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167 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Inspection reports may be obtained by an insurance company from
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An independant investigating firm.
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To supplement the information on the application
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the underwirter may order an inspection report which covers financial and moral information
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which of the following will be included in a policy summary
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premium amount and surrender values
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policy summary must be delivered along with the policy and include
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prudercer's name and address, the inusrance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years.
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Which life insurance settlement option gaurantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to designated beneficiary?
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Life income with period certain
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The life income with period certain option gaurantees payments for the life of the recipient and also specifies a gauranteed period of continued payments.
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If the recipient should die during this period, the payments would continue to a designated beneficiary for the remainder of the period.
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Which statement regarding the One-Year Term Dividend Option is true?
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The dividend is used to purchase an additional policy in the amount of cash value.
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With the One-Year Term Option, the dividend itself, not the interest on the dividend, is used to purchase a one-year term insurance in the amount of the cash value.
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When the policy holder dies during that period, the beneficiary receives the death benefit of both the original policy and the additional one-year term policy
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The premium charged for exercising the Guaranteed Insurablility Rider is based upon
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Attained age
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Gauranteed Insurability Rider
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The premium charged for the increase will be based upon the attained age of the insured
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If an insured continually uses the automatic premium loan option to pay the policy premium,
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The policy will terminate when the cash value is reduced to nothing.
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automatic premium loan option to pay the policy premium
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This option, usually elected at the time of application, provides that in case of a possible policy lapse, the premium will be automatically paid from the contract's gauranteed cash value. However, once the cash value is exhausted, the policy will terminate
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How does the cash value of a Universal Life plicy accumulate until withdrawn?
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Tax deferred
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Money in the cash value of a Universal Life policy
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grows tax derferred until withdrawn
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Who is a third-party owner
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A policyowner who is not the insured
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Third-party owner is a legal term used to identify and individual or entity
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that is not an insured under the contract, but that has a legally enforceable right under it
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Marsha pays her Major Medical Insurance annually on March 1, each year. Last March she forgot to mail her premium to the company. On March 19, Marsha had an accident and broke her leg. her insurance company wiould
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Pay the claim
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the accident occurred during the grace period
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the insurance company will pay the claim
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which of the following is deemed to be consideration on part of the applicant, in respect to the Consideration Clause?
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Payment of premium
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The two mode of consideration on the part of the applicant, dictated by the consideration clause,
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are premium payments and statements (representations) made on the application
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which of the following insurance coverages would be allowed with an MSA?
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Workers compensation
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MSA participants cannot have Medicare or any other health coverage that is not an HDHP. The following are exceptions:
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workers compensation, specific disease or illness, a fixed amount per day of hospitalization, accidents and/or disablility, dental care, vision care, and long-term care.
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HDHP
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High deductible health plans
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HSA
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Health savings accounts
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High deductible health plans (HDHP)
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often used in coordinatin with MSAs, HSAs, or HRAs.
HDHP features higher annual deductibles and out-of pocket limits than traditional health plans, which means lower premiums. |
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In respect to the consideration clause, which of the following is consideration on the part of the insurer?
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Promising to pay in accordance with the contract terms
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The consideration clause requires the insurer to
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promise to pay in accordance to the terms stated in the contract
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whan a replacement is involved, a replacing insurance company is responsible for all of the following
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Obtain from the producer a list of the applicant's life insurance or annuity contracts to be replaced.
Send the existing insurance compnay a written notice of replacement. Include a policy summary on the proposed life insurance in the commnunication with the existing company. |
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Providing a copy of the Importan Notice Regarding Replacement is
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a producer's responsiblity
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which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child?
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third-party ownership
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Contracts that are owned by someone other than the insured are known as third-party ownership
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most policies involving third-party ownership are written in business situations or for minors in which teh parent owns the policy
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Level premium term insurance provides a level death benefit and a level premium during the plicy term. If the policy renews at the end of a specified period of time, the policy premium will be
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adjusted to the insure's age at the time of renewal
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If a level term product is renewed at the end of the term period
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the premium will be based upon the attained age of the insured
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HMOs
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may pay for services not covered by Medicare, such as prescriptions or eye exams
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The advatages of an HMO or PPO for a Medicare recipient may be that there are no claims forms required, almost any medical problem is covered for a set fee so health care costs can be budgeted,
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and the HMO or PPO may pay for services not usually covered by Medicare or Medicare supplement policies, such as prescriptions, eye exams, hearing aids, or dental care
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Grace is the primary beneficiary of her grandfather's life insurance policy. Upon his death, she wants some income from the death benefit, but wants the face amount to be conserved. which settlement option should she choose?
