LIFE AND HEALTH EXAM MULTIPLE CHOICE EXAM

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LIFE AND HEALTH EXAM MULTIPLE CHOICE EXAM

QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: 2. Apparent

Answer:

• An incomplete application submitted to an insurer to

• Automatically declined by the insurer
• Automatically ____by the underwriter
• Returned to the submitting producer for completion
• Declined after 30 days if no response for completion is received

Question 2: 1. 3 months

Answer:

• To obtain producer's license, an applicant must do all of the following except

• Provide proof of a valid driver's license
• Meet the minimum age requirement
• Make written application
• Pay a fee

Question 3: 4. Execute a written agreement with consumer

Answer:

• A possible applicant and contract policyholder of a single master contract or master policy for group

health benefits is the

• Insurer
• Employer
• Labor union
• Individual employee

Question 4: Which of the following transactions typically includes an immediate payment to the policyowner prior to the death of the insurer?

• viatical settlement contracts
• qualified insurance plans
• cross-purchase plans
• buy-sell agreement

Answer:

• viatical settlement contracts

Question 5: D. $100,000.

Answer:

Which General Policy Provision allows an insurer to adjust policy benefits and/or premium rates if the insured has changed to a more hazardous occupation?

• policy assignment provision
• modified occupation provision
• modified assignment provision
• change occupation provision

Question 6: An individual buys an annuity that will pay her spouse an income for 20 years. If the spouse dies within the time, the income will be paid to their children for the remainder of the period. What kind of annuity did the insured buy?

• Life annuity with period certain
• Joint life and survivorship annuity
• Joint life annuity
• temporary annuity certain

Answer:

• Life annuity with period certain

Question 7: Who may terminate a producer's appointment?

• insurer
• insured
• producer

• policy owners

Answer:

• Insurer

Question 8: If a license has been found to have committed any fraudulent or dishonest practice, the insurance Commissioner may do all the following EXCEPT

• assess a fine.
• revoke the license.
• place the license under supervision.
• withhold the licensee's commission and/or fees.

Answer:

• withhold the licensee's commission and/or fees.

Question 9: D. change occupation provision

Answer:

An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as

• a life annuity certain.
• an assured life annuity.
• a guaranteed survivor annuity.
• an irrevocable annuity

Question 10: 2. 6

Answer:

• What is the primary difference between a long term care partnership, and non-partnership policy?

• Type of care
• Lower premium
• Duration of care
• Asset protection

Question 11: 3. Misrepresentation

Answer:

• A producer's action or deeds demonstrate what kind of authority?

• Inherent
• Apparent
• Delegated

• Express

Question 12: 4. Provide temporary relief to the patient's primary caregiver

Answer:

• Prior to representing or acting on behalf of a consumer, what must a producer do?

• Become appointed by an insurer
• Require a deposit from the consumer
• Obtain the consumer's verbal consent
• Execute a written agreement with consumer

Question 13: Which type of life is characterized by premiums that are fully paid up within a stated period, after which no father premiums are REQUESTED?

• Lump sum insurance.
• Basic installment insurance.
• Prepaid premium insurance.
• Limited payment insurance .

Answer:

• Limited payment insurance .

Question 14: 2. 60

Answer:

• The primary purposes of the fair credit reporting acting is to

• Forewarn an insurance about an applicant's recent bankruptcy
• Protect consumers from insures who have filed bankruptcy
• Protect consumers with guidelines regarding credit reporting and distribution
• Alert insurers regarding applicants who are have poor credit histories and may be adverse risks

Question 15: A primary advantage of a limited payment policy over a continuous premium whole life policy is that a limit payment policy

• guarantees renewability.
• includes nontaxable dividends.
• allows the policyowner to pay the policy in a shorter period of time.
• is a nonparticipating contract paying higher dividends that a continuous pay policy.

Answer:

• allows the policyowner to pay the policy in a shorter period of time.