LIFE, ACCIDENT AND HEALTH OR SICKNESS EXAMINATION LATEST ACTUAL EXAM TEST BANK 600 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A
LIFE, ACCIDENT AND HEALTH OR SICKNESS
EXAMINATION LATEST 2023-2024 ACTUL EXAM
TEST BANK 600 QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A
That passage of worker’s compensation legislation means : – ANSWEREmployers would be held responsible for the cost of their employee’s
work injuries regardless of fault
A return premium rider is a rider that : – ANSWER- Provides for the
periodic return of a percentage of the premium that have been paid if the
insured becomes and remains disable
A health insurance deductible is : – ANSWER- The amount of covered
expense that the insured pays before the insurer pays
A self – insured group qualifies for stop – loss coverage after claims : –
ANSWER- Exceed a specified limit in a set period of time
Which of the following describes an insurer who has enough financial
resources only to provide for all its liabilities and for all insurance of all
outstanding risks ? – ANSWER- Insolvent
Under the COBRA ( Consolidated Omnibus Budget Reconciliation Act )
, a qualifying event insures that an employee who is covered can : –
ANSWER- Elect to continue coverage
The adjustment that an insurer makes in cash value account in a
universal life policy each time a payment is made includes all of the
following , EXCEPT : – ANSWER- Subtract the policy surrender
charges
If an insurer pays an insured $ 25,000 in lost wages , $ 45,000 for
physicians visits and hospital cost , and $ 15,000 for physical therapy
treatment . And later discovers that the claim was fraudulent , the
insured maybe fined as much as : – ANSWER- $ 170,000
An injured bought a $ 150,000 non – participant whole life policy many
years ago . He is 100 years old today . He has never borrowed from the
policy’s cash value and has faithfully made all the payment when due .
The policy’s cash value is : – ANSWER- $ 150,000
What would be the Insurance Commissioner’s most likely course of
action if an applicant for an insurance license had a previous application
for a professional license denied for cause by any licensing authority
within five years of date filling ? – ANSWER- Deny the application
without a hearing
According to the CA Insurance Code , all insurers must maintain a
department to investigate : – ANSWER- Possible fraudulent claims from
insured’s
What is the purpose of the rehabilitation provision in a disability income
policy ? – ANSWER- To encourage disabled insured’s to return to their
original occupations
All of the following statements about survivorship life insurance are true
, EXCEPT : – ANSWER- The policy face amount is paid out only upon
the death of the first insured to die
Self – funding of employee benefit plans cannot be used for : –
ANSWER- Death benefit
When referring to an insurance contract , when must a representation be
made ? – ANSWER- Either at the time of or before policy issuance
All of the following are valid reasons for the insurance commissioner to
deny the applicant for a insurance license , EXCEPT : – ANSWERApplicant does not have a California business address
With the cost of living rider , the life insurance policy holder : –
ANSWER- Get the automatic increase in the face value if there is an
increase in the cost of living index there is an additional premium for the
additional coverage .
The department responsible for evaluation selection and distribution of
risks is – ANSWER- The underwriting department
The insured , age 65 , owns a $ 100,000 non – participating whole life
policy . The policy is paid up as of today . What would the cash value
reach $ 100,000 : – ANSWER- Age 100
Which of the following is a true statement regarding the social security (
OASDHI ) program ? – ANSWER- The program provides a minimum
floor of income , and is meant to supplement a retiree own personal
program .
The policy owner , age 50 , has been paying premiums on his whole life
policy for 15 years . He needs the equivalent of 1/3 cash value of his
policy over the next two years . He wants to continue to have the policy
protection , and can afford to pay the premiums . Which of the following
would appear to be his best course of action ? – ANSWER- Use the
policy loan provision to borrow money from the policy , but keep paying
the policy premiums to keep the policy in force .
Which of these statements about Medicare is NOT true ? – ANSWERPart C cover long – term care benefits
In medical expense insurance , what serve the same purpose as the
elimination period in disability income insurance : – ANSWERDeductible
The initial premium payments for a licensed agent to sell long term care
insurance include training in all of the following areas , EXCEPT : –
ANSWER- Financial planning
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