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
Health Insurance Exam| Questions and
Verified Answers|100% Correct (2023\/2024)
Q: The provision in a group health policy that allows the insurer to post phone coverage for a
covert illness 30 days after the policies a better day is referred to as the
Answer:
Waiting Period
Q: The difference between group insurance and blanket health policies is
Answer:
Blanket health policies do not issue certificates
Q: G is an accountant who has 10 employees and is concerned about how the business with
survive financially if he became disabled. The type of policy which best address this concern is
Answer:
Business Overhead Expense
Q: Consolidated Omnibus Budget Reconciliation Act (COBRA) Gives workers and their
families whose employment has been terminated the right to
Answer:
continue group health benefits
Q: Group health plan typically contain a coordination of benefits provision. This provisions
purpose is to<\/p>\n\n\n\n
Answer:
Avoid the duplication of benefit payments
Q: Which of the following best describes how a policy that uses the “accidental bodily
injury”definition of an accident differs from the one that uses the “accidental means” definition
Answer:
Q: The coordination of benefits provision
Answer:
Prevents and insured covered by two health plans from making a profit on a covered loss
Q: Under what system do a group of doctors and hospitals in a designated area contract with an
insurer to provide services to a prearranged cost to the insured?
Answer:
PPO
Q: The percentage of an individual’s primary insurance amount determines the benefits paid
and which of the following programs?
Answer:
Social Security disability income
Q: Which of these statements is incorrect regarding a preferred provider organization(PPO)
Answer:<\/p>\n\n\n\n
PPO’s are NOT a type of managed care systems
Q: Which of the following types of organizations are prepaid group health plans were members
pay in advance for the services are participating physicians in hospitals that have agreements?
Answer:
HMO
Q: What type of provider is no for stressing preventative medical care and routine physical
examinations?
Answer:
HMO
Q: Which of the following organizations will make reimbursement payments directly to the
insured individual for covering medical expenditures?
Answer:
Commercial Insurer
Q: Which of the following does Social Security NOT provide benefits for?
Answer:
dismemberment
Q: Which of the following actions as required by an insured who leave the primary area of
medical coverage and seeks medical care?
Answer:
Obtain prior approval from the insurer for the medical service<\/p>\n\n\n\n
Q: A medical care provider which typically delivers health services edits on local medical
facility is known as a
Answer:
HMO
Q: C was injured while deep sea diving and requires a hospital stay. C has a major medical
policy with a 80\/20 coinsurance clause and a $400 deductible. What is the MAXIMUM C Will
pay if the covered medical expenses are $2000?
Answer:
$720
Q: Which of the following services is not included under hospitalization expense coverage?
Answer:
Surgical fees
Q: Which of the following phrases refers to the fees charged by a healthcare professional?
Answer:
Usual, customary, and reasonable expenses
Q: Which of the following best describes a hospital indemnity policy?
Answer:
Coverage that pays a stated amount per day of a covered hospitalization<\/p>\n\n\n\n
Life & Health Insurance Exam| Questions
and Verified Answers|100% Correct
(2023\/2024)
Q: T would like to be assured $10,000 is available in 10 years to replace a roof on his house.
What kind of $10,000 policy should T purchase?
Answer:
ten-year endowment
Q: What requires an agent to have proper FINRA securities registration in order to sell them,
EXCEPT for:
Answer:
Modified Whole Life
Q: P is looking to purchase a life insurance policy that will pay a stated monthly income to his
beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year
period. What type of policy should P purchase?
Answer:
Family Maintenance Policy
Q: The investment gains from a Universal Life Policy usually go toward
Answer:
cash value<\/p>\n\n\n\n
Q: Credit life insurance is typically issued with which of the following types of coverage?
Answer:
decreasing term
Q: Which statement about a whole life policy is correct?
Answer:
cash value may be borrowed against
Q: What is an element of a variable life policy?
