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| show | No benefits
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| show | The applicant and the insurer
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| show | If paid by the individual the premiums are tax deductible.
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| Which of the following is NOT a way to determine the interest rate in a Universal Life Policy | show 🗑
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| show | A producer's retirement
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| All of the following would NOT be considered eligible expenses under an ICHIA policy EXCEPT | show 🗑
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| show | Universal Life
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| What authority is responsible for examining the operations of insurance companies in this state | show 🗑
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| show | $50000.
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| show | A person who applied for Medicaid 90 days prior to applying for the Association policy.
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| A long-term care shopper's guide must be presented at what point | show 🗑
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| show | 2 years.
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| An employee is insured under her employer's group life plan If she terminates her group coverage which of the following statements is INCORRECT | show 🗑
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| show | A specified period of time that a person joining a group has to wait before becoming eligible for coverage.
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| Annuity contracts grow tax deferred That means that | show 🗑
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| show | , Insureds cannot be randomly selected, Granting insurance must not be mandatory ---selecting insureds randomly will help the insurer to have a fair proportion of good risks to poor risks.
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| A hospital indemnity policy will pay, | show 🗑
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| show | The benefit is received tax free
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| show | Payor Benefit Rider
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| show | 30 days
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| show | 3 months.
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| show | Respond to the consumer's complaint
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| show | Contributions are tied to the company profits
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| show | The members eligible for insurance under the policy must be all the members of the union or organization
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| In the transaction of insurance which of the following is considered to be representing the client | show 🗑
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| When a producer is trying to reinstate a lapsed license what kind of fees would he be required to pay, | show 🗑
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| show | The contribution is known and the benefit is unknown
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| n case of a loss the indemnity provision in insurance policies, | show 🗑
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| show | Immediate.
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| The insurer may suspect that a moral hazard exists if the policyholder | show 🗑
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| show | Taxation on accumulation---Taxation on accumulation is deferred in both types of plans
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| show | A business entity acting as an insurance producer is required to obtain an insurance producer license- The Commissioner will approve a business entity’s license if the required fees are paid and the business entity has designated an individual producer
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| An association could buy group insurance for its members if it meets all of the following requirements EXCEPT, | show 🗑
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| show | Principal sum.
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| What required provision protects against unintentional lapse of the policy, | show 🗑
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| What is a major problem with naming a trust as the beneficiary of a life insurance policy, | show 🗑
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| show | The annuitant assumes the risks on investment.
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| Under the Replacement Regulation Rule 16.1 which of the following statements would best describe the producer’s duties, | show 🗑
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| Who is responsible for making sure that agents are properly trained in the use of the suitability standards for LTC policies, | show 🗑
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| n franchise insurance premiums are usually, | show 🗑
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| show | A licensee writes policies solely for friends and their families.
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| An individual applies for a life policy Two years ago he suffered a head injury from an accident He has hospitalized for drug abuse but does not remember this The insurer issues the policy and learns of his history 1 year later What will probably happen | show 🗑
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| show | At least 2 and not more than 50 persons
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| show | Equity Indexed Annuities invest on an aggressive basis in order to yield higher returns Equity Indexed Annuities have guaranteed minimum interest rates less risky than variable annuities and earn higher interest rates than fixed annuities
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| show | $50,000
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| show | Installments for a fixed amount option has no life contingencies A specific amount of benefits will be paid until funds are exhausted whether or not the annuitant is living.
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| show | any premium paid by the employer is deductible as a business expense However premiums provided by the employee are only deductible if certain conditions are met Group medical and dental expense benefits are received income tax free by the employee.
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| show | A producer makes a disclosure about the compensation arrangements prior to the transaction.
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| typical maximum benefit offered by major medical plans | show 🗑
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| In forming an insurance contract when does acceptance usually occur | show 🗑
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| show | Reduction of premium
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| Under workers compensation which of the following benefits are NOT included | show 🗑
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| show | ,None
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| show | Increasing Term
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| show | Coercion.
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| show | Copayment.
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| Which of the following statements about occupational vs. nonoccupational coverage is TRUE | show 🗑
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| show | FINRA
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| Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as | show 🗑
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| show | They must be part of the contract. Not altered by an agent and must clearly state that it is not part of the contract It is legal to list nonguaranteed values in the contract but they must be specifically labeled as projected not guaranteed values.
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| The Affordable Care Act requires all US citizens and legal residents to have qualifying health care coverage This is known as, | show 🗑
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| show | Amount paid with the accelerated benefit plus the earnings lost by the insurance company in interest income from the accelerated benefit
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| Another name for a substandard risk classification is | show 🗑
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| MEWAs | show 🗑
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| show | Survivor protection
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| show | Money borrowed from the cash value is not taxable Policy loans can be repaid at any time including surrender and death An insurer can charge interest on outstanding policy loans
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| Every insurer marketing Long-Term Care insurance must establish marketing procedures to ensure all of the following EXCEPT | show 🗑
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| The Waiver of Cost of Insurance rider is found in what type of insurance | show 🗑
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| show | Spendthrift provision
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| An insured pays a monthly premium of $100 for her health insurance What would be the duration of the grace period under her policy | show 🗑
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| show | Not tax deductible
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| show | Group Coordination of Benefits
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| A married couple's retirement annuity pays them $250 per month The husband dies and his wife continues to receive $125.50 per month for as long as she lives When the wife dies payments stop | show 🗑
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| show | Limited to 25% of a producer's annual commission income
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| show | Depreciation period
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| show | The interest credited under this option is TAXABLE, whether or not the policy owner receives it.
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| show | 60 days
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| show | An individual who holds both the producer’s and consultant’s license.
