GA: LIFE INSURANCE EXAM ACTUAL QUESTIONS

GA: LIFE INSURANCE EXAM (ACTUAL / ) QUESTIONS

AND VERIFIED ANSWERS

Which of the following prohibits the Insurer from making claim payment to children at any time? - ----Answers----Payment of Claims Provision Provision

Each of the following statements regarding Basic Plans is correct EXCEPT? - ----Answers----They are issued by Medicare.

An Insured has a $500 deductible with a 20% coinsurance provision. If the Insured has a $10,000 accident claim, the Insured will be responsible for how much of the claim? - ---- Answers----$2,400

Each of the following help reduce adverse selection EXCEPT: -

----Answers----Hospital board and room coverage.

"Transacting insurance" includes: - ----Answers-----

Solicitation and inducement -Preliminary negotiations -Effectuation of a contract of insurance -Transaction of matters subsequent to effectuation of the contract and arising out of it

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The purpose of the Grace Period Clause is: - ----Answers----

To prevent unintentional lapsation of the policy.

Which of the following is NOT a purpose of the Coinsurance Clause? - ----Answers----To reduce fraudulent claims.

Which provision provides the best line of defense for the Insurer if the agent made an unapproved policy alteration? - -- --Answers----The Entire Contract Clause

HIPAA prohibits the use of pre-existing conditions and probationary periods if the Insured had prior coverage for 12

months with no gap in coverage greater than: - ----Answers--

--31 days

A Health Insurer may deny coverage for each of the following

reasons EXCEPT: - ----Answers----misstatement of age

Which rider allows for an increase in the income benefit at set intervals without proving insurability AFTER a disability occurs and while benefits are being paid? - ----Answers----Cost of Living Rider

Which renewability provision is worst for the Insured? - ---- Answers----Cancelable

If an Insured files a claim under a Group Health policy, the Insurer must pay the claim within: - ----Answers----60 days 2 / 3

An annual stop-loss limit is: - ----Answers----a measure that

limits the maximum amount for which the Insured can be responsible in a stated time period (e.g., one year.

Which of the following statements regarding a Probationary Period under a Group Policy is TRUE? - ----Answers---- During the Probationary Period, the Insurer may deny coverage.

A Consumer Directed Health Plan is a combination of a High

Deductible Health Policy (HDHP) and: - ----Answers----a tax

advantaged savings plan.

Which policy provision states that the insured will pay a specified dollar amount of the loss? - ----Answers---- Deductible

Geraldine has a $3,800 medical expense claim. She has a medical expense policy with a $2,500 deductible, and an 80/20 coinsurance clause. What is the amount of her out-of-pocket costs? - ----Answers----$2,500

Hailey and Josh each have a Group Health plan at work. They have a newborn baby. How will the insurance coverage be handled? - ----Answers----The newborn will be automatically covered for the first 31 days. By the 31st day, the parents must notify the Insurer and a standard premium must be paid to continue coverage.

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