Answer:
a fixed, level premium
Q: Life insurance immediately creates an estate upon death of an insured. What policy is
characterized by a guaranteed minimum death benefit?
Answer:
variable life
Q: which of the following policies is characterized by a flexible premium and death benefit and
allows the policyowner control of the investment aspect of the plan?
Answer:
variable universal life
Q: A term life insurance policy matures when\u2026.<\/p>\n\n\n\n
Answer:
upon the insured’s death during the term of the policy
Q: K purchased a $10,000 Life Policy that will pay the face amount to her if she lives to age 65,
or to her beneficiary if she dies before age 65. K purchased which of the following types of
policies?
Answer:
endowment of age 65
Q: Which of these life products is not considered interest-sensitive?
Answer:
modified whole life
Q: Which statement regarding the Misstatement of Age provision is considered to be true?
Answer:
coverage will be adjusted to reflect the insured’s true age if a misstatement of age is discovered
Q: What does the insuring agreement in a Life insurance contract establish?
Answer:
An insurer’s basic promise
Q: What is the Suicide provision designed to do?
Answer:
safeguard the insurer from an applicant who is contemplating suicide<\/p>\n\n\n\n
Q: The Consideration clause in a life insurance policy indicates the a policyowner’s
consideration consists of a completed application and\u2026
Answer:
the initial premium
Q: How are policyowner dividends treated in regards to income tax?
Answer:
interest on accumulations is taxed
Q: P died five years after purchasing a life policy. While investigating the claim, the insurer
discovered material misrepresentations made by P during the application process. Which of these
actions will the insurer take?
Answer:
beneficiary will be paid the death benefit
Q: A cost of living rider gives the insured\u2026.
Answer:
additional death benefits
Q: The consideration clause in a life insurance policy indicates that a policyowner’s
consideration consists of a completed application and\u2026.
Answer:
the initial premium<\/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\n\n\n
Health Insurance Exam| Questions and
Verified Answers| Grade A (2023\/2024
Update)
Q: What does the rehabilitation benefit cover in a disability income policy?
Answer:
Covers the approved cost of the rehabilitation necessary to help a disabled insured return to work
Q: Which of the following BEST describes a “partial disability”?
Answer:
Unable to perform one or more job duties
Q: Beth is a surgeon who has an own-occupation disability income policy. She was injured six
months ago and has been unable to return to her practice. Her monthly benefit from the policy is
$15,000. During this time, Beth has been working part-time at a local boutique and receives
$2,000 monthly. What is her ongoing monthly benefit while she is unable to perform her surgical
duties?
Answer:
$15,000
Q: Which of the following statements accurately describes the financial impact of total
disability?
Answer:
The financial impact may be worse than that of death<\/p>\n\n\n\n
Q: An insured covered under a Disability Income policy is disabled and collecting benefits for a
period of two months. He returns to work and is again disabled from the same cause, whereupon
benefits continue to be paid. This is an example of which of the following?
Answer:
Recurrent disability
Q: Which of the following would permit an insurer to delay a covered disability policy claim?
Answer:
Elimination period
Q: When issuing disability income coverage on a substandard risk, an insurance company may
Answer:
shorten the benefit period
Q: Christine is receiving benefits provided from her disability income insurance. As compared
to her previous earnings, the disability benefits should be
Answer:
somewhat less
Q: Which of the following best describes the presumptive disability provision?
Answer:
Waives the normal total disability requirements<\/p>\n\n\n\n
Q: An insured is considered to be totally disabled under the presumptive disability provision if
he\/she
Answer:
loses the ability to speak
Q: Mary has a Health Savings Account (HSA). Distributions that have been made for anything
other than qualified medical expenses are considered taxable and subject to a penalty of
Answer:
20%
Q: Dan has a Major Medical Expense policy and files two claims: one for $100 in November
and the other for $400 in January. His coinsurance is 80\/20 with a $200 deductible. How much
will the insurance company pay under the carryover provision?
