GA LIFEHEALTH INSURANCE EXAM

PDF Download

GA LIFE/HEALTH INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Suitability

Answer:

a requirement to determine if an insurance product is appropriate for a customer

Question 2: Another name for a substandard risk classification is

• Controlled
• Declined
• Elevated
• Rated

Answer:

• Rated - substandard risk classification is also referred to as a "rated" since these policies could be

issued with the premium rated-up, resulting in a higher premium.Question 3: After a person's employment is terminated, it is possible to obtain individual health insurance after losing the group health coverage provided by the employer. Which of the following is NOT true?

• The employee can convert from group to individual insurance within 31 days of termination.
• The premium of the individual health insurance policy can be higher than the original policy.

• By law, the new, individual policy must provide the same benefits as the group insurance

policy.

• Continuation of group coverage need not include dental, vision, or prescription drug benefits.

Answer:

• By law, the new, individual policy must provide the same benefits as the group insurance policy.

Question 4: Which of the following is true regarding health insurance underwriting for a person with HIV?

• The person may only be declined if he/she has symptoms.
• The person may not be declined for medical coverage solely based on HIV status
• A person may be declined for HIV but not AIDS
• The person may be declined.

Answer:

• The person may not be declined for medical coverage solely based on HIV status.

Question 5: All of the following are true regarding Key Employee Disability Income insurance

EXCEPT

• Premiums are not tax deductible for the employer.
• Benefits are taxable to the employer.
• The employer owns the policy.
• Benefits are paid to the employer to retrain a new person.

Answer:

• Benefits are taxable to the employer. - key person disability income premiums are not tax deductible

to the business, but the benefits are received income tax free by the business.Question 6: Which of the following would help prevent a universal life policy from lapsing?

• Adjustable premium
• Corridor of insurance
• Target premium

• Face amount

Answer:

• Target premium : is a recommended amount that should be paid on a policy in order to cover the cost

of insurance protection and to keep the policy in force throughout its lifetime.Question 7: Qualifications for soliciting, selling or negotiating a long-term care partnership policy include all of the following EXCEPT

• Obtaining a partnership policy license from the Commissioner.
• Being appointed.
• Completing an initial 8hour training.
• Completing ongoing 4hour training every 24 months

Answer:

• Obtaining a partnership policy license from the Commissioner.

Question 8: Which of the following statements is TRUE concerning the Accidental Death Rider?

• It is also known as a triple indemnity rider
• This rider is only available to insureds over the age of 65
• It is only available in group insurance

D. IT WILL PAY DOUBLE OR TRIPLE THE FACE AMOUNT

Answer:

• It will pay double or triple the face amount.

Question 9: In a disability income policy, all of the following are considered presumptive disabilities EXCEPT

• Loss of two limbs
• Loss of speech
• Loss on one eye
• Loss of hearing

Answer:

• Loss of one eye

Question 10: The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had income for life after the insured's death, he chose the life income settlement option. The amount of payments will be determined by taking into account all of the following EXCEPT

• The beneficiary's life expectancy
• Projected interest rates
• Face amount of the policy
• The insured's age at death

Answer:

• The insured's age at death. - but the longer the life expectancy of the recipient, the lower the

payments will be.

Question 11: Term life

Answer:

is temporary protection because it only provides coverage for a specific period of time. Also known as; provide for the greatest amount of coverage for the lowest premium as compared to any other form of protection. Usually a max age offered.Question 12: Individual and group accident and sickness policies that cover what kinds of losses must also provide for newborns, from the moment of birth, with all health insurance benefits applicable to children?

• specified child-related losses.
• Health-related losses for the mother
• Maternity Losses
• Losses that happen to family members.

Answer:

• Losses that happen to family members until 31 days.