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Insurance Exam Part 2 (1 Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Insurance Exam Part 2 (1 Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • insurance exam part 2 1

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  • Insurance
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Insurance Exam Part 2
Medical condition resulting in a significantly shortened lifespan - ANS-Life insurance coverage
will frequently contain an accelerated benefits rider attached to the policy. What would be
considered a "qualifying event" under these riders?

Life insurance policies - ANS-What is NOT a limited benefit plan?

Business overhead expense - ANS-What type of policy would pay an employees salary if the
employer was injured in a bicycle accident and out of work for six weeks?

Variable - ANS-A(n) life policy offers the owner investment in products such as money-market
funds, long term bonds and equities

Returning a portion of a premium as inducement to purchase insurance - ANS-An example of
rebating would be

Anytime - ANS-When can a policy owner change a revocable beneficiary

Entire contract - ANS-Which of the following policy provisions prohibits an insurance company
from incorporating external documents into an insurance policy?

Income plus 10% penalty tax on 30,000 - ANS-A 55 year old recently received a $30,000
distribution from a previous employer's 401k plan, minus $6,000 withholding. Which federal
taxes apply if none of the funds were rolled over

Claim payments of admitted, insolvent insurance companies - ANS-What does Indiana life and
health insurance guaranty association provide?

Guaranteed renewable - ANS-What type of renewability beat describes a disability income
policy that covers an individual until the age of 65, but the insurer has the right to change the
premium rate of the overall risk class?

AIDS and HIV virus exams can be conducted in a discriminatory fashion - ANS-What is a true
statement regarding the underwriting process?

Collateral assignment - ANS-Which of these actions is taken when a policy owner uses a life
insurance policy as a collateral for a bank loans

Full face amount minus any past due premiums - ANS-An insured is past due on his life
insurance premium, but is still within the Grace Period. What will the beneficiary receive if the
insured dies during this Grace Period?

, PPO's are NOT a type of managed care systems - ANS-What is a statements that is incorrect
regarding a preferred provider organization? (PPO)

Health Maintenance Organizations (HMO's) - ANS-Which type of provider is known for stressing
preventative medical care?

the premium is fixed for the entire duration of the contract - ANS-A level premium indicates

Waiver of premium rider - ANS-What type of rider would be added to an Accident and Health
policy if the policyowner wants to ensure the policy will continue if he/she ever becomes totally
disabled?

Policyholders - ANS-Who elects the governing body of a mutual insurance company?

Member company assessments - ANS-What provides funding for the Indiana life and health
insurance guaranty association?

Provides high risk insurance coverage for people who are uninsurable - ANS-What correctly
describes the purpose of the Indiana comprehensive health insurance plan?

An insured - ANS-An insurer is not required to provide information on fraudulent claims if
requested by

Irrevocable - ANS-A policy owners rights are limited under which beneficiary designattion

Producer is insolvent - ANS-What is NOT a reason for the commissioner to revoke a producers
license

to obtain a premium rate based on an earlier age - ANS-The reason for backdating a policy is

720 - ANS-C was injured while deep sea diving and requires a hospital stay. C has a major
medical policy with a 80/20 coinsurance clause and a $400 deductible. What is the MAXIMUM
C will pay if the covered medical expenses are $2000

Producer - ANS-According to Indiana law, which party is responsible for determining the
appropriateness of a long term policy presented to a potential applicant

Reserves - ANS-The stated amount or percent of liquid assists that an insurer must have on
hand that will satisfy future obligations to its policyholders is called

The maximum amount considered eligible for reimbursement by an insurance company under a
health plan - ANS-What statement BEST defines usual, customary, and reasonable (UCR)
charges?

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