Exam (elaborations)
WA State Health and Disability Insurance Exam Q&A Solved 100% Correct
- Course
- Institution
WA State Health and Disability Insurance Exam Q&A Solved 100% Correct
[Show more]
Content preview
WA State Health and Disability InsuranceExam Q&A Solved 100% Correct
A copy of a replacement notice is provided to the applicant, and an additional copy
signed by the applicant is retained by the insurer. A direct response insurer must deliver
to the applicant at the time of the issuance of the policy the notice regarding
replacement of accident and sickness coverage. The form must be filed with the
Commissioner prior to use in this state. The replacement notice in essence must state
the following: - ANSWER-
A father purchases a life insurance policy on his teenage daughter and adds the Payor
Benefit rider. In which of the following scenarios will the rider waive the payment of
premium? - ANSWER-If the father is disabled for more than 6 months
A health carrier that provides coverage for maternity services must provide the same
coverage for newborns as for the mother for at least - ANSWER-3 months
A health insurance plan which involves financing, managing, and delivery of health care
services and involves a group of providers who share in the financial risk of the plan or
who have an incentive to deliver cost effective service, is called - ANSWER-Managed
care plan
A legally acceptable attempt by an existing insurer to persuade their client to continue
an existing life insurance policy in force when a written communication is received from
a replacing insurer is called - ANSWER-Conservation
A new employee who meets HIPAA eligibility requirements must be issued health
coverage on what basis? - ANSWER-Guaranteed
A noncontributory group disability income plan has a 30-day elimination period and
offers benefits of $2000 a month. If an employee is unable to work for 7 months due to a
covered disability, the employee will receive - ANSWER-$12000 - all of which is taxable.
A participating insurance policy may do which of the following? - ANSWER-Pay
dividends to the policyowner.
Based upon actual mortality cost, interest earned, and costs.
A person requests that an insurance company quit sending him e-mail solicitations.
According to the law, the company has 10 days to stop e-mailing the complainant.
However, the company sends him four more e-mails after that time limit has expired.
Which of the following is true? - ANSWER-The company will be asked to cease
business operations for 10 days.
,A person who does not lock the doors to his or her house shows an indifferent attitude.
This person presents what type of hazard? - ANSWER-Morale
A policy with a 31-day grace period implies - ANSWER-The policy remains in force
without penalty for 31 days even though the premium due has not been paid.
A policyowner fails to pay the premium due on his whole life policy after the grace
period passes, but the policy remains in force. This is due to what provision? -
ANSWER-Automatic premium loan
A producer agent must do all of the following when delivering a new policy to the
insured EXCEPT - ANSWER-Collect any premium due
A producer did not do his research and placed insurance coverage through an
unauthorized insurer. When this becomes known, what may the Commissioner do? -
ANSWER-Order a policy replacement
A producer has established a separate account for premiums collected on life insurance
policies sold by the producer. Who is entitled to the interest earned on the deposits in
the separate account? - ANSWER-Producer
A producer is selling a client a Variable Life Insurance policy and as an inducement
shows the client a projection based upon shares or dividends paid on a similar policy.
This is - ANSWER-Misrepresentation
A producer who fails to segregate premium monies from his own personal funds is guilty
of - ANSWER-Commingling
A situation in which a person can only experience a loss and no gain presents what type
of risk? - ANSWER-Pure risk
A tornado that destroys property would be an example of which of the following? -
ANSWER-A peril
A typical Accidental Death & Dismemberment policy covers all of the following losses
EXCEPT - ANSWER-Income
A waiver of premium provision may be included with what type of health insurance
policies? - ANSWER-Disability Income
According to the Coordination of Benefits provision, if both parents have coverage for a
child from their employers' policies, which policy will pay first? - ANSWER-The order of
payment will be determined by the birthday rule: the coverage of the parent whose
birthday is earlier in the year will be considered primary
According to the Dept of Insurance, fraudulent is considered - ANSWER-Felony
,According to the Dept of Insurance, which term means 'mandatory'? - ANSWER-Shall
According to the Dept of Insurance, which term means 'permissive'? - ANSWER-Shall
According to the entire contract provision, what document must be made part of the
insurance policy? - ANSWER-Copy of the original application
According to the insurance code, an insurance policy must specify all of the following
Except. - ANSWER-The financial rating of the insurer
According to the insurance code, what must appear in a notice of claim form given to an
insured? - ANSWER-Information regarding the Arson Bureau
According to the Law of Agency, a principal is represented by whom? - ANSWER-Agent
or Producer
According to the PPACA metal levels classification, if a health plan is expected to cover
90% of the cost for an average population, and the participants would cover the
remaining 10%, what type of plan is that? - ANSWER-Platinum
According to the PPACA rules, what percentage of health care costs will be covered
under a bronze plan? - ANSWER-60%
According to the Reinstatement provision, once a lapsed policy is reinstated, how soon
will coverage be available for accidents? - ANSWER-Immediately
According to the state regulations pertaining to claims settlements, after receiving a
notification of claim from an individual policyowner, the insurer must acknowledge that
notice within - ANSWER-10 working days
According to the telemarketing sales rules, what are the permissible calling hours for
telemarketing calls? - ANSWER-It establishes standards of conduct for telemarketing
calls: Telemarketers can't call you before 8 a.m. or after 9 p.m. Telemarketers must
promptly tell you the identity of the seller or charitable organization and that the call is a
sales call or a charitable solicitation.
According to the Time Limit on Certain Defenses provision in health insurance policies,
when can an insurer contest fraudulent misstatements on a health insurance
application? - ANSWER-Anytime while the policy is in force.
After approval by the National Association of Insurance Commissioners (NAIC), the
current Buyer's Guide cannot be used for longer than - ANSWER-5 years or until next
regular examination by the Commissioner.
, After the elimination period, a totally disabled insured qualified for benefits from a
disability income policy that has a waiver of premium rider. What will happen to the
premium that was paid into the policy during the elimination period? - ANSWER-
Premium will be refunded.
All of the following actions by a person could be described as risk avoidance EXCEPT -
ANSWER-Investing in the stock market
All of the following are considered prohibited practices for producers and insurers
issuing Medicare supplement policies EXCEPT - ANSWER-
All of the following are requirements for life insurance illustrations EXCEPT - ANSWER-
They must be part of the contract
All of the following are requirements of eligibility for Social Security disability income
benefits EXCEPT - ANSWER-Fully insured status
All of the following are true about variable products EXCEPT - ANSWER-Interest Only
All of the following are valid reasons for the insurance commissioner to deny the
application for an insurance license, except: - ANSWER-Applicant lacks integrity
All of the following could own group life insurance EXCEPT - ANSWER-A group
needing low-cost life insurance
All of the following information about a customer must be used in determining annuity
suitability EXCEPT - ANSWER-Beneficiary's Age
All of the following statements are true regarding installments for a fixed amount
EXCEPT - ANSWER-The payments will stop when the annuitant dies
All of the following statements concerning Medicaid are correct EXCEPT - ANSWER-
Medicaid is a state funded program that provides health care to persons over age 65,
only
All of the following violations may result in an agent's imprisonment EXCEPT -
ANSWER-Failing to report to the department a criminal prosecution taken against the
agent in another jurisdiction.
An act which requires a reporting agency to take action if a consumer complains about
inaccurate information is: - ANSWER-Fair credit act
An agent and an applicant for a life insurance policy fill out and sign the application.
However, the applicant does not wish to give the agent the initial premium, and no
conditional receipt is issued. When will coverage begin? - ANSWER-
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CLOUND. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now