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Interest only option
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On the "interest only" settlemetn option, Grace would receive
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the interest earned by the face amount, but the face amount would remain
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Pete is hopitalized with a back injury. Upon checking his disablity income policy, Pete learns that he will not be eligible for benefits for at least 30 days. this would indicate that his policy was probably written with a 30-day
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Elimination period
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The elimination period is the time immediately following the start of a disablitly when benefits are not payable
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This is used to reduce the cost of providing coverage and eliminates the filing of many claims
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The transfer of an insured's right to seek damages from a negligent party to the insurer is found in
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The subrogation clause
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After the insured accept payment from the insurer, they have been indemnified.
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Insurance policies required the insured to transfer any right to recovery to the insurer so that they may seek recovery up to the amount they paid as loss.
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When do full Social Security retirement benefits begin?
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When the worker reaches age 65 and has earned the required amount of work credits
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Social Security retirement benefits begin when
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a worker who has earned the rquired work credits (40 calendar quarters or 10 years of work) reaches age 65
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What is the term for how frequently a policyowner is required to pay the policy premium?
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mode
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The premium mode is
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the manner or frequency that the policyowner pays the policy premium
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what is the typical deductible for basic surgical expense insuranc?
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$0
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As with other types of basic medical expense coverage,
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there is no deductible, but coverage is limited
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Under what condition are group health benefits received by an employe NOT taxable as income
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When the benefits received are equal or less than the employee's protion of the contribution
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Benefits received by the employee that are attributable to his portion of the contribution
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are not taxable as income
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nephrolithiasis diagnosis
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plain x-ray is rarely used
ultrasound, spiral CT strain the urine check serum and urine calcium 24 hr ( for hypercalciuria) never do intravenous pyelogram |
serum PTH,
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group life insurance premiums are determined by the
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age, sex and occupation of the entire group
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What is the other term for cash payment settlement option?
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Lump sum
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Upon death of the insured, the contract is designed to pay the proceeds in cash,
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called lump sum.
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what are the two components of a universal policy
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insurance and cash account
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A universal policy has two components: an insurance component and a cash account.
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The insurance component of a universal life policy is always annual renewable term insurance. The cash account accumulates on a tax deferred basis each year and earns either the gauranteed contract rate or the current rate, whichever is higher.
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What do the accumulation units of a variable annuties convert to upon annuitization?
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Annutiy units
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Variable premiums purchase accumulation unit fund, which is similar to buying into a Mutual Fund. Upon annuitization, the accumulation units are converted to annuity units.
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The income is then paid to the annuitant based on the value of the annuity units. The number of annuity units received remains level, but the unit values will fluctuate until actually paid out to the annuitant.
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A medical expense policy that establishes the amount of the benefit paid based upon the prevailing chareges which fall within the standard range of fees normally charged for specific procedure by a doctor of similar training and experience in that geographic area is known as
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Usual, customary and reasonbale
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The usual, customary and reasonable approach for determing insurance benefits is based upon the
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fees normally charged for specific procedures in the geographic location where the services are provided.
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Which of the following best describes fixed period settlement option?
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Both the principal and interest will be liquidated over a selected perod of time
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Under the Fixed-period Option (also called period certain), a specified period of years is selected, and equal installments are paid to the recipient.
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Both the principal and interest are liquidated together over the selected period of time.
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A woman misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the constestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued?
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Adjust the claim benefit to reflect the woman's true age
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The Misstatement of Age provision says that
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if a client has misstated her age, whether intentional or unintentional, they will adjust the benefit being paid. It doesnt matter when the mistake was found
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A primary beneficiary descovers upon the death of her uncle that he chose the interest only option. What does this mean?
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The benficiary will only recieve payments of interest earned on the death benefit.
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With the interest only option, the insurance company
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retains the policy proceeds and pays interest on the proceeds to the recipient ( beneficiary) at regular intervals (monthly, quarterly, semiannully, or annually)
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Characteristics of group health insurance
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Group coverage may be converted to individual coverage if the group contract is ended.
the acutal policy is called the "master contract". Dependents of insureds can be covered under group health plans. |
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The actual policy, called the "master contract", is issued to the group sponsor only; the individuals covered under the policy are issued certificates of insurance as proof that they are covered under the master contract.
