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Kaplan Life & Health Insurance Final Exam Review 223 Questions with Verified Answers,100% CORRECT
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Kaplan Life & Health Insurance Final Exam Review 223 Questions with Verified Answers
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Kaplan Life & Health Insurance Final Exam Review 223Questions with Verified Answers
The tendency for poor risks to seek and be covered by insurance more often than
average risks is:
A. Inappropriate selection
B. Adverse selection
C. Adverse risk
D. Inappropriate risk - CORRECT ANSWER B
Life Insurance that requires no medical exam and asks only basic medical
questions is known as
A. Simplified policy
B. Preferred risk
C. Simplified Issue
D. Simplified Risk - CORRECT ANSWER C
In many jurisdictions, testing for the presence of HIV infection requires all of the
following EXCEPT:
A. A signed release form whenever test results will be disclosed to AP arty who is
not otherwise entitles to the information.
B. Medical oversight of testing by a specialist in HIV research
C. Confidentiality of results in the absence of a signed release form
D. A signed consent form before the blood test is performed. - CORRECT ANSWER
B
Which of the following pieces of information is not likely to be contained in an
MIB report?
A. Mr. Smith was turned down for insurance by 2 companies in the pay year
B. Mr. Brown reported a hobby as a flight instructor a year ago
C. Mr. Jones reported a heart condition on an insurance application 2 years ago
D. Mr. Green's information has been requested 14 times in the previous 2 years -
CORRECT ANSWER B
,If an applicant is rated or declined an insurance policy, the reasons for this
decision will be explained to the applicant by:
A. the producer
B. The insurance commissioner
C. The insurer
D. The underwriter - CORRECT ANSWER A
Robin is a 25 year old man who drinks occasionally, does not smoke, and has no
known health problems. He probably would be classified by an insurer as a:
A. Super standard risk
B. Preferred risk
C. Standard risk
D. Substandard risk - CORRECT ANSWER C
Insurance agents are appointed by:
A. Insurance companies
B. The federal government
C. The insurance commissioner
D. The state department of insurance - CORRECT ANSWER A
When representing an insurer, a producer acting as an agent has a responsibility
to act with the degree of care that:
A. A licensed insurance producer would apply under similar circumstances
B. A lawyer would apply under circumstances
C. Any person would apply under circumstances
D. A reasonable person would apply under circumstances - CORRECT ANSWER D
Ken has paid only 4 premiums on his health insurance policy when he is hit by a
car. The insurance company pays out nearly half a million dollars to cover his
treatment and lengthy stay in intensive care. This is an example of:
A. Aleatory contract
B. Utmost good faith
C. Unilateral contract
D. Contract of adheasion - CORRECT ANSWER A
Carol applies for a life insurance policy and pays the initial premium. Carol has:
,A. made an offer to the insurer
B. Accepted an offer from the insurer
C. Made a counteroffer to the insurer
D. Accepted a counteroffer from the insurer - CORRECT ANSWER A
The initial premium payment sent with an application constitutes which part of
the insurance contract?
A. Acceptance
B. Offer
C. Consideration
D. Legal Purpose - CORRECT ANSWER C
Which of the following cases first defined insurance as interstate commerce?
A. Paul v. Virginia
B. South-Eastern Underwriters Decision
C. McCarran-Ferguson Act - CORRECT ANSWER B
Pretext interview are:
A. Generally accepted practice in the industry
B. Not permitted without a warrant sworn by a sitting judge
C. Not permitted unless some evidence of CIR activity exists
D. Always illegal - CORRECT ANSWER C
Applicants for insurance must be given advance notice including all of the
following types of information EXCEPT:
A. The persons with access to personal information
B. the kind of information to be collected
C. The persons who are collecting information
D. The sources of information - CORRECT ANSWER C
Which of the following acts does NOT contain provisions protecting individual
privacy?
A. Privacy act of 1974
B. Gramm-Leach-Bliley Act
C. McCarran-Ferguson Act
D. Fair Credit Reporting Act - CORRECT ANSWER C
, Focused on Federal government having right to regulate insurance transactions
outside of state law.
A business entity acting as an insurance producer must obtain what kind of
license?
A. Temporary producer license
B. Limited lines proper license
C. Insurance producer license.
D. Nonresident producer license. - CORRECT ANSWER C
A business entity acting as an insurance producer must obtain an insurance
producer license.
Which of the following is the practice of using misrepresentation to induce a
policy holder to replace a policy?
A. Twisting
B. Rebating
C. Unfair discrimination
D. Defamation - CORRECT ANSWER A
Twisting is defined as misrepresentation to induce a policyholder to lapse, forfeit,
exchange, covert, or surrender an existing policy.
Which of the following statements describes franchise insurance?
A. It may be issued to individuals with or without evidence of insurability
B. It is issued to certain business that are owned by individuals
C. It is available only to persons who deliver materials to a central point
D. It is treated in the same manner as any group insurance plan - CORRECT
ANSWER A
Issued as individual accident & Health insurance policies distributed on a mass
merchandising basis.
Administered with or without evidence of insurability.
The phrase "The applicant for insurance has more to gain if the insured continues
to live than if the insured dies" is the rule defining:
A. A legal wagering contract
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