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chapter exam part 2 Flashcards | StudBud
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chapter exam part 2
chapter exam part 2
100 terms
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1
select the appropriate response
the outstanding policy loan balance
any surrender charges owed by the policyowner
any interest payable from an outstanding policy loan balance
past due premiums that have not been paid by the end of the grace period
2
select the appropriate response
generate revenues for the state
assure that spokespersons are properly vetted
assure full and truthful disclosures to the public
ensure that all insurers get equal exposure
3
select the appropriate response
the benefits are taxable
the insured will pay a reduced amount
the insurer will pay a reduced amount
the insured has lower out-of-pocket expenses
4
select the appropriate response
benefit another insurance company
malign another insurance company
misrepresent the benefits payable under a policy
defraud an insured or a claimant
5
select the appropriate response
1
5
3
7
6
select the appropriate response
at least seven years
at least four years
at least six years
at least five years
7
select the appropriate response
poor people
all individuals who carry medicare supplemental insurance
anyone who does not have a proper caregiver
all individuals over the age of 65
8
select the appropriate response
4
1
3
2
9
select the appropriate response
provide the prospect with his insurers AM best rating
offer a reduction in premium to the prospect in exchange for the fee
obtain signed memorandum from prospect acknowledging amount of compensation
give 25% of the fee back to the prospect if the policy is issued
10
select the appropriate response
5 years
90 days
2 years
10 days
11
select the appropriate response
a self-inflicted injurt
a crime committed by the insured
intoxication
a negative reaction to prescribed medicine
12
select the appropriate response
25
15
20
10
13
select the appropriate response
at the request of the applicant to assist in the underwriting decision
attending physician’s statements are mandatory during application process
at the request of the insurer to assist in the underwriting decision
at the request of the producer to assist in the underwriting decision
14
select the appropriate response
provider
administrator
subscriber
insured
15
select the appropriate response
provider
facility providing service
insured
insured’s spouse
16
select the appropriate response
buy additional insurance coverage
cash outlay to the policyowner
reduction in policy premium
accumulate without interest
17
select the appropriate response
$800
$160
$200
$600
18
select the appropriate response
her home address
commissioner’s name
the annuity’s guaranteed interest rate
her name
19
select the appropriate response
$400
$4,000
$2,000
$800
20
select the appropriate response
6.5%
8%
7.5%
5%
21
select the appropriate response
adjustable term life
increasing term life
convertible term life
decreasing term life
22
select the appropriate response
errors and omissions
errors and oversights
fiduciary bond
fiduciary trust
23
select the appropriate response
45
30
15
60
24
select the appropriate response
MEWA
disability insurance
dread disease insurance
blanket insurance
25
select the appropriate response
7
3
5
1
26
select the appropriate response
discussing premiums with a potential insured
following up with a policyowner ab a change in address
setting up sales appts
conduct an agency sales meeting
27
select the appropriate response
guarantee
collateral
warranty
representation
28
select the appropriate response
medicaid
medicare
private insurance companies
associations and employers
29
select the appropriate response
prescription drugs
custodial care
hospital room and board
doctor and surgeon services
30
select the appropriate response
gains are tax deductible
gains are converted to tax credits
gains are taxed at distribution
gains are tax exempt at distribution
31
select the appropriate response
viatical settlement contract
spendthrift plan
buy-sell arrangement
adhesion agreement
32
select the appropriate response
specified amount of money
policy dividend
policy’s cash value
funeral expense fund
33
select the appropriate response
display year-by-year cash surrender values
include the name if the insurance commissioner
have its content approved by the insurance commissioner
explain the company’s specific underwriting procedures
34
select the appropriate response
an insurance company’s trademark instead of the company’s actual name
a oaid testimonial
a statement that highlights coverage amounts
a celebrity endorsement
35
select the appropriate response
grace period
incontestable period
average age
number of dependents
36
select the appropriate response
state insurance departments
NAIC
insurance carriers
insurance producers
37
select the appropriate response
long-term care rider
waiver of premium
disability income rider
annuity rider
38
select the appropriate response
buyers guide
policy summary
insurance company’s advertisements related to this coverage
insurer company AM best rating
39
select the appropriate response
what the application is completed and signed
when the completed application is signed and initial premium is collected
when the policy is issued
when initial premium is collected and policy is issued
40
select the appropriate response
the contract must be aleatory
the contract must be a contract of adhesion
there must be an offer and acceptance
there must be legal reasons for entering into the contract
41
select the appropriate response
120
30
60
90
42
select the appropriate response
claims
over insurance
the elimination period
adverse selection
43
select the appropriate response
accidental death benefit provision
presumptive disability provision
absolute accidental provison
accidental bodily injury provision
44
select the appropriate response
entire contract
employer contract
master policy
certificate of coverage
45
select the appropriate response
survivorship life policy
joint life policy
dual life policy
annuity joint policy
46
select the appropriate response
participating life insurance policy
divisible surplus life insurance policy
straight life insurance policy
nonparticipating life insurance policy
47
select the appropriate response
$10,000
$15,000
$0
$5,000
48
select the appropriate response
accident
war
suicide
sickness
49
select the appropriate response
substandard risk
preferred risk
unacceptable risk
standard risk
50
select the appropriate response
consultant who gives motivation seminars to a insurers sales team
individual who underwrites insurance policies
producer who introduces policyowner to 3rd party for life insurance policy
producer who charges fees for advice
51
select the appropriate response
survivorship life policy
multiple life policy
dual life policy
joint life policy
52
select the appropriate response
dividends only
extended interest
fixed period
interest only
53
select the appropriate response
Fair credit reporting acr
McCarran-Ferguson Act
McCain-Feingold Act
paul vs virginia
54
select the appropriate response
standard risk
substandard risk
preferred risk
unacceptable risk
55
select the appropriate response
a soldier in leave at home
an individual who has a hobby racing cars once a month
an airline pilot who flies for a commercial carrier
a tourist abroad on a major airline carrier
56
select the appropriate response
the examination
lasik surgery
eyeglasses frames
contact lenses
57
select the appropriate response
there is a protection of proceeds against the beneficiary’s creditors
there is protection of proceeds against insureds & beneficiary’s creditors
there is never protection of proceeds
there is protections of proceeds against the insureds creditors
58
select the appropriate response
insured
insurer
producer
applicant
59
select the appropriate response
custodial care
intermediate care
skilled care
acute care
60
select the appropriate response
$3,000
$5,000
$4,000
$2,000
61
select the appropriate response
policy owner can take out a policy loanup to the face amount
coverage is normally temporary
when a whole life policy is surrendered, income taxes may be owed
the death is not affected by outstanding loans
62
select the appropriate response
70 1/2 and owned account for a minimum of 10 years
59 1/2 and owned account for a minimum of 10 years
70 1/2 and owned account for a minimum of 5 years
59 1/2 and owned account for a minimum of 5 years
63
select the appropriate response
2 years
lifetime
1 year
18 months
64
select the appropriate response
life income
interest only
fixed period
installment refund
65
select the appropriate response
a producer may advertise that a policy is covered by the association
none of the choices
only an insurance company can advertise the existence of the association
a producer may advertise the existence of the association
66
select the appropriate response
the premium payments
the cash value
the face amount
the period of coverage
67
select the appropriate response
$50.00
$25.00
$75.00
$100.00
68
select the appropriate response
accurately convey all pertinent facts
provide where the data was obtained
display which third-party verified the data
explain hoe the statistics were calculated
69
select the appropriate response
bond
license
warrant
authorization
70
select the appropriate response
incontestable period
grace period
reinstatement period
probation period
71
select the appropriate response
there is any blood relationship with the insured
en economic interest exist for the continuance of the insureds life
a financial interest exists at the time of insureds death
a business relationship exists
72
select the appropriate response
allows the insurer to collect medical information on the policy owner
excludes payments for a short-term illness or injury
helps the insurer determine if the claim is legitimate
is the period of time that must elapse before the benefits are payable
73
select the appropriate response
120 days
100 days
60 days
30 days
74
select the appropriate response
contain content approved by the commissioner
explain specific policy values
contain a copy of the producer’s license
include a copy of the sales presentation
75
select the appropriate response
returning a portion of a premium as inducement to purchase insurance
using intimidation in order to restrain or monopolize business of insurance
using derogatory statements ab an insurance company’s financial condition
offering a client something of value not stated in the contract in exchang
76
select the appropriate response
standard
substandard
acceptable
preferred
77
select the appropriate response
decreased mobility
loss of limbs
decreased work skills
loss of income
78
select the appropriate response
policy withdrawal
policy dividend
loan against cash value
death benefit
79
select the appropriate response
health reimbursement arrangement plan
section 125 plan
premium only plan
cafeteria plan
80
select the appropriate response
taxes must be paid on 25% of the benefits received
taxes must be paid on 75% of the benefits received
taxes must be paid on all benefits received
no taxes are payable on any benefits received
81
select the appropriate response
settlement options
death benefit
cash value
cost
82
select the appropriate response
does not count as a pre-existing condition
indicates a pre existing condition
is relevant to underwriting
is not required to be reported on the application
83
select the appropriate response
stock
mixed
interactive
mutual
84
select the appropriate response
residual clause
presumptive clause
any occupation clause
own occupation clause
85
select the appropriate response
misrepresenting insurance policy provisions affecting a loss
acting promptly on claims communication
implementing standards for proper investigation
denying a claim after reasonable investigation of the facts
86
select the appropriate response
insurable interest is established by a court of law
insurable interest must exist at the time of the application
individuals are assumed to have insurable interest in themselves
insurable interest can be established by sentimental attachment alone
87
select the appropriate response
mutual
MEWA
hospital indemnity
group
88
select the appropriate response
give the insured time to find a new career
increase the overall benefits given to the insured
minimize the insurers liability
prepare the insured to return to employment
89
select the appropriate response
to ensure an applicant’s medical information is accurate and complete
to approve pr decline an applicsnt
assign a risk classification to the insured
report medical information to the medical information bureau (MIB)
90
select the appropriate response
is not required in the state of NJ
is only required when a binding receipt is issued
must be delivered with or prior to policy delivery
must be delivered within 30 days of