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Dependents are covered under group plans. If the group contract is terminated, insureds may convert to individual policies without having to provide proof of insurance.
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In comparison to a policy that uses the accidental means difinition, a policy that uses the accidental bodily injury definition would provide a coverage that is
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Broader
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A policy that uses the accidental bodily injury definition will provide
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broader coverage than a policy that uses the accidental means definition
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if a life insurance policy has an irrevocable beneficiary designation
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the beneficiary can only be changed with written permission of the beneficiary.
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If a policy has an irrevocable beneficiary designation
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the beneficiary can only be changed with written permission of the beneficiary
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The provvision in a health insurance policy that ensures that the insurer cannot refer to any document that is not contained in the contract is the
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Entire contract clause
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Entire contract is a
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mandatory proision that is required by law
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An insurer writes a Disclosure Authorization Notice. Before it is distributed to insureds, what must the insurer do?
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Submit the form to the Commissioner of Insurance for approval
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Before an insurer can obtain information from investigators regarding an insured, it must first present the insured with a Disclosure Authorization Notice.
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This notice states the insurer's information collection practices and how the information will be used. This document must be written in plain language and approved by the Commisioner before it can be lagally used.
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When does teh beneficiary have the right to change the settlement option on a life insurance policy
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At the time of the insured's death if no settlement options are selected.
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If the policyowner does not select a settlement option,
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the beneficiary will be allowed to choose one at the time of the insured's death
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The following are covered under a "core"policy, Plan A in Medigap insurance
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Approved hospital costs for 365 additional days after Medicare benefits end.
The 20% part B coinsurance amounts for Medicare approved services. The first three pints of blood each year. |
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Medicare Supplement Plan A
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provides the core, or basic, benefits established by law.
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POS plan - Point-of-Service plan
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With the Point-of-Service plan the employees do not have to make a decision between the HMO or PPO plans that lock them in.
It allows the employee to use an HMO proved doctor. It allows the employee to use a doctor not covered under the HMO. |
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POS plan
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A different choice can be made every time a need arises for medical services
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Key Employee life insurance
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The business is the owner and beneficiary of the policy.
The key employee is the insured. The death benefit is free from income taxes. |
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Key Employee life insurance
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The business pays the premiums that are not decuctible, but the death benefit is free from income taxes.
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An individual has been diagnosed with Alzheimer's disease. He is insured under a life insurance policy with the accelerated benefits rider. Which of the following is true regarding taxation of the accelerated benefits?
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a portion of the benefit up to a limit is tax free, the rest is taxable income.
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When accelerated benefits are paid to a chronically ill insured, they are tax fee up to a certain limit.
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Any amount received in excess of this dollar limit must be included in the insured's gross income.
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Which provision states how much time must pass between two like illnesses in order for the second one to be covered under a new set of benefits?
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Recurrent Disability Provision
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The Recurrent Disability Provision specifies the amount of time that must lapse between two like illnesses in order for the second illness to be covered under a new set of benefits.
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It is to the insured's advantage for the second illness to be considered a relapse, because this would allow the insured to avoid paying a second deductible and waiting through a second elimination period.
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How soon following the occurrence of a covered loss, or after the insurer becomes liable for periodic payments for income benefits, must an insured submit written proof of such loss to the insurance company?
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Within 90 days or as soon as reasonable possible but not to exceed one year.
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The "proof-of-loss" provision states the claimant must submit a proof of loss within 90 days; however, if it is not possible to comply, the time parameter is extended to one year.
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The one-year limit does not apply if the claimant is not legally competent to comply with this provision.
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All of the following are dividend options
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paid-up additons.
Accumulated at interest. Reduction of premium. |
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Exceptions to the National Do Not Call List
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Calls for which the consumer has given prior written permission.
Calls which are not commercial or do not include unsolicited advertisements. Calls by or on behalf of tax-exempt non-profit organizations |
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When a replacement is involved, a replacing insurance company is responsible for all of the following
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Include a policy summary on the proposed life insurance in the communication with the existing company.
Obtain from the producer a list of the applicant's life insurance or annuity contracts to be replaced. Send the existing insurance company a written notice of replacement. |
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Providing a copy of the Important Notice Regarding Replacement is
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a producer's responsibility
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Insurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is a
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Mutual Insurer
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Mutual companies are owned and controlled by their policyholders.
