Colorado Health Insurance Exam| Questions
and Verified Answers|100% Correct
(2023\/2024)
Q: A group long-term disability plan is integrated with Social Security when which of the
following statements is CORRECT?
A. Social Security and group benefits pay a combined maximum limit.
A.
Social Security and group benefits pay a combined maximum limit.
B. Full group benefits are paid in addition to Social Security benefits.
B.
Full group benefits are paid in addition to Social Security benefits.
C. Full Social Security benefits are paid after group benefits are exhausted.
C.
Full Social Security benefits are paid after group benefits are exhausted.
D. Half of the allowable Social Security benefits are paid after group benefits are exhausted.
D.
Half of the allowable Social Security benefits are paid after group benefits are exhausted.
Answer:
A
Q: A health care plan that reimburses a flat fee for medical care it provides at a clinic it owns
and operates is referred to as:
A. a Health Maintenance Organization
A.
a Health Maintenance Organization
B. Medicaid
B.
Medicaid
C. Medicare
C.
Medicare
D. a Multiple Employer Trust (MET)
D.
a Multiple Employer Trust (MET)<\/p>\n\n\n\n
Answer:
A
Q: Which of the following provisions explains that a producer does not have the authority to
waive the provisions of an insurance contract?
A. Legal actions
A.
Legal actions
B. Reinstatement
B.
Reinstatement
C. Time limit on certain defenses
C.
Time limit on certain defenses
D. Entire Contract
D.
Entire Contract
Answer:
D
Q: The PRIMARY purpose of Medicaid is to:
A. pay for expenses not covered by Medicare
A.
pay for expenses not covered by Medicare
B. provide Disability Income benefits to people on Medicare
B.
provide Disability Income benefits to people on Medicare
C. provide Medical Expense coverage to persons meeting certain minimum income requirements
C.
provide Medical Expense coverage to persons meeting certain minimum income requirements
D. provide funds for people injured in natural disasters
D.
provide funds for people injured in natural disasters
Answer:
C<\/p>\n\n\n\n
Q: Which of the following definitions of disability would cover a permanent partial disability?
A. Own occupation
A.
Own occupation
B. Any occupation
B.
Any occupation
C. Residual disability
C.
Residual disability
D. Presumptive disability
D.
Presumptive disability
Answer:
C
Q: Under a group health plan, an employer may offer additional benefits to classes of
employees on the basis of all of the following factors EXCEPT:
A. length of employment
B. gender
C. salary grade
D. job category
Answer:
B
Q: A Disability Income policy may provide benefits for which of the following losses?
A. Residual Disability
B. Catastrophic medical expenses
C. Long term care
D. Supplemental payments to Medicare<\/p>\n\n\n\n
Colorado Life & Health Insurance Exam|
Guide with Questions and Verified Answers|
100% Correct (2023\/2024)
Q: Joint Life Annuity
Answer:
-Type of Annuity Pay-out option
-Pays only until first annuitant dies
Q: Joint and Survivor Annuity
Answer:
-Pays until the last party dies
-Payment often adjusted upon the death of the first party because of age difference
Q: Types of Annuities
Answer:
-Single Premium Deferred Annuity (SPDA)
-Level Premium Annuity
-Flexible Premium Annuity
-Immediate Annuity
-Fixed Annuity -Regular
-Variable Annuity
-Indexed Annuity
Q: Immediate Annuity
Answer:
-No accumulation period<\/p>\n\n\n\n
-Pays in single premium
-Annuitizes right away
Q: Variable Annuity
Answer:
-Goes into separate accounts
-Valued in annuity units—TEST
-Buyer bears risk
-Need FINRA\/securities license and annuity course
-Subject to state and federal regulation
-Insurance under state law
Q: Indexed Annuity
Answer:
-Pays 2% on cash value
-Securities license not required
-Cash accumulation usually linked to an index (S&P)
-If index outperforms guaranteed interest rate, difference credited to cash value
-Premiums do not change
Q: Combination Plans & Life Insurance Policy Variations
Answer:
-Joint Life Policy
-Survivorship Life Policy
Q: Joint Life Policy (First to Die)
Answer:
