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Life and Health Insurance Exam 2
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Life and Health Insurance Exam 2
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25 Questions

1. An agent delivers a life insurance policy to the proposed insured. The insured makes a decision not to accept the policy. The insured may return the policy for a full refund of premium within how many days?

2. Which of the following statements is TRUE concerning irrevocable beneficiaries?

3. What do individuals use to transfer their risk of loss to a larger group?

4. An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy?

5. The policyowner of a Universal Life policy may skip paying the premium and the policy will not lapse as long as

6. What is the main difference between coinsurance and copayments?

7. What is the benefit of choosing extended term as a nonforfeiture option?

8. All of the following entities regulate variable life policies EXCEPT

9. An employer offers group life insurance to its employees for the amount of $10000. Which of the following is true?

10. An applicant signs an application for a $25000 life insurance policy - pays the initial premium - and receives a conditional receipt. If the applicant is killed in an automobile accident the next day -

11. A hospital indemnity policy will pay

12. What is the period of coverage for events such as death or divorce under COBRA?

13. When a person applies for Medicare supplement insurance - whose responsibility is it to confirm that the applicant does not already have accident or sickness insurance in force?

14. At what point must an Outline of Coverage be delivered?

15. Which of the following is true regarding the agent's appointments?

16. Which of the following does NOT have to be disclosed in a long-term care (LTC) policy?

17. COBRA applies to employers with at least

18. An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old - and not 43 - as stated on the application. What will the company do?

19. A Return of Premium term life policy is written as what type of term coverage?

20. An insured has a primary group health plan and an excess plan - each covering losses up to $10000. The insured suffered a loss of $15000. Disregarding any copayments or deductibles - how much will the excess plan pay?

21. What is the purpose of a conditional receipt?

22. Which of the following long-term care benefits would provide coverage for care for functionally impaired adults on a less than 24-hour basis?

23. In forming an insurance contract - when does acceptance usually occur?

24. In life policies issued in this state - insurers are permitted to charge interest during the policy grace period for the number of days elapsing before the premium is paid. What is the maximum annual interest rate?

25. A paid-up nonforfeiture benefit will become effective as specified in the policy - unless the person entitled elects another available option within how many days after the due date of the premium in default?

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