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Any surplus money is returned to the policyholders as dividends
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Which of the following would provide an underwriter with information concerning an applicant's health history?
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the medical information bureau (MIB)
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An agent's report and ispection report provides personal information. Medical exams provide information on current health.
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Only the MIB will provide information about an applicant's medical history
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What is the purpose of the buyers guide?
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to allow the consumer to compare the costs of differen t policies
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The buyers guide
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provides generic information about life insurance policies and allows the consumer to compare the costs of different policies
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The policy summary
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provides specific information abou the issued policy, as well as the insurer's information
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A participating insurance plicy may do which of the following
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Pay dividends to the policyowner
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A participating insurance plicy will pay dividends to the owner
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based upon actual mortality cost, plus interest earned, less expenses of running the business
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Telemarketing organizations are required to consult the National Do Not Call REgistry at least every
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31 days
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When must insurable insterest exist in a life insurance policy?
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At the time of application
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Which of the following best details the underwriting process for life insurance?
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Selection classification and rating of risks
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In life insurance,
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insurable interest must exist at the time of application
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The underwriting process is accomplished by reviewing and evaluating information about an applicant and applying what is known of the individual against the
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insurer's standards and guidelines for insurability and premium rates
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when would a misrepresentatin on the insurance application be considered fraud?
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If it is intentional and material
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A misrepresentation would be considered fraud if it is intentional and material.
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Fraud would be grounds for voiding the contract.
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Whish of the following regulatory authorities participated in creating the National Do Not Call Registry?
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FTC
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The Federal Trade Commission (FTC) and the Federal Communications Commission (FCC) created the National Do Not Call Registry,
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allowing consumers to include their telephone numbers on the list to which solicitation calls cannot be made by telemarketers
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According to the Replacement Rule, replacement of life insurance is defined as a process in which
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A new policyh is bought and an old plicy is converted to a REduced Paid-up Policy
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Replacement means any transaction in which new life insurance is to be purchased and the proposing producer knows that by reason of the transaction
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existing life insurance will be converted to reduced paid-up insurance, continued as extended term insurance or otherwise reduced in value by the use of nonforteiture benefits or other policy values
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The death benefit in a variable universal life policy
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Depends on the investment performance of the sub-account
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The death benefit is not fixed, and may increase or decrease over the life of the policy depending on the investment performance of the underlying sub-account.
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It cannot, however, decrease below the initial face amount of the policy
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how long is an insurer required to maintain records in va
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3 years
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records must be kept for atleast
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3 years
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An agent who collects a premium payment from a client must hold such funds in a
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seperate account from the agent;s personal or business account
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when and by whom must an agents appointment be renewed with the commission
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annually by the insurer by august the 10th
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to what organization must all admitted insurers belong
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life, accident and sickness insurance gauranty association
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all admitted insurers must be a member of the life, accident and sickness insurance gauranty association as a condition fo their license.
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the association is in existence to protect policyowners and beneficiaries against losses caused by the insolvency of an insurance company
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Rebating
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is defined as offering any inducement in the sale of insurance products that is not specified in the policy. rebates include money, reductions in commissions, promises, and personal services. Both the offer and acceptance of a rebate are illegal
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The commission will notify the applicant at least
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10 calendar days notice in writing, of the time and place of the hearing
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margaret applies for an insurance license, but the commission decides not to issue the license becasue of her tarnished reputation. She notifies the commmission that she wants to dispute this judgment in a hearing. the commission must give her at least how many days notice of the date of the hearing
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10
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An applicant for an insurance license passed his prelicensing exam with the score of 90% 7 months ago. he applied for his license yesterday. which of the following is true
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the applicant must retake the exam and submit new application and processing fees
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applicants must apply for and obtain a license within 183 calendar days of passing the VA exam or
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must retake the exam. all fees will be forfeited, and the exam results will become invalid.
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Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65, what would be the right policy for this client?
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Limited pay whole life insurance
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Premium payments will cease at age 65, but coverage will continue to death or age 100 with
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limited pay whole life insurance
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What is the purpose of establishing the target premium for a universal life policy?
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To keep the policy in force
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Universal Life policy
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The 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
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A life insurance policyowner skips her premium payment, but the policy does not lapse. Instead the premium amount is deducted from the cash value of the policy. What type of policy is this?
