Xcel Testing Solutions-Louisiana Life and Health Exam Simulator - 200 Questions. 100% verified Accuracy. Rated A Which dividend option would an insurer invest the policy owner's money and add any... interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option - ✔✔The Accumulation at Interest Option - invests the policy owner's money and adds interest earnings to the initial amount of the dividends. Decreasing term life insurance is often used to? -provide retirement funds -provide coverage for a home mortgage -accumulate cash value -provide coverage for estate taxes - ✔✔Provide coverage for a home mortgage- A common use for decreasing term life insurance is to cover a home mortgage. Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. -10-20-31-60 - ✔✔20 Written notice for a health claim must be given to the insurer 20 days after the occurrence of the loss. In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST - remit all past-due premiums within the grace period - provide evidence of insurability to the insurer - resubmit a new life insurance application -provide a valid reason for the lapse - ✔✔provide evidence of insurability to the insurer The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid - minus indebtedness and with interest - during the last 12 months -minus indebtedness and without interest - during the last 6 months - ✔✔minus indebtedness and without interest The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and without interest. What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - Policy Dividend - Specified amount of money - Policy's cash value - Funeral expense fund - ✔✔Specified amount of money Life insurance guarantees to the beneficiary a specified sum of money in the event of the insured's death. An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT - providing disclosure information to the applicant - collecting initial premium - policy delivery - providing commission information to the applicant - ✔✔providing commission information to the applicant All of these are field underwriting roles an insurance producer may perform EXCEPT "providing commission information to the applicant". Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? - The policy automatically converts to whole life after the 10-year period - The face amount will remain constant and the premium will increase over the 10-year period The premium will remain constant and the face amount will increase over the 10-year period The face amount and premium will remain constant over the 10-year period - ✔✔The premium will remain constant and the face amount will increase over the 10-year period "The face amount and premium will remain constant over the 10-year period". In this situation, the premium and the face amount will remain constant for the 10-year period. When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? - When a change of management has occurred within the group - When the annual number of claims has increased by 25% - When contribution or participation rules have been violated -When group participation has increased by 25% - ✔✔When contribution or participation rules have been violated According to HIPAA, a group health policy renewal can be denied when participation or contribution rules have been violated. Which of the following is Medicare Part B also known as? - Hospital insurance -Medical insurance -Long- Term Care Insurance -Medigap - ✔✔Medical Insurance Medicare Part B covers most medically necessary doctors' services, preventive care, durable medical equipment, hospital outpatient services, laboratory tests, x-rays, mental health care, and some home health and ambulance services. You pay a monthly premium for this coverage. A group life policy terminates a class of participants. To qualify for an individual policy, an employee must do which of the following? - Prove that he is insurable - Have been insured at least 5 years - Apply for the new policy within 30 days - Pay at least two premiums in advance - ✔✔Have been insured at least 5 years To qualify for an individual policy, an employee must have been insured at least 5 years. A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) - conditionally renewability clause - optional renewability clause -selective renewability clause - cancelable clause - ✔✔optional renewability clause An optional renewability clause allows an insurer the unrestricted right to terminate coverage at any anniversary or at any premium due date. Coordination of Benefits regulation applies to all of the following plans EXCEPT -Group Health Plans -Preferred Provider Organization Plans -Self- Funded group plans -Group Health Plans - ✔✔Preferred Provider Organization Plan Coordination of Benefits regulation on group health policies does not apply to individual health insurance policies. A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? - Partial disability -Nondisabling injury -Presumptive disability - Flat amount disability - ✔✔Partial Disability In this situation, the policyowner would be eligible for benefits under a partial disability provision. A type of insurer that is owned by its policyowners is called -Domestic -Mutual -Stock - In-House - ✔✔Mutual A mutual insurer is owned by its policyowners. All of the following are included as part of a contract in the entire contract provision EXCEPT the - Riders - Application -Changes made by the producer -The Policy - ✔✔Changes made by the producer All of these are included as part of a contract in the entire contract provision EXCEPT the changes made by the producer. A policyowner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation? - Contingent beneficiary - Tertiary beneficiary - Revocable beneficiary - Irrevocable beneficiary - ✔✔Irrevocable Beneficiary An irrevocable beneficiary designation prohibits the policy owner from making any changes to the policy without the beneficiary's written consent. At what age will a person normally enroll with an insurance carrier under a Part C Medicare Advantage Plan? - Age 59 1/2 - Age 60 - Age 62 - Age 65 - ✔✔Age 65 Most people become eligible for Medicare (and Medicare Supplement policies) when attaining the age of 65. All of these statements concerning whole life insurance are false EXCEPT - Policyowner can take out a policy loan up to the face amount - When a whole life policy is surrendered, income taxes may be owed - Coverage is normally temporary - The death benefit is not affected by outstanding loans - ✔✔When a whole life policy is surrendered, income taxes may be owed Income taxes may be due when a whole life policy is surrendered. James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? - The original face amount will be paid to the beneficiary - The policy will be voided with no death benefits paid - The death benefit paid will be what the premium would have purchased at the correct age - The amount of premiums paid will be returned with interest - ✔✔The death benefit paid will be what the premium would have purchased at the correct age Under the Misstatement of Age provision, the amount paid will be what the premium would have purchased at the correct age. What would be an expense factor in an insurance program? - Premiums collected - Mortality costs - Opportunity costs - Investment interest - ✔✔Mortality cost Mortality costs are considered an expense factor in an insurance program. An insurer's license to do business in Louisiana is called - a notice of risk assignment - a certificate of authority - a mutual