LOUISIANA LIFE AND HEALTH EXAM STUDY EXAM

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LOUISIANA LIFE AND HEALTH EXAM STUDY EXAM

QUESTIONS

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

-Format: Multiple-choice / Flashcard

Question 1: Be organized under Louisiana insurance laws

Answer:

A cease and desist order *May only be issued to producers *May only be issued to insurers *Forbids a stated practice listed in the order *Is issued when an insurer does not meet a minimum sales quota Question 2: A health insurance policy that allows an insurer to change the policy owners premiums, but NOT cancel the policy is called a(n) -guaranteed renewable policy -conditionally renewable policy -optionally renewable policy -non-cancelable policy

Answer:

Guaranteed renewable policy

Question 3: Master policy

Answer:

A producer must notify the Commissioner within _____ days of a felony conviction.*30 *45 *60

*90

Question 4: Aleatory

Answer:

The free look period in Louisiana for individual health insurance policies is _____ days *5 *10 *15 *20 Question 5: It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill

Answer:

The policy holder for a group health benefit plan is considered to be *Employee *Employer *Liaison *Insurer

Question 6: Nonpayment

Answer:

Medicare provides coverage for each of the following EXCEPT *Hospital room and board *Doctor and surgeon services *Prescription drugs *Custodial care Question 7: An economic interest exists for the continuance of the insured's life

Answer:

The open enrollment period for Medicare supplements begins at age -62 -65 -67 -70

Question 8: Sharing commissions with other producers

Answer:

A life insurance policy sold in Louisiana can be contested by the insurer only during the first years of the contract *Two

*Three *Four *Five

Question 9: Hazard

Answer:

Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?*Tertiary *Contingent *Revocable *Irrevocable

Question 10: Business overhead expense policy

Answer:

The entire contract includes the actual policy and the *Inspection report *Warranty statements *Provisions *Application

Question 11: Interest only

Answer:

How many days is a temporary producer's license valid?*30 *60 *90 *180 Question 12: The contract is not in force without the initial premium being paid

Answer:

The Louisiana Life and Health Insurance Guaranty Association *Serves as an arbitrator for disputed claims *Is funded by the state government *Protects insureds from the insurance company insolvency *Assists in the underwriting of large insurance policies

Question 13: User premiums

Answer:

Which of the following is considered to be an alternative to a life settlement?-Accelerated death benefit rider -Waiver of premium rider -Extended term option -Decreasing term insurance

Question 14: Accidental death

Answer:

Which of these will have the highest monthly payout upon annuitization?*Life with period certain *Joint and survivor life *Straight life *Joint life

Question 15: Provide money for living expenses

Answer:

Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?-Policy loans are disallowed -The premium payments will be tax deductible -Pre-death distributions -Withdrawals will be prohibited

Question 16: 180

Answer:

What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventative, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital?*Long-term care *Disability income *Limited care *Special risk

Question 17: Preferred provider organization plan

Answer:

Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this type of annuity?-Payments cease 5 years after an annuitants death