Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Life License-Test#2
Part 4
| Question | Answer |
|---|---|
| 91. in insurance terms a representation can be considered: | an implied warranty |
| 92. all are penalties for use of an illegal policy illustration, except: | application denied for up to 240 months |
| 93. identify the penalty for each violation for a person engaging in any unfair method of competition: | no more than $5000 for each act, or no more than $10000 for each act if the act is judged to be willful |
| 94. Jim sells LTC coverage to the public. This means he must: | complete 8 hours in an approved LTC continuing education course |
| 95. unless it is merely a statement of an expectation or a belief, a representation as to the future is considered which of the following? | promise |
| 96. the purchase of an insurance policy may not provide one of the following for the insured. | elimination of risk |
| 97. which is a correct statement about life insurance policy types? | the initial premium for term insurance is lower than the initial premium for whole life insurance |
| 98. terminally ill persons would need which of the following? | hospice care |
| 99. the department responsible for evaluation, selection and distribution of risks is: | the underwriting department |
| 100. in group insurance the Certificates of Insurance are issued to: | the group members |
| 101. a person has a disability policy with following def of disability: "the inability to perform any occupation for which the insured is suited through education, training, experience or prior economic status." this is an: | any occupation definition and is very restrictive |
| 102. what would a person be guilty of who refuses to submit books and records to the Commissioner? | misdeamenor |
| 103. in group plans ERISA relates to: | reporting and disclosure requirements |
| 104. which of following requires a reporting company to respond to a consumer's complaint that his file contains inaccurate info? | Fair Credit Reporting Act |
| 105. which of following statements about policy dividends is true? | the insured usually selects the dividend option at the time of policy purchase |
| 106. a health insurance co-payment is: | a payment paid by the insured to the provider for the service |
| 107. which pays on the death of the first insured? | Joint Life |
| 108. when a claimant is covered by more than one plan the situation is resolved through: | coordination of benefits |
| 109. which pays on the death of the second insured? | survivorship life |
| 110. which of the following is true about life insurance beneficiary designations? | if there is no surviving beneficiary, the death benefit is paid to the insured's estate |
| 111. the basic feature of a managed care indemnity plan is that the participants: | select a provider and submit claims to the insurance company |
| 112. which of following is NOT an option for use of policy dividends? | fund the distribution of monthly income payments |
| 113. a Disability Income Social Insurance Supplement (SIS) benefit rider: | provides a benefit if the insured does not qualify for social insurance benefits |
| 114. which of following describes an insurer who has enough financial resources only to provide for all its liabilities and for all reinsurance of all outstanding risks? | insolvent |
| 115. hat would be the Insurance Commissioner's most likely course of action if applicant for an insurance license had a previous app for a professional license denied for cause by any licensing authority within 5 yrs of the date of the filing? | deny the application without a hearing |
| 116. a disability policy, described as "guaranteed renewable" is one where the insurance company: | reserves the right to change the premiums, but may not change any of its terms |
| 117. which statement is true regarding Medicare Supplement Insurance plans? | insurers may offer policies that contain only the core benefits |
| 118. which of the following cannot qualify for a self-funded health plan? | Individuals |
| 119. ABC and Associates is an agency which represents XYZ Insurance Corporation. ABC and Ass. may leave the name XYZ Insurance Corp in its advertisements by clearly stating the relationship btw the 2 businesses in any of following ways, except: | ABC and Associates underwriting for XYZ Insurance Corporation |
| 120. choose from the following selections the best description of a premium. | funds received by an insurer from an insured to receive the benefits of the policy |
Created by:
jennyhqs2
Popular Insurance sets