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Universal Life
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One way universal life differs from adjustable life is
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that the policyowner has the flexibility to increase the amount of premium going into the policy and to later decrease it again. In fact, the policyowner may even skip paying a premium and the policy will not lapse as long as there is sufficient cash value at the time to compensate for the nonpayment of premium
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A plicy that allows the beneficiary to collect both the death benefit and cash value upon the death of the insured is
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Universal Life, Option B
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Which two terms are associated directly with the way an annuity is funded?
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Level or flexible
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annuties are characterized by how they can be paid for -
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either a single payment or through periodic payments in which teh premiums are paid in installments over a period of time. Periodic payment annuties can be either level, in which teh annuitant pays a fixed installment, or the paymetns can be flexible, in which teh amount and frequency of each installment varies.
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The death benefit in a variable universal life policy
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depends on the investmetn preformance of the sub-account
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The death benefit is not fixed, and may increase or decrease over the life of the policy depending on the investment performance of the underlying sub-account.
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it cannot, however, decrease below the initial face amount of the policy.
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Your client wants both portection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client?
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Limited pay whole life insurance
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All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?
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Lower
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Survivorship Life is much the same as joint life in that it insures two or more lives for a premium that is based on a joint age. The majore difference is that survivorship life pays on the last death rather than upon the first death.
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Sinc teh death benefit is not paid until the last death, the joint life expectancy in a sense is extended, resulting in a lower premium than that which is typically charged forj oint life
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Unlike the traditional whole life policy, a variabvle whole life policy does not gaurantee the
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cash value
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in a variable whole life policy, the face amount of the policy may increase, but it cannot decrease below the original issue amount. the cash value of the policy is not gauranteed and fluctuates with the performance of teh portfolio in which teh premiums have been invested by the insurer.
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This fluctuating cash value provides funds to pay for the varying amounts of death protection
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Equity indexed annuties ahve a gauranteed minimum interest rate, so while they are aggressive in nature,
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the annuitant will not have to worry about receiving less than what the minimum interest rate would yield
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Equity index annuties
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they have a guaranteed minimum interest rate.
The interest rate is tied to an index such as the Stadard & Poors 500. They invest on a more aggressive basis aiming for higher returns. |
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deferred annuities do provide
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tax-derferred growth
a choice of purchase option non-forfeiture guarantees |
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Only an immediate annutiy can
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begin paying out in less than 1 year
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The type of policy that can be changed from one that does not accumulate cash value to the one that does, is a
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convertible term policy
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a convertible term policy has a
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provision that allows the policyowner to convert to permanent insurance.
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an individual has been making periodic premium payments on an annuity. the annuity income payments are scheduled to begin 2 years after the annuity was purchased. What type of annuity is it?
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deferred
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Deferred annuities may be purchased with either a single lump sum or periodic payments,
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but they do not begin the income payments until sometime after 1 year from the date of purchase.
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If a consumer requests additinal information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
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5 days
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which of the following is the most precise synonym for an "authorized" insurer?
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admitted
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insurers who meet the state's financial requirements and are approved to trasact business in the state are
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considered authorized or admitted into the state as a legal insurer
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another name for a substandard risk classification is
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rated
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substandard risk classification is also referred to as
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rated since these policies could be issued with the premium rated-up, resulting in a higher premium.
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A participating insurance policy may do which of the following
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Pay dividends to the policyowner
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A participating insurance policy will pay dividends to the owner based opun
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actual mortality cost, plus interest earned, less expenses of running the business
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an applicant for a $100,000 life insurance policy was required to undergo HIV testing before the policy could be approved. If the results came negative, and there was no physicians designated, where would the results be released?
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The results do not need to be released
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Negative HIV test results do not need to be released to the medical community.
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If the results were positive, they would be released to the state department of health, if a physician had not been specified at the time of testing
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In a stock company
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the board of directors is elected by the stockholders
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a participating insurance policy will pay dividends to the owner based upon
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acutal mortality cost, plus interest earned, less expenses of running the business
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a participating insurance policy may do which of the following
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pay dividends to the policyowner
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if an insurance company wishes to order an inspection report on an applicant to assist in the underwriting process, and if ia notice of insurance information practices has been provided, the report could contain all of the following
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credit history, habits, prior insurance
ancestry is not a relevant factor in these reports |
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which of the following is a statement that is guaranteed to be true and if untrue may breach an insurance contract
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warranty
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a warranty in insuarnce is a
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statement gauranteed to be true
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representations are
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statements that are true to the best of the applicants knowledge
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the term illustration in life insurance policy referes to
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a presentation of non-guaranteed elements of a policy
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