NM LIFE INSURANCE FINAL EXAM 2024/2025
How is the uninsured protected if a payor benefit is attached to the life insurance policy? - Precise Answer premium payments are waived in the event the premium payor dies or becomes disabled
Which of the following health care plans charges a premium th...
How is the uninsured protected if a payor benefit is attached to the life
insurance policy? - Precise Answer ✔✔premium payments are waived
in the event the premium payor dies or becomes disabled
Which of the following health care plans charges a premium that cannot
be increased? - Precise Answer ✔✔Noncancelable
What is the effect of the market value adjustments in a market value
adjustment annuity? - Precise Answer ✔✔Transfers some of the
investment risk to the policyowner
Which type of life insurance policy allows the policyowner the choice of
investments along with flexible premium payments? - Precise Answer
✔✔Variable Universal Life
Which of these is NOT considered to be a cost connected with an
individual's death? - Precise Answer ✔✔Business expenses
A (an) ___________ insurer assumes risk from another insurance
company. - Precise Answer ✔✔Reinsurance
,When group insurance under COBRA have expired, a fully insured
group policy can be converted to a (an) - Precise Answer ✔✔Individual
health policy
The authority to change the beneficiary in an individual annuity lies with
the - Precise Answer ✔✔Owner
How are monthly life annuity benefit payments treated under a tax
sheltered annuity (TSA)? - Precise Answer ✔✔Taxed as an ordinary
income in the year recieved
Which individual would be best suited for Medicare Supplement
Insurance? - Precise Answer ✔✔Medicare enrollee
Which of the following is NOT an example as risk retention? - Precise
Answer ✔✔Not doing a business deal after deciding it would be too
risky.
Tim is in need of surgery. Before being hospitalized, he is referred to an
outpatient clinic for diagnostic tests. What is this an example of? -
Precise Answer ✔✔Pre-admission testing
Does the Superintendent have the ability to examine the records of
authorized insurers? - Precise Answer ✔✔Yes, because of the powers
granted through state statues
, Which statement about group life insurance is INCORRECT? - Precise
Answer ✔✔Each participant requires evidence of insurability
Medicare Part A does NOT provide coverage for - Precise Answer
✔✔The first three pints of blood
Darrell has a group long-term disability income policy paid by his
employer. Which of these statements is true? - Precise Answer ✔✔The
specified benefit amount is a percentage of his wages.
Twisting means - Precise Answer ✔✔Pursuading an insured, to the
insured's detriment, to switch policies.
What is the maxium number of employees (earning at least 5,000) that
an employer can have in order to start a SIMPLE retirement plan? -
Precise Answer ✔✔100
The following are all elements of a valid contract EXCEPT - Precise
Answer ✔✔written evidence
Which of the following would permit an insurer to delay a covered
disability policy claim? - Precise Answer ✔✔Elimination period
Tom has a qualified retirement plan with his employer that is currently
considered to be 80% "vested". How can this be interpreted? - Precise
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