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Health Insurance 101
10 Quiz Sets
Health Insurance 101
Life and Health Insurance Exam 2
Answer
25
questions in 10 minutes.
Life and Health Insurance Exam 2 |
1. An insured pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy?
10 days
Funds exceeding the premium paid are taxable as ordinary income.
A benefit for each day the insured is in a hospital.
The beneficiary would receive $25000 if it was determined that the insured qualified for the policy applied for.
2. Which of the following insurance products will be subject to the regulation on life insurance solicitation?
Which of the following insurance products will be subject to the regulation on life insurance solicitation?
25
15.
HMOs may pay for services not covered by Medicare.
3. All other factors being equal - the least expensive first-year premium payment is found in
Surgery to repair a wrist damaged by tendonitis.
10 days
8%
Annually Renewable Term.
4. A corporation can be considered a "small group employer" if it has at least one and a maximum of how many employees?
The policy contains sufficient cash value to cover the cost of insurance.
NAIC
50
65
5. Which of the following is NOT the consideration in a policy?
A person may hold several appointments at one time.
8%
Funds exceeding the premium paid are taxable as ordinary income.
The application given to a prospective insured
6. Which is TRUE about the cash surrender nonforfeiture option?
$5000
Funds exceeding the premium paid are taxable as ordinary income.
Speaking.
Notice of Claim
7. Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arrangement would be best for Ray?
Copayment is a set dollar amount.
50/50
They can be changed only with the written consent of that beneficiary.
Buyer's Guide
8. Which of the following does NOT have to be disclosed in a long-term care (LTC) policy?
Automatic premium loan
The aggregate amount of premiums due
MEWAs are groups of at least 3 employers.
Every company is required to establish marketing procedures.
9. Which of the following entities protects policyowners - insureds - and beneficiaries under insurance contracts when insurers fail to perform contractual obligations due to financial impairment?
The policyholder.
At the time of application or upon delivery of the policy
Insurance Guaranty Association
The cost of coverage is a deductible expense by the employer.
10. In forming an insurance contract - when does acceptance usually occur?
When an insurer's underwriter approves coverage
Replacement regulations will not apply in this situation.
The Guaranty Association.
By their members - authorized insurers
11. A Return of Premium term life policy is written as what type of term coverage?
Surgery to repair a wrist damaged by tendonitis.
Funds exceeding the premium paid are taxable as ordinary income.
The annuitant must be a natural person.
Increasing
12. An insured loses her left arm in an accident that is covered by her Accidental Death and Dismemberment policy. What kind of benefit will she most likely receive from this policy?
Both the principal and interest will be liquidated over a selected period of time.
It has the highest amount of insurance protection.
Insuring clause
The capital amount in a lump sum
13. Which provision of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured - and to whom the benefits will be paid?
Insuring clause
Increasing
8%
Outline of Coverage
14. An agent's appointment has been denied. Which of the following is true?
Control health insurance claims expenses.
State taxes may be refunded upon a written request.
25
They can be changed only with the written consent of that beneficiary.
15. 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?
Managed Care
insurer
Adult day care
Insuring clause
16. At what age may an individual make withdrawals from an HSA for nonhealth purposes without being penalized?
The application given to a prospective insured
Automatic premium loan
It has the highest amount of insurance protection.
65
17. The Florida Health Insurance Coverage Continuation Act requires insurers that sell health plans to small employers to offer in those plans a right to elect to continue coverage - without providing evidence of insurability - to employees who lose their coverage and are unable to replace it. The premium rate for this coverage may NOT exceed
115% of the regular group rate.
Buyer's Guide
Speaking.
The capital amount in a lump sum
18. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Which of the following statements is true?
Copayment is a set dollar amount.
The cost of coverage is a deductible expense by the employer.
The application given to a prospective insured
The annuitant must be a natural person.
19. A long-term care insurance shopper's guide must be provided in the format developed by which of the following?
Rebates are allowed if it's in the best interest of the client.
The capital amount in a lump sum
NAIC
20 employees.
20. A person insured under a group life insurance policy can make an assignment of all or any part of the incidents of ownership conferred on the insured by the policy or by law - to any of the following EXCEPT
The policyholder.
The capital amount in a lump sum
Increasing
Control health insurance claims expenses.
21. When does Medicare cover nursing home care?
Only if it is part of treatment for a covered illness or injury
14
At the time of application or upon delivery of the policy
115% of the regular group rate.
22. Which types of insurance companies marketing long-term care insurance coverage must establish procedures to assure that any comparison of policies by its agents will be fair and accurate?
Increases annually.
10 days
Every company is required to establish marketing procedures.
Both the principal and interest will be liquidated over a selected period of time.
23. All of the following statements concerning dividends are true EXCEPT
MEWAs are groups of at least 3 employers.
Insurance Guaranty Association
Dividend amounts are guaranteed in the policy.
At the time of application or upon delivery of the policy
24. All of the following entities regulate variable life policies EXCEPT
A benefit for each day the insured is in a hospital.
A person may hold several appointments at one time.
The Guaranty Association.
Copayment is a set dollar amount.
25. What is the period of coverage for events such as death or divorce under COBRA?
If the employee enrolls within a certain time period
Annually Renewable Term.
Department of Financial Services
36 months
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