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FREE INSURANCE AND STUDY GAMES ABOUT LIFE AND
HEALTH EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -216 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: Amortized
Answer:
Decreasing Term Question 2: What is the company called that wrote the original policy of a reinsure?
Answer:
Ceding Company
Question 3: Reinstatement
Answer:
used if a policy unintentionally lapses due to non payment, it can be reinstated by the owner; time period is usually 3 years from lapse, but can be as long as 5 years. Evidence of insurability will need to be proven Question 4: If someone has their license revoked how long do they have to wait to reapply?
Answer:
- Years/ 60 Months
Question 5: How long must new born coverage continue?
Answer:
31 days after birth.
Question 6: Broker
Answer:
An insurance broker (also insurance agent) sells, solicits, or negotiates insurance for compensation.Question 7: What identifies that parties to the contract and the legal purpose of the contract and other basic details?
Answer:
Insuring Clause
Question 8: What is ERISA?
Answer:
Employee Retirement Income Security Act-Sets minimum standards for pension plans in private industry.
Question 9: Are Death Benefits Taxable?
Answer:
NO Question 10: How long does it take to get disability benefits from SS after applying?
Answer:
- Months
Question 11: Surplus Insurer
Answer:
Excess and surplus lines insurance is a segment of the insurance market that allows consumers to buy property and casualty insurance through the state regulated insurance
Question 12: Eligible Employee
Answer:
Employee has a regular schedule of 30 hours or more per week. Waiting period for eligibility cannot exceed 90 days.
Question 13: What is the highest Authority for Insurance
Answer:
The individual States
Question 14: Unbundled Insurance
Answer:
Universal
Question 15: Rider
Answer:
An added benefit attached to the policy that modifies existing coverage. A rider is usually added at the time of application and typically requires an increase in premium.
Question 16: Medicare Part B covers?
Answer:
Physicians and Surgeons Services.
Question 17: What size of business qualifies as a small employer?
Answer:
50 employees or less.
Question 18: PPO is what
Answer:
discounted fee for service negotiation in advance.
Question 19: What is a Section 1035 Exchange
Answer:
Exchange of an existing insurance policy or contract for another without incurring any tax liability.
Question 20: Non-Participating Plans have _____
Answer:
No dividends
Question 21: Gross Premium
Answer:
Net Premium(Mortality-Interest)+Interest)+Expenses=Gross Premium
Question 22: What is the Internal Revenue Code for Keogh?
Answer:
HR-10 Question 23: The commissioner is appointed by:
Answer:
The governor
Question 24: NAIC
Answer:
National Association of Insurance Commissioners- Has no legal authority to enact or enforce insurance laws
Question 25: What is the maximum fine the commissioner can assess?
Answer:
$25,000
Question 26: Is commingling an unfair trade practice?
Answer:
No, but it is illegal
Question 27: Does a policy loan affect the Cash Value?
Answer:
No
Question 28: What kind of insurance is known as Pure Protection
Answer:
Term
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