UTAH PRODUCER LIFE AND HEALTH INSURANCE EXAM

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UTAH PRODUCER LIFE AND HEALTH INSURANCE EXAM

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

-Format: Multiple-choice / Flashcard

Question 1: Insurable interest does not occur in this relationship

Answer:

Business owner to client Question 2: Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n)

Answer:

Guaranteed insurability Rider Question 3: Ted has a health insurance plan that requires him to pay a specific sum out of pocket before any benefits are paid in a calendar year. Which of these does his health plan have?

Answer:

Calendar-year deductable

Question 4: A beneficiary change can occur

Answer:

normally at any time during the policy term

Question 5: an example of a producers fiduciary responsibility would be

Answer:

collecting premiums and paying them to the insurance company Question 6: This occurs when a producer willfully makes an untrue or incomplete statement during teh course of an insurance transaction

Answer:

Misrepresentation

Question 7: An example of unfair discrimination would be

Answer:

Charging a higher rate based on an insureds race, religion, or national origin Question 8: What is the primary purpose of a rating service company such as A.M. Best

Answer:

Determine the financial strength of an insurance company

Question 9: examples of rebating

Answer:

Returnign premium to a client as an inducement for purchasing a policy Giving something of value to an insured in exchange for their business Offering special dividends

Question 10: A Modified Endowment Contract is best described as

Answer:

A life insurance contract which accumulates cash values higher than the IRS will allow

Question 11: These are examples of unfair claims practices

Answer:

Failing to effectuate prompt, fair, and equitable settlements of a claim Turning down a claim without providing the basis of denial Failing to promply acknowledge pertinent communications concerning claims

Question 12: Premiums paid tha texceed 7.5% of an insureds Adjustied Gross Income are tax-deductable when paid for which of the following plans?

Answer:

Quality Long-Term Care plan Question 13: An applicant's character and personal habits can be obtained for underwriting purposes from which source?

Answer:

Investigative consumer report

Question 14: What is a correct statement regarding the annuitant?

Answer:

The annuitants life expectancy determines the annuity payments Question 15: Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits.Which of these benefit options would he choose?

Answer:

Guaranteed lifetime withdrawl benefit

Question 16: What does Medicare part D cover

Answer:

prescription drugs

Question 17: What is issured to each employee of an employer health plan

Answer:

certificate Question 18: The time limit for filing claim disputes is addressed in which provision of an accident and health policy?

Answer:

Legal Actions Question 19: Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?

Answer:

Individual

Question 20: If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies?

Answer:

A prorated death benefit based on the amount of insurance the insureds premiums would have been if purchased at the correct age Question 21: One of the most important considerations when replacing health insurance would be the

Answer:

Exclusions on a new policy

Question 22: What are the premium payment in a Universal Life Policy used for?

Answer:

Death benefits Cash Loading costs Question 23: Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be

Answer:

optionally renewable

Question 24: Fixed period settlement optoins are considered to be form of

Answer:

Annuity

Question 25: Sonya applied for a health insurance policy on April

• Her agent submitted the information to the insurance company on April 6. She paid the

premium on May 15 with the policy indicating the effective date being May 30. On which date would Sonya have coverage?

Answer:

May 30th Question 26: The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority?

Answer:

Implied