TENNESSEE LIFE INSUARANCE EXAM QUESTIONS AND CORRECT ANSWERS//ALREADY GRADED A+ LATEST UPDATE
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Course
TENNESSEE LIFE INSUARANCE
Institution
TENNESSEE LIFE INSUARANCE
TENNESSEE LIFE INSUARANCE
EXAM QUESTIONS AND
CORRECT ANSWERS//ALREADY
GRADED A+ LATEST UPDATE
Which of the following medical expenses does Cancer insurance not cover?
chemotherapy
radiation treatment
physician visit
arthritis - ANSWER-arthritis
A potential client, age 40, would like ...
,A potential client, age 40, would like to purchase a whole life insurance policy that will
accumulate cash value at a faster rate in the early years of the policy. Which of these
statements made by producers would be correct? - ANSWER-20-Pay Life accumulates
cash value faster than Straight Life
what is the maximum social security disability benefit amount an insured can receive -
ANSWER-100% of the insured's primary insurance amount (PIA)
In Georgia, an accident and sickness policy that is paid on a quarterly basis requires a
grace period of - ANSWER-31 days
The individual most likely to buy a Medicare Supplement policy would be a(n) -
ANSWER-68-year old male covered by medicare
Which premium schedule results in the lowest cost to the policy owner? - ANSWER-
annual
Which of the following is considered an element of Variable Life Policy - ANSWER-
underlying equity investment
the Life and Health Insurance Guaranty Association - ANSWER-funded by admitted
insurance companies through assessments
A(n)______ annuity pays benefits based on units rather than standard dollar amounts -
ANSWER-variable
A(n)____ of benefits of Health Policy transfers payments to someone other than the
policy owner - ANSWER-allocation
A physician opens up a new practice and qualifies for a $7,000/month Disability Income
policy. What rider would the physician add if the ability to increase his policy benefit as
his practice and income grow - ANSWER-Guaranteed Insurability Option rider
Which of these characteristics is consistent with a Straight Life policy? - ANSWER-
premiums are payable for as long for as long there is insurance coverage in force
A Disability Income policy owner recently submitted a claim for a chronic neck problem
that has now resulted in total disability. The original neck injury occurred before the
application was taken 5 years prior. The neck injury was never disclosed to the insurer
at the time of application. How will the insurer handle this claim? - ANSWER-claim will
be paid and coverage will remain in force
This type of deductible provision waives the deductible for all family members after
some of them have satisfied individual deductibles within the same year: - ANSWER-
Family maximum deductible
,which of the following is the reimbursement of benefits for the treatment of a
beneficiary's injuries caused by a third party - ANSWER-subrogation
The health insurance program, which is administered by each state and funded by both
the federal and state governments called: - ANSWER-Medicaid
before an insurance company can pay commissions to an agent , the agent must be -
ANSWER-licensed and appointed
The amount of coverage on a group credit life policy is limited to - ANSWER-the
insured's total loan value
J was reviewing her Health Insurance policy and noticed the phrase "This policy will
only pay for a semi-private room". This phrase is considered to be a(n) - ANSWER-
internal limit
some types of expenses may have limits placed on the dollar amount of certain services
or on the type of service provided
Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of
the following contractual elements? - ANSWER-legal prupose (insurable intrest)
A STOLI arrangement is used to circumvent state insurable interest statues
The type of annuity that can be purchased with one monetary deposit is called a(n): -
ANSWER-immediate annuity
When is a group accident and health policy required to provide coverage for a newborn
child? - ANSWER-at the moment of birth
P has recently signed an application for insurance. The insurer MUST advise her in
writing that an investigative consumer report may be conducted according to the -
ANSWER-fair credit reporting act
"a producer does not have the authority to change a policy or waive any of its
provisions." The health provision that best describes this statement is called the: -
ANSWER-entire contract
Basic Hospital and Surgical policy benefits are - ANSWER-lower than the actual
expenses incurred
all accident and sickness plans MUST provide coverage on newborn children for -
ANSWER-31 day
which of these statements concerning an individual Straight Life annuity is accurate -
ANSWER-payments are made to an annuitant for life
, which of the following types of permanent life insurance policies offer high initial cash
value - ANSWER-single premium
S is close to retiring and would like to purchase a policy that will yield greater gains than
bonds, but will still protect the principal with a minimum level or risk. Which product
would S be advised to purchase? - ANSWER-equity index insurance
yields greater gains than bonds but will still protect the principal with a min. risk
a(n)______ term life policy is normally used when covering an insured's mortgage
balance - ANSWER-decreasing
Which statement is correct regarding the payment schedule for whole-life policies -
ANSWER-Premiums are payable throughout the insured's lifetime/ coverage lasts until
the death of the insured
what is one of the roles of the commissioner - ANSWER-administering insurance laws
A life policy with a death benefit and cash value that can fluctuate according to the
performance of its underlying investment portfolio is referred to as: - ANSWER-variable
life
which of the following health insurance policy provisions specifies the health care
services a policy will provide? - ANSWER-insuring clause
T files a claim on his Accident and Health policy after being treated for an illness. The
insurance company believes that T misrepresented his actual health on the initial
insurance application and is, therefore, disputing the claim's validity. The provision that
limits the time period during which the company may dispute a claim's validity is called -
ANSWER-Time Limit on Certain Defense
Insurers may request a hearing within ___ if their policy is rejected - ANSWER-20 days
J has an Accidental Death and Dismemberment policy with a principal sum of $50,000.
While trimming the hedges, J cuts off one of his fingers. What is the MAXIMUM J will
receive from his policy? - ANSWER-$25,000
a policy of adhesion can only be modified by whom? - ANSWER-The insurance
company.
(A policy of adhesion is best described as a policy which only the insurance company
can modify.)
The Legal Actions Provisions of an insurance contract is designed to do all except:
provide the insurer adequate time to research claim
protect the insured from having claim research delayed
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