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| Which of the following is NOT covered under a "core" policy Plan A in Medigap insurance | show 🗑
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| show | Medical Exam
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| show | Medical Reimbursement Benefit.
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| show | Premium amounts and surrender values
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| Under SIMPLE plans participating employees may defer up to a specified amount each year and the employer then makes a matching contribution up to an amount equal to what percent of the employee’s annual wages | show 🗑
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| What is the elimination period for Social Security disability benefits | show 🗑
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| Viatical settlement regulations in Indiana | show 🗑
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| show | Client
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| show | Receive a Lower Premium with proof of Insurability.
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| Under an individual disability policy the MINIMUM schedule of time in which claim payments must be made to an insured is | show 🗑
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| Universal Policy Provisions | show 🗑
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| What is the benefit of choosing extended term as a nonforfeiture option | show 🗑
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| show | Pay dividends to the policyowner
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| show | provides for the payment of part of the policy death benefit if the insured is diagnosed with a terminal illness that will result in death within 2 years
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| show | Unpaid Premium
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| show | Loading or Expenses
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| Qualifications for Cobra | show 🗑
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| Which of the following will be EXEMPT from continuing education requirements | show 🗑
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| Noncontributory group plan | show 🗑
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| show | The same amount as a Participating Provider
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| show | Per Capita
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| show | Under certain circumstances the Commissioner may waive examination of foreign and alien companies however all domestic companies are subject to examination at any time (but at least every 5 years).
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| show | $5000
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| What type of Annuity will allow and insurer to invest and guarantee how much a return will be once the policy is over | show 🗑
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| show | Equity Indexed Universal Policy
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| Interest Sensitive whole life policy is appropriate for which group of individuals | show 🗑
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| show | Variable Life Insurance
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| The cash value from investments in Universal grows at what rate | show 🗑
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| show | Universal life.
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| show | Do not require additional purchase of coverage or cancellation when life event change.
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| Newly married 33 year old and doesn't know what future holds What type of policy would be good for him, | show 🗑
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| show | Limited pay life insurance either 10 15 or 20 years Coverage continues till death of insured.
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| show | The insured would collect part of the premium already paid to carrier- Traditional policies contain cash surrender which allows cancellation.
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| show | It is for the entire life of the insured
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| show | Buy-sell agreements are normally funded with a life insurance policy. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. policy.
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| The authority granted to an agent through the agent's contract is referred to as | show 🗑
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| show | Viator
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| show | Universal Life
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| show | must be all the members of the union
premiums must be paid either from funds of the union, or contributed by members .
insurer may exclude or limit the coverage.
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| show | The contributions are tax deductible
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| show | Fraud
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| show | Agent's contract with the principal
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| All other factors being equal, the least expensive first-year premium payment is found in | show 🗑
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| show | To provide a guaranteed income for a certain amount of time
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| Which of the following health care plans would most likely provide the insured/subscriber with comprehensive health care coverage? | show 🗑
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| show | Business overhead expense policy
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| An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT? | show 🗑
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| Insurance producers who willfully violate the Indiana Insurance Code are committing a Class A misdemeanor. What is the maximum punishment they may be subjected to? | show 🗑
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| ABC insurance company receives an incomplete application and issues the policy anyway. Six months later ABC realizes the missing information. What term is used that prevents ABC from forcing the policyowner to answer further questions? | show 🗑
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| When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT | show 🗑
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| show | Have accumulated 6 work credits in the past 3 years
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| If an insurer becomes insolvent, which of the following would pay benefits to policyholders? | show 🗑
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| Which of the following is INCORRECT concerning taxation of disability income benefits? | show 🗑
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| Sue has an HSA and is planning to leave her current job for a new job. When she leaves her job, what will happen to her HSA? | show 🗑
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| show | Sickness
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| An expired license can be reinstated within 12 months without the requirement of an examination if | show 🗑
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| show | Maximums.
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| show | Misrepresentation
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| show | At the same rate as the policy loan
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| What is the goal of the HMO? | show 🗑
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| A person buys an individual long-term care policy and is not satisfied with the provisions. Within how many days will the insured be able to return the policy for a full premium refund? | show 🗑
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| Which of the following statements is true regarding the cash value in a Universal life policy? | show 🗑
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| In a defined contribution plan, | show 🗑
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| After the elimination period, a totally disabled insured qualified and started receiving benefits from disability income policy that has a waiver of premium rider. What will happen to the premiums paid into the policy during the elimination period? | show 🗑
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| Under the mandatory uniform provision Notice of Claim, the first notice of injury or sickness covered under an accident and health policy must contain | show 🗑
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| If a consumer requests additional information concerning an Investigative Consumer Report, how long does the insurer or reporting agency have to comply? | show 🗑
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| An insurer invests the money it receives from premiums paid by its insureds. Which of the following is TRUE regarding the interest earned on these investments? | show 🗑
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| show | Either the amount paid into the plan or the cash value of the plan, whichever is the greater amount
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| Which of the following statements about the reinstatement provision is true? | show 🗑
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| In insurance policies, contract ambiguities are automatically ruled in the favor of the insured. What privilege does the insurer have in order to balance this? | show 🗑
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| All of the following entities regulate variable life policies EXCEPT | show 🗑
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| If the insured is several days late in filing proof of loss form, the claim cannot be denied if the insured can show good cause. | show 🗑
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| show | 2 months
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| show | $3,000 If $100,000 of life insurance proceeds were used in a settlement option paying $13,000 per year for 10 years, $10,000 per year would be income tax free (as principal) and $3,000 per year would be income taxable (as interest).
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