-Type of Combination Plans & Life Insurance Policy Variations
-Covers 2+ on same policy<\/p>\n\n\n\n
-No further coverage for remaining party
Q: Survivorship Life Policy (Last to Die)
Answer:
-Usually used to pay estate taxes
-Used in estate planning–TEST
Q: Life Insurance Policy Riders
Answer:
-Waiver of Premium & Waiver of Premium with Disability Income(WP)
-Guaranteed Insurability Rider(GIR)
-Payor Benefit Rider
-Accidental Death Benefit Rider
-Term Insurance Rider
-Long-Term Care Rider
-Other Insured Rider
-Return of Premium Rider
Q: Waiver of Premium & Waiver of Premium with Disability Income (WP)
Answer:
-Type of Insurance Rider=Add on to coverage
-Disability income insurance added to a life policy
-6-month waiting period; if satisfy waiting period insurer will reimburse insured for paid
premiums within that period
-Premiums waived, and policy still enforced as long as insured is disable
-If added with disability income, policy pays insured’s net income during disability
Q: Guaranteed Insurability Rider(GIR)
Answer<\/p>\n\n\n\n
Colorado Life Insurance Exam| Questions
and Verified Answers|100% Correct
(2023\/2024)
Q: If more than one beneficiary is named, who is the first in line?
Answer:
Primary
Q: Application
Answer:
In life insurance, insurable interest must be present at the time of:
Q: Over-funded life insurance policies where the proceeds are subject to taxation are called:
Answer:
MECs (Modified Endowment Contracts)
Q: After what policy year of any life insurance policy, can suicide of the policyowner not be
used as defense against the payment of benefits?
Answer:
First
Q: In Colorado, what is the minimum number of individuals a group life policy will cover?
Answer:<\/p>\n\n\n\n
3 individuals
Q: Which of the following is a duty of the Commissioner?
Answer:
Examining applications and issuing certificates of authority to insurance companies to transact
insurance business
Q: Dylan is looking at buying an equity-indexed life policy; it will likely be tied to:
Answer:
Dow Jones Industrial Average.
Q: Who has the right to change the beneficiary on a life policy?
Answer:
The policyowner
Q: What guarantees Jason the right to question the source and validity of consumer information
used to rate a policy?
Answer:
Fair Credit Reporting Act
Q: If an applicant states their age is 30 on an application for life insurance, when they were
actually 37, what is the insurer likely to do?
Answer:
Pay the death benefit based on the applicant’s actual age.<\/p>\n\n\n\n
Q: Which of the following must happen before an HIV test is performed on an applicant?
Answer:
A consent form must be signed by the applicant prior to the test.
Q: Which rider on Diane’s life policy will help her out when she is confined to a nursing home
with a terminal illness?
Answer:
Accelerated benefit rider
Q: Life insurance death benefits that can be accessed tax-free when the insured is still alive are
called:
Answer:
Accelerated benefits
Q: Which of the following would NOT be considered unfair discrimination?
Answer:
Discrimination abased on occupation
Q: All of the following must be listed in the notice regarding replacement, EXCEPT:
Answer:
Statement identifying preprinted sales materials<\/p>\n","protected":false},"excerpt":{"rendered":"
Colorado Health Insurance Exam| Questionsand Verified Answers|100% Correct(2023\/2024)Q: A group long-term disability plan is integrated with Social Security when which of thefollowing statements is CORRECT?A. Social Security and group benefits pay a combined maximum limit.A.Social Security and group benefits pay a combined maximum limit.B. Full group benefits are paid in addition to Social Security benefits.B.Full […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-119817","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=119817"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119817\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=119817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=119817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=119817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}