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Life License-Test#3

Part 3

QuestionAnswer
61. to authorize the release of an Attending Physician's Report, the applicant must: sign a consent form
62. members of the Medical Information Bureau are required to report: medical impairments found during the underwriting process
63. when referring to an insurance contract, when must a representation be made or withdrawn? only before a policy is issued
64. which life insurance classification carries the highest premium? substandard
65. a group insurance plan is noncontributory when the: employer pays all of the premium
66. who are members of the Medical Information Bureau? Life insurance companies
67. after the deductible, what portion does a patient pay for covered expenses under Medicare Part B? 20%
68. when must insurance records for insurance agents and insurance brokers be made available to the Insurance Commissioner? at all times
69. a self-insured group qualifies for stop-loss coverage after claims: exceed a specified limit in a set period of time
70. in a reinsurance agreement, the insurance company that transfers its loss exposure to another insurer is called: primary insurer
71. any person who diverts or misappropriates fiduciary funds is guilty of: theft
72. which type of insurance policy provides a death benefit that matches the projected outstanding debt on an individual's home? mortgage protection
73. what do we call the process whereby insurers decide which customers to insure, and what coverage to offer? underwriting
74. the mathematical rule that says that as the number of individual but similar exposure units increases the easier it is to predict losses is which of the following? the law of large numbers
75. if an insurer pays an insured $25,000 in lost wages, $45,000 for physicians visits and hospital costs, $15,000 for physical therapy treatments, and later discovers that the claim was fraudulent, the insured may be fined as much as: $170,000
76. during the process of policy replacement an agent must submit all of the following to the insurer, except: a copy of all printed communications used for the presentation
77. what is the difference between a conditional premium receipt and a binding premium receipt? only a binding receipt always provides insurance that is effective from the date the receipt is given
78. under a Disability Income Insurance policy with an "own occupation" clause, an employee who can no longer perform the tasks of the job held at the time of injury is considered: totally disabled
79. to meet the chronically ill trigger of a LTC policy, an individual must be unable to perform a minimum of: 2 activities of daily living
80. the initial requirements for a licensed agent to sell LTC insurance include training in all of the following areas, except: financial planning
81. under disability income insurance, bodily injury must meet the following criteria to be classified as accidental: the cause may be intentional, but the result must be accidental
82. all of following are used in underwriting for health insurance, except: intelligence
83. the main purpose of an Insurance Guarantee Association is to protect the public against: loss as the result of insurer insolvency
84. all of following apply to an insurance broker (not agent), except: a broker is appointed by an insurer to transact insurance
85. a premium loan will automatically be made: at the end of the grace period
86. if an insurer inadvertently is found guilty of unfair trade practices while issuing, renewing, and servicing a policy, an insurer could be prosecuted for how many violations? 3
87. an insurer owned by a parent company that provides insurance to cover the parent company's loss exposures is a: captive insurer
88. which is not a qualified retirement plan? deferred compensation
89. which of following is not excluded by group life? accidental injury
90. the minimum number of employees for group life insurance in CA is: 2
Created by: jennyhqs2
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