EXAM FX LIFE INSURANCE TEST QUESTIONS

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EXAM FX LIFE INSURANCE TEST QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -74 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Consideration

Answer:

An insurer neglects to pay a legitmate claim that is sovered under the terms of the policy. Which of the following insurance principles has the insurer violated?

Question 2: Free-Look period

Answer:

What phase begins after a new policy is delivered?

Question 3: Premium amounts and surrender values

Answer:

Which of the following will be incuded in a policy summary?

Question 4: A master contract

Answer:

Group health insurance is characterized by all of the following EXCEPT

Question 5: Is not covered

Answer:

In health insurance , if a doctor charges $50 more than what the insurance company considers usual, customary and reasonable, the extra cost

Question 6: Person, at least 65 years of age, who are blind or disabled and financially unable to pay, may qualify for Medicaid Nursing Home Benefits

Answer:

All of the following statements concerning Medicaid are correct EXCEPT

Question 7: The employees receive individual policies

Answer:

Which of the following is INCORRECT concerning a noncontributory group plan?Question 8: No, the group must be formed for a purpose other than obtaining group insurance

Answer:

Can a group that is formed for the sole purpose of obtaining group insurance qualify for group coverage?

Question 9: Twisting

Answer:

Agents who persaude insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of Question 10: The insurer wil pay the full death benefit from the group policy to the beneficiary

Answer:

An employee quits his job on May 15 and doesn't convert his Group Life policy to an individual policy for

• weeks. He dies in a freak accident on June
• Which of the following statements best describes what will happen?

Question 11: Issues of securities

Answer:

The Office of Insurance Regulation is responsible for all of the following insurer activties EXCEPT Question 12: The pre-existing condition waiting period fulfilled in the old policy will be transferred to the ne wpolicy, the new one picking up where the old on left off

Answer:

An individual purchased a Medicare supplement policy in March and decied to replace it 2 months later.His history of coronary artery disease is considered a pre-existing condition. Which of the following is true?

Question 13: Outline of Coverage

Answer:

Which document helps ensure that full and fair disclosure is provided to the recipient of a policy?Question 14: An insured borrows money from the bank and makes a collateal assignment of a part of the death benefit to secure the loan

Answer:

All of the following are examples of thirs party ownership of life insurance

Question 15: All elgible employees must be covered

Answer:

Underwriting a group health insurance plan that is paid for by the employer requires ll of the following

EXCEPT

Question 16: Replacement rule

Answer:

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

Question 17: The amount of premium payment

Answer:

Which of the following information will be stated in the consideration clause of the life insurance policy?

Question 18: Target premium

Answer:

Which of the following would help prevent a universal life policy from lapsing?

Question 19: Disability income

Answer:

A waiver of premium provision may be included with which kind of health insurance policy?

Question 20: Gatekeeper

Answer:

Which of the following is another name for a primary care physician in an HMP?

Question 21: Nonforfeiture values

Answer:

Which term secribes the benefits of a life insurance policy that the policyowner does not automatically relinquish even if the policy lapses?

Question 22: If the employee enrolls within a certain time period

Answer:

Under what conditions will proof of insurability NOT be required of an employee wanting to enroll in a group insurance plan?

Question 23: Occupational

Answer:

An insured has health insurance that covers them at work and at home. This policy was written on what basis?

Question 24: 50/50

Answer:

Ray has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray?

Question 25: The longer the elinimation period, the lower the cost of coverage

Answer:

Which of the following is true regarding elimination periods and cost of coverage?

Question 26: The insurance contract

Answer:

Which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium?

Question 27: That its policies are covered by a state Guaranty Association

Answer:

Which of the following may NOT be included in an insurance company's advertisement?