benefit card - a license to solicit registration - ✔✔A Certificate of Authority An insurer's license to do business in Louisiana is called a certificate of authority. The free-look provision gives the policyowner - the right to return the policy for a partial refund within a specified number of days - the right to contest the terms of the policy - the right to change a policy provision - the right to return the policy for a full refund within a specified number of days - ✔✔the right to return the policy for a full refund within a specified number of days Within a specified number of days, a free-look provision gives the policyholder the right to return the policy for a full refund. A cease and desist order issued against a producer - Suspends the producer's certificate or broker's license - Prevents the producer from receiving commissions - Prohibits a specific practice listed in the order - Terminates the producer's appointment with the insurer - ✔✔Prohibits a specific practice listed in the order A cease and desist order issued against a producer prohibits a specific practice listed in the order. Of the following dividend options, which of these is taxable? - Reduction of premium - One year term - Paid-up additions - Accumulation at interest - ✔✔Accumulation at interest The accumulation at interest is a taxable dividend option. Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called - variable payout - fixed accumulation - interest guaranteed - annuity certain - ✔✔annuity certain A type of annuity that provides a guaranteed accumulation or payout is called annuity certain. XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. Which of the following would be the appropriate tax consequence? - Premiums are paid with tax credits - Benefits are partially taxable - Benefits are fully taxable - Premiums are paid with after-tax dollars - ✔✔Benefits are fully taxable If the business pays premium as a tax-deductible expense, any benefits paid will be fully taxable. Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT -the producer -the insured -the policyowner - the beneficiary - ✔✔the beneficiary The beneficiary is not required to sign an insurance application. Fran is currently uninsured. Which of the following would allow Fran to qualify for a special enrollment in his small employer's health benefit plan? - Adoption of a child - An injury on the job - Birth of a grandchild - A new cancer diagnosis - ✔✔Adoption of a child An uninsured, eligible employee who acquires a new dependent through marriage, birth, or adoption may qualify for special enrollment in a small employer's health benefit plan. Under the Fair Credit Reporting Act, which statement is true? - The consumer who was investigated must be advised that credit, insurance, or employment was denied because of an unfavorable report. - Disclosure of the name of the reporting agency is prohibited. - The consumer must initiate legal action to remove unfavorable information from the report. - A reporting agency must furnish an investigative report to any person who requests the information. - ✔✔The consumer who was investigated must be advised that credit, insurance, or employment was denied because of an unfavorable report. A consumer being investigated must be advised of any denial based on an unfavorable report. What would happen if a life insurance applicant is given a conditional receipt from an insurance agent and then dies the next day? - Claim will be denied by insurer - Claim will be paid if money was received by the insurance company - Claim will be paid if underwriter has received the application - Claim will be paid if application is approved - ✔✔Claim will be paid if application is approved In this situation, the claim will be paid if the application is approved. The purpose of Medicare Supplement Insurance is to address gaps in Medicare coverage, which can include - Medicare in-hospital deductible - replacing HMO coverage - covering chiropractic treatment - treatment provided in a government hospital - ✔✔Medicare in-hospital deductible The purpose of Medicare Supplement Insurance is to address gaps in Medicare coverage, such as Medicare in-hospital deductibles. How are contributions made to a Roth IRA handled for tax purposes? - Fully tax deductible - Not tax deductible - Partially tax deductible - Conditionally tax deductible - ✔✔Not tax deductible Contributions made to a Roth IRA are not tax deductible. Which type of policy combines the flexibility of a universal life policy with investment choices? - Adjustable universal life policy - Flexible universal life policy - Variable universal life policy - Modified universal life policy - ✔✔variable universal life policy When the structure and flexibility of a universal life policy are combined with investment choices, the result is a variable universal life policy. Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? - Payout period - Accumulation period - Deferred period - Growth period - ✔✔Accumulation period Kathy's annuity is in the accumulation period. When a company is licensed by the Department of Insurance to do business in this state, it becomes - An authorized company - A domestic company - A captive company - A reciprocal company - ✔✔An authorized company When a company is licensed by the Department of Insurance to do business in this state, it becomes an authorized company. What happens to the coverage under a children's term rider when that child reaches a certain specified age? - Coverage decreases automatically - Coverage increases automatically - Coverage remains as long as proof of insurability is provided - Coverage is eliminated - ✔✔Coverage is eliminated When a child reaches a certain specified age under a children's term rider, he or she is eliminated from coverage. A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing - elimination periods - probationary periods - benefit limits - deductibles - ✔✔benefit limits To prevent an insured from earning a higher income than if he or she were working, disability income policies utilize benefit limits. Continued coverage under COBRA would be provided to a(n) -former dependent of employee no longer of dependent status -terminated employee -employee reaching full retirement -divorced spouse of employee - ✔✔terminated employee A terminated employee is eligible to continue health coverage under COBRA. A dread disease policy is considered to be a type of -hospital expense policy - group health insurance policy -major medical insurance policy - limited health insurance policy - ✔✔Limited health insurance A limited health insurance policy provides limited coverage for specific injuries or illnesses—such as travel accidents, dread diseases and hospital income. Which of the following does restorative dental treatment cover? -X-Rays -Cleanings -Dentures -Crowns - ✔✔Crowns Restorative dentistry is the procedure for restoring the function and integrity of missing tooth structures. Examples include fillings, crowns, and dental bridges. Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments? - Period certain - Straight life - Installment refund - Amount certain - ✔✔Period Certain An annuity where the policyowner chooses a pre-determined number of benefit payments is called period certain. The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? - Certificate of Authority - Consumer report - Coverage document - Certificate of coverage and benefits - [Show More]
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