Answer:
$240
Q: Larry has a Major Medical Expense policy for his family with a $1,000 per family\/per year
deductible and an 80\/20 coinsurance provision. If Larry’s family files four claims of $400, $800,
$100, and $700 in one year, how much will the insurance company pay?
Answer:
$800
Q: What is the MAXIMUM number of employees an employer may have for qualified medical
savings accounts?
Answer:
50 employees<\/p>\n\n\n\n
United HealthCare Insurance Exam|
Questions and Verified Answers| Grade A
(2023\/2024 Update)
Q: Rosanna is enrolled in a Medicare Advantage Only (MA-Only) Private Fee-for-Service
(PFFS) Plan. The plan is suitable for her needs and service area. She has decided she wants to
add prescription drug coverage. Which option is available to Rosanna (assuming she is in a valid
election period)?
Answer:
Rosanna could stay enrolled in her MA-Only PFFS plan and enroll in a stand-alone PDP
Q: Why must an agent present accurate, complete, and factual plan information to consumers?
(Select 3)
Answer:
To help avoid misunderstandings
To help avoid confusing the consumer
To help the consumer focus on plan-specific information, such as benefits and costs
Q: Janine, currently enrolled in a 3-star plan, discovers there is 5-star plan available where she
lives. She asks her agent, Josh, to enroll her in the 5-star plan. Josh can advise Janine of each of
the following except:
Answer:
Josh should tell Janine that she can only change her current plan to a 5-star plan during the
Annual Election Period<\/p>\n\n\n\n
Q: Gene got Medicare before he turned 65 and enrolled into a Medicare Advantage plan. He
calls in February the month before his 65th birthday and is unhappy with his current plan. On the
date of the call, what can Gene do about his coverage?
Answer:
On the day he called, he can enroll in a different Medicare Advantage plan with an effective date
of March 1st
Q: An agent is explaining Medicare Advantage plan options to a consumer. During the
conversation, the agent explains that Medicare gives each plan a Star Rating. Which statement is
true?
Answer:
The agent said that Medicare uses a 5-star rating system to illustrate the plan’s performance and
quality
Q: Before starting an enrollment, what benefit information are agents required to provide to the
consumer?
Answer:
The agent must accurately and completely disclose any benefits discussed
Q: What is Scope of Appointment?
Answer:
The agreement obtained from the consumer that identifies the scope of products that can be
discussed at a personal\/individual marketing appointment (in-person or telephonic)
Q: Dino, an agent, received a phone call on September 29th from a consumer interested in
Medicare Advantage plans for the new plan year. Dino proceeded to verify the consumer’s
Medicare eligibility, describe the costs and benefit coverage of the plan, and explained that he
could not accept an enrollment application until October 15th. What did Dino do that was NOT
compliant?<\/p>\n\n\n\n
Answer: 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-119821","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119821","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=119821"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119821\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=119821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=119821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=119821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Dino presented a plan prior to October 1st
Q: What is the purpose of the Statement of Understanding?
Answer:
It ensures that when consumers complete the Medicare Advantage and\/or Part D Enrollment
Application, they are acknowledging their understanding that they are actually enrolling, in
which plan they are enrolling, and standard disclosures
Q: Which of the following is NOT true about UnitedHealthcare Medicare plans carrying the
AARP name?
Answer:
AARP endorses UnitedHealthcare MA, PDP and Medicare Supplement plans
Q: AARP expects agents offering AARP-branded products to demonstrate five key behaviors
when interacting with customers. AARP wants customers we work with to feel their relationship
with AARP is _<\/em><\/strong><\/em><\/strong>
Answer:
Effortless and Inspiring
Q: Which of the following are part of being straightforward when servicing a customer? (Select
3)
Answer:
Communicating clearly to alleviate any confusion
Providing the right information<\/p>\n","protected":false},"excerpt":{"rendered":"