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Life License-Test#2
Part 1
| Question | Answer |
|---|---|
| 1. Which is available at no charge at age 65? | Medicare Part A |
| 2. Which documents must show the license number of an active life agent? | price quotes, a magazine advertisement, and business cards |
| 3. type of life insurance which could be best used to protect your customer's heirs from a mortgage obligation should your customer die: | decreasing term |
| 4. the settlement option stating that the principal will only decrease if the beneficiary makes withdrawals from it is the: | interest-only option |
| 5. the Elimination Period in a DI policy is the equivalent of: | the deductible in a medical expense policy |
| 6. index-linked life insurance plans have their benefit determined by an index which provides an indication of the effects of inflation on the purchasing power of the dollar. which index is typically used to do this? | the Consumer Price Index |
| 7. an entity that provides the administrative services for employers, such as the documentation and recordkeeping for group insurance needs, is called: | a third party administrator |
| 8. in Disability Income insurance, several riders are available for insureds to purchase. The "return of premium" rider: | provides for return of a percentage of premiums paid at periodic intervals, provided the insured remains disabled |
| 9. "the inability of an insured to perform one or more of the regular duties of his or her own occupation" This is a description of a: | partial disability |
| 10. if no other selection is made, which of the following settlement options becomes the default or automatic mode of settlement for the death benefit of a life insurance policy? | lumm sum in cash |
| 11. which of the following does Part A of Medicare NOT provide coverage for? | doctors services |
| 12. which of the following is NOT an example of what an insurance policy can provide an insured? | eliminate risk of sickness |
| 13.all following statments abt the election of a life insurance policy's settlement options are true, EXCEPT: election is made by policy owner at the time the app is submitted, policy owner may change settlement option after it has been chosen, | when no settlement option is chosen, the proceeds are automatically paid to the policyholder's estate;; election may be made by beneficiary if no settlement option is in force at the time of death of the insured |
| 14. Travel Accident insurance can be purchased from any of the following, EXCEPT: | a professional life agent; a vending machine, an insurer rep, a travel agent |
| 15. sign reads: GOLD SOVEREIGN INSURANCE COMPANY Julie Marks Insurance Agency; if Julie performs acts that are required but are not specifically named in written contract she has with Gold Sovereign she is exercising her ____authority. | implied |
| 16. When is insurable interest required to exist with a life insurance policy? | at the time the policy is written but not at the time of death |
| 17. Charles Harris has earned a Chartered Life Underwriter designation. From the selections below choose the one that the CA Insurance Code would find acceptable when publishing his name: | Harris Insurance Services |
| 18. Which of the following is the first step in Medicare claims process? | the patient's hospital/physician files a claim with the local Medicare carrier |
| 19. Specified Disease insurance provides which of the following? | coverage for one stipulated disease |
| 20. which of following is true regarding govt's social insurance program known as Social Security? | the majority of workers in the US must pay into the program |
| 21. which of the following is false regarding the taxation of life insurance? | annuity death benefits are totally exempt from taxation |
| 22. if owner of a life insurance policy elects to pay an annual premium, she will: | pay less as compared to paying premiums every six months |
| 23. Term policy (example): | each year the premium increases as the insured grows older. After several years the coverage and premiums end simultaneously. Cash value is not created. |
| 24. all of following are true regarding a policy owner that ceases making premium payments on a 10-pay life policy and selects the extended term insurance option, except: | the extended term policy will reflect the same cash value as the original policy |
| 25. an individual license is considered terminated: | on the death of the licensee |
| 26. what type of life insurance policy gives the owner the right to share in the insurer's profits in the form of a dividend? | participating policy |
| 27. all of following are examples of dividend options available on a whole life insurance policy, except: | life income with period certain; one - year term option, app to reduce premium, paid-up additions |
| 28. Jenn wishes to begin receiving payments from her tax-deferred annuity, agent suggest she take money by means of the "life income with 10 years certain" option. When she does, the insurer will make payments: | for at least 120 months or the remainder of her life |
| 29. which is correct about a Third-Party Administrator? | it is an independent company that provides administrative services for another company's self-funded plans |
| 30. best describes Multiple Employer Trust: | a group of small businesses that band together in order to qualify for group insurance benefits |
Created by:
jennyhqs2
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