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Final Exam- Vermont life and health (2024) Questions With Complete Solutions!!
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Final Exam- Vermont life and health (2024) Questions With Complete Solutions!!
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Name: Score:167 Multiple choice questions
Term 1 of 167
What kind of policy typically offers mortgage protection?
Joint life
Whole life
Decreasing term
Modified life
Term 2 of 167
Rick is a disabled worker receiving Social Security benefits. What are his wife and dependent
children eligible for?
A health insurance policy covering all medical expenses
An income benefit which is a percentage of his primary insurance amount
A one-time lump sum payment to his wife only
A retirement fund that his children can access at age 18
Term 3 of 167
Which report contains information regarding an individual's general reputation and credit
standing?
Certificate of authority
Predict losses
Consumer report
Agent's report
,Term 4 of 167
After the extended term life nonforfeiture option is chosen, the available insurance will be
level term for a stated period of time
a decreasing term policy that lasts indefinitely
an immediate payout life insurance policy
a whole life policy with no expiration
Term 5 of 167
John bought a deferred annuity on Mary. John amends the contract years later to name Tom as the
recipient of the proceeds if Mary dies. Who is the annuitant for this contract?
John
Mary
Neither Of Them
Agent
Term 6 of 167
When a ceding insurer transfers a portion of its risk to an assuming insurer on a case by case basis,
this process is referred to as
Facultative reinsurance
Reciprocal reinsurance
Treaty reinsurance
Excess reinsurance
,Term 7 of 167
Which of these is NOT considered a type of limited payment whole life insurance?
Single premium whole life policy
Endowment at age 70
Universal life insurance with limited payments
Limited payment whole life at age 65
Term 8 of 167
Where is he difference between a standard risk and a substandard risk reflected
Premium charges
Group insurance
Back-end charges
Reduction of premium payment
Term 9 of 167
Voluntarily terminating an insurance policy is also known as
nonrenewal
subrogation
cancellation
confirmation
, Term 10 of 167
Under HIPPA, medical plan late enrollees may be excluded for pre-existing conditions for a
maximum of
6 months
12 months
18 months
24 months
Term 11 of 167
Under which circumstance may an insurer discontinue a small employer group medical plan
Insurer raises premiums beyond state limits
Insurer discontinues offering the plan to all employers
Employer fails to pay premiums on time
Employee requests a different insurance plan
Term 12 of 167
Where will a life insurance policy's proceeds be directed to if all the beneficiaries die before the
insured?
Two years of the contract
The insurance company
The insured's estate
The insured's contingent beneficiary
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