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If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - ANSWER pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision in a health insurance policy that suspends premiums being paid to the insurer while the insured is disabled is called the: - ANSWER Waiver of

An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity A Cash Refund annuity A Joint Life annuity - ANSWER An installment Refund annuity

Policy holders Insureds - ANSWER Shareholders Which of the following financial products creates an instant estate, no matter when the date of death? Mutual funds Life insurance Certificate of deposit Deferred annuity - ANSWER Life insurance

When the disclosure of an insured's nonpublic information is involved, what is the insurer obligated to do? - ANSWER Give notice, explain, and allow opting out Under the Telemarketing Sales Rule, telemarketing calls may NOT be received after - ANSWER 9:00 PM A health plan offered by private insurance companies is - ANSWER Medicare Supplement

Sally is considering her Medicare options. She understands that to enroll in Medicare Part B, she will have to pay a monthly premium. Since she is healthy, she is considering delaying her enrollment until later. Will she be able to enroll at a later date? 1.Yes, she can enroll at anytime in the future 2.Yes, however; she would have a permanent premium penalty when she does enroll 3.No, this is a take or leave it situation

Refers to the location, or jurisdiction, where an insurer is formed or incorporated. - ANSWER Domicile Which of the following is an insurance company that is organized under the laws of another state within the United States? - ANSWER Foreign

Which of these statements concerning an individual Disability Income policy is TRUE? - ANSWER Normally includes an Elimination period Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract? - ANSWER Entire contract

After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? - ANSWER File written proof of loss Which of these factors help determine an insured's life insurance premium? - ANSWER Avocation (hobby)

What type of reinsurance contract involves two companies automatically sharing their risk exposure? - ANSWER Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - ANSWER reserves

Hazard - ANSWER Situation that increases chance of loss Annuity - ANSWER Policy issued by an insurance company to promise you an income that can last you a lifetime Insurer - ANSWER An insurance company