FREE AND STUDY GAMES ABOUT FINANCIAL TEST

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FREE AND STUDY GAMES ABOUT FINANCIAL TEST

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -301 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A health insurance policy paid on a quarterly basis has a grace period of

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31 days Question 2: Coverage for care received from a network provider pays more than care received from a non-network provider in what type of health plan?

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Preferred Provider Organization (PPO) Question 3: In California, an insurer organized under the state laws of Oregon is called a(n)

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foreign insurer Question 4: Variable annuity payouts are adjusted based upon which of the following?

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Annuity units

Question 5: Christine has a health insurance policy that has been in force beyond the incontestable period. The insurer has discovered that a fraudulent statement . What would the insurer have to pay on a claim, assuming this wasn't a guaranteed renewable policy?

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Nothing Question 6: Three individuals form a partnership with equal shares valued at $300,000. If they were persuaded to use an "entity" buy-sell plan funded with life insurance, how many policies and for what amounts would be purchased?

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Three policies for $100,000 each Question 7: Which provision will pay a portion of the death benefit prior to the insured's death due to a serious illness?

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Accelerated death benefit Question 8: Which of the following describes the increase in the probability of a loss due to an insured's dishonest tendencies?

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Moral hazard

Question 9: Which entity has jurisdiction over health care coverage providers?

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Department of Insurance Question 10: Medical expense policies will typically cover which of the following?

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Injuries caused by accidents

Question 11: The systematic liquidation of a sum of money is provided by a(n)

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annuity

Question 12: When intentional concealment is involved, what course of action is the injured party entitled to?

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Rescission of the contract

Question 13: How is a Medicare claim submitted?

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Expenses are submitted to Medicare by the health provider Question 14: An agent is required to provide which of the following to the applicant when they make a proposal of insurance

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Buyer's guide and policy summary

Question 15: Which of these statements correctly describes risk?

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Pure risk is the only insurable risk Question 16: Which of the following is a required uniform provision in individual health policies?

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Legal Actions, Notice of claim, Reinstatement Not Change of occupation Question 17: Which of the following statements correctly describes a contract of indemnity?

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One party is restored to the same financial position the party was In before the loss occurred Question 18: Dividends from a stock company are paid to stockholders, whereas in a mutual company dividends are

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paid to the policyowners

Question 19: When selling a long term care insurance rider to an applicant, a life agent must take into consideration all of these factors

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Ability to pay, Needs of the client, Goals of the client Not Attending physician's statement

Question 20: Who is eligible for Social Security survivor benefits?

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A widow at any age who is caring for children younger than 16, A widow at full retirement age, Full-time students under the age of 19 Question 21: Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated

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1970 - Fair Credit Reporting Act Question 22: Which of the following is a life insurance policy that does NOT require a physical exam?

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Non-medical Question 23: Which of the following describes the number of deaths in a year compared to the number of people in a select group?

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Mortality rate Question 24: How does underwriting differ between group life and individual life insurance?

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Medical questions must be answered on individual life insurance Question 25: All of the following are primary risk factors in underwriting individual health insurance policies

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Moral hazard, Occupation, Physical condition Not Geographical location