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PSI: Life, Accident, & Health Exam Questions & Answers (Complete Solutions) What happens under a misstatement of age clause on a disability policy?

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PSI: Life, Accident, & Health Exam Questions & Answers (Complete Solutions)-What happens under a misstatement of age clause on a disability policy? 1. The policy would be terminated and all premium... s would be returned to the policy owner. 2. The policy would be terminated and all premiums would be retained by the insurance company. 3. All amounts payable under this policy shall be what the premium originally would have purchased and been paid at the correct age. 4. Prior to any benefits being payable, the insured shall rate and pay the difference in premiums based upon his correct age - All amounts payable under this policy shall be what the premium originally would have purchased and been paid at the correct age. Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? 1. A "foreign" insurer is organized under the laws of another country. 2. A "foreign" insurer is prohibited from transacting insurance with the State of California. 3. A "foreign" insurer is organized under the laws of another state within the United States. 4. A "foreign" insurer transacts business in multiple languages not spoken in the United States. - A "foreign" insurer is organized under the laws of another state within the United States. Which of the following is TRUE regarding nonadmitted insurers? 1. A felony is committed by the agent in the state of a nonadmitted insurer. 2. Acting as an agent for a nonadmitted insurer is considered a misdemeanor. 3. The agent shall pay $1,000 in addition to any fees involving the commission of a felony. 4. Specific penalties shall be determined by the Insurance Commissioner on a case by case basis. - Acting as an agent for a nonadmitted insurer is considered a misdemeanor. What happens if an owner requests an immediate investment of monies in a variable annuity policy be returned during the 30 day cancellation period? 1. The owner shall forfeit any money invested. 2. The owner shall receive the market value at the time of the cancellation. 3. The owner shall receive a refund of premium but nothing earned during cancellation period. 4. The owner shall receive a full refund of premium, plus the market value, minus any commission fees. - The owner shall receive the market value at the time of the cancellation. Can any life insurer issue group life insurance with premium rates less than the usual rates for such insurance? 1. Yes, when the Department of Insurance has requested they do so. 2. Yes, if the insurer has filed an exemption form to do so. 3. Yes, they may do so on any group plan, with or without annuities. 4. No, there are no circumstances when this is allowed. - Yes, they may do so on any group plan, with or without annuities Which of the following is TRUE regarding the use of fictitious names for business? 1. Fictitious names do not need to be reported like actual personal or business names. 2. The actual and fictitious business names must be registered with the commissioner. 3. The licensee may register 3 or more fictitious names in addition to their real name the first year. 4. A licensee may continue to use for 10 days a fictitious name prohibited by the commissioner until notification. - The actual and fictitious business names must be registered with the commissioner Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer? 1. The insurer is obliged to accept the application for underwriting from the life agent. 2. If a policy is issued, the agent is required to forfeit any commission unless appointed. 3. The insurer is required to report the agent appointment within 21 days of the policy issue. 4. If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf. - If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide which document to be delivered by the employer to the employee? 1. A copy of the insurance policy. 2. An individual certificate of insurance. 3. A vestment schedule showing what the policy will be worth. 4. An individual packet including the application and the policy. - An individual certificate of insurance. After what time period is the policy considered to have been delivered in an acceptable way if premiums have been paid? 1. after 6 months if the premiums have been paid 2. after 1 year if the premiums have been paid by the insured 3. 30 days after the first premium has been received by the insurer 4. only if a written receipt is obtained at the time of delivery, regardless of paid premiums - after 6 months if the premiums have been paid A claimant can be any of the following EXCEPT 1. any person who asserts a right of recovery under a surety bond. 2. a person who is conducting an investigation of a claim on behalf of an insurer. 3. any person authorized by operation of law to represent the claimant. 4. an attorney. - a person who is conducting an investigation of a claim on behalf of an insurer Which is an INACCURATE statement regarding coverage for domestic partnerships? 1. A group health policy shall provide equal coverage for registered domestic partners. 2. A policyholder may not require that a domestic partnership be registered to qualify for coverage. 3. A policy shall not cover a domestic partner if it is unequal to the coverage provided to the spouse of an employee, insured, or policyholder. 4. Equal coverage shall be offered to the registered domestic partner of an employee, insured, or policyholder in terms as those provided to a spouse. - A policyholder may not require that a domestic partnership be registered to qualify for coverage. Concealment, whether intentional or unintentional, entitles the injured party to? 1. Modify insurance. 2. Rescind insurance. 3. Supplemental benefits. 4. Reduced cost insurance. - Rescind insurance. Which is an INACCURATE statement on the purpose and intent of the Insurance Information and Privacy Protection Act? 1. The Act enables applicants and policyholders to obtain reasons for adverse underwriting decisions. 2. The Act permits disclosure of insurance underwriting information and claim history records. 3. The Act grants persons access to information collected in order to verify or dispute its accuracy. 4. The Act establishes standards for the collection, use and disclosure of information related to insurance. - The Act permits disclosure of insurance underwriting information and claim history records. A policy with a life insurance benefit for a disabled employee includes an extension of benefits upon its discontinuance when all of the following are met EXCEPT 1. during a 30 day period in which to accept the terms of the new policy. 2. when such discontinuance does not affect the disability benefit within the first 10 days. 3. that any amounts of life insurance provided have no disability provision applied as described in the CIC. 4. the rights of conversion shall apply to the amount the individual is insured for at the termination of the policy. - during a 30 day period in which to accept the terms of the new policy. Which of the following can the insurer do if the insured intentionally conceals or misrepresents a material fact concerning any coverage part? 1. Rescind the contract. 2. Charge a penalty fee. 3. Modify coverage. 4. Sue the insured. - Rescind the contract. Which is an ACCURATE statement regarding long-term care advertisements and the "cold lead device" disclosure? 1. An ad designed to promote leads does not have to disclose the fact that an agent will call. 2. The fact that a cold lead device was used must be immediately announced to the customer. 3. The ad designed to promote cold leads must be retained by the insurer for at least 365 days. 4. Any insurer providing long-term care coverage shall provide a copy of any advertisement for inspection by the commissioner at least 90 days prior to any planned implementation. - The fact that a cold lead device was used must be immediately announced to the customer. How long does an employee in a group insurance policy have to exercise the conversion privilege after employment is terminated? 1. 0 days with no eligible coverage once the employment is terminated 2. 31 days to use the conversion privilege and begin an individual life insurance policy. 3. 90 days to convert to an individual policy equal to the coverage under the group policy 4. 6 months to exercise the conversion privilege after termination if the employee was ill-treated - 31 days to use the conversion privilege and begin an individual life insurance policy. [Show More]

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