acts as a(n) - ANSWER Hedge
against inflation
Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible
when paid for which of the following plans? - ANSWER Qualified long-term care plan
How are premiums paid by the insured for personally owned disability income insurance treated for
tax purposes? - ANSWER Not tax deductible
, When MUST a newborn child be covered under an existing health insurance policy? - ANSWER
Immediately
Distributions from a Health Savings Account (HSA) for qualified medical expenses are - ANSWER Tax
free
Which of these retirement plans do NOT qualify for a federal income tax deduction?
-SIMPLE Plan
-Traditional IRA
-Keogh Plan
-Roth IRA - ANSWER Roth IRA
An insurer will accept a premium from the insured and continue the coverage in full force as though
it was NOT late during which time period? - ANSWER Grace Period
The deeds and actions of a producer indicate what kind of authority?
Coordination of Benefits regulation applies to all of the following plans EXCEPT
-Group vision plan
-Preferred Provider Organization plan
-Self-funded group health plan
-Group health plan - ANSWER Preferred Provider Organization Plan (PPO)
Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under
the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? -
ANSWER $5,000 fine and 1 year imprisonment
Which of the following would disqualify a company's retirement plan from receiving favorable tax
treatment?
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