Study Questions for Vermont with correct answers. 287 Q&A, 2024.
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Course
Vermont
Institution
Vermont
Study Questions for Vermont with correct answers. 287 Q&A, 2024.
When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice?
Producer
In a disability buy-sell agreement, the policies funding the agreement are owned by the...
Study Questions for Vermont with correct
answers. 287 Q&A, 2024.
When a producer submits an application that discloses personal information regarding the applicant,
who supplies the privacy notice?
Producer
In a disability buy-sell agreement, the policies funding the agreement are owned by the
business entity
The guarantee of insurability option provides a long-term care policy owner the ability to
buy additional coverage at a later date
The Commissioner may suspend a producer's license when the producer
Rebates a portion of the commission to the insured
ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a
key employee. Which of the following statements is true?
Benefits are received tax-free by the company
Which of these is NOT considered to be a cost connected with an individual's death?
Business expenses
Which of the following is NOT a reason for a business to buy key person life insurance?
An increased pension liability if the key employee dies
Mary is an employee who is covered with a disability income policy through her employer. She pays
for the portion of the premium attributable to the cost of residual disability benefits, while her
employer pays for the remainder. What are the tax implications of this policy?
Residual benefits will be received income tax-free
Which of these procedures is NOT designed for ambulatory care centers
Inpatient surgery
In accident and health insurance, 60 days must pass after written proof of loss has been received by an
insurer before the insured may...
Bring legal action against the insurer
Which of the following is considered a Limited accident and health plan?
Cancer plan
,What is considered a valid reason for small corporations to insure the lives of its major stockholders?
Fund a buy-sell agreement
A producer working for an insurance company may be personally liable for
acts performed which are prohibited in the agency contract
When would evidence of insurability be required for a person already covered with a variable
universal life policy?
When the death benefit is increased
All of the following is information that is reasonably appropriate to determine the suitability of an
annuity recommendation EXCEPT
Level of education
According to the Affordable Care Act, new Health Insurance Marketplaces are established by the
CCIIO
An individual accident and health insurance policy with premiums paid monthly has a minimum grace
period of
10 days
What is the MAXIMUM number of employees an employer may have for qualified medical savings
accounts?
50 employees
Which statement is INCORRECT about the interest-only settlement option in a life insurance policy?
Interest on proceeds must be paid by the beneficiary
Which of the following is considered to be a prosthodontic dental procedure
Bridgework
A temporary license may be issued to producer
a personal representative of a deceased or physically ill producer to allow time for the representative to
qualify for a permanent license
Which statement about group life insurance is INCORRECT
Each participant requires evidence of insurability
A producer must secure an appointment with an insurer
Before soliciting insurance applications for that insurer
A life policy that has premiums that are lower than normal during the early years is called
, Modified Life
An individual, age 45, would like to help pay for his daughter's college expenses in 10 years. Which
annuity would be appropriate for this individual?
Deferred annuity
A producer who attempts to intimidate is engaging in
coercion
A hold-harmless clause is an example of risk
Transfer
A certificate of coverage for a group health policy is best described as
proof of coverage for the employee
A retired couple would like to maximize the income derived from their combined life savings and have
it payable until they both die. Which annuity would be their best choice?
Joint life annuity
Major Medical policies are typically characterized by which of the following
Flat deductible
The benefit period of Medicare Part A begins on the first day the insured
enters a hospital
Which of the these is NOT a true statement of the war exclusion
Civil insurrections apply
Which of the following can be used to avoid the mandatory withholding tax on qualified plan
distributions?
Conduit IRA
How is an insured's accident and health claim handled by an insurer if it occurs during the policy's
grace period?
The unpaid premium may be subtracted from the reimbursement
Which of the following would permit an insurer to delay a covered disability policy claim?
Elimination period
Which of these policies is considered a whole life policy?
Single premium life
Under the Law of Agency, the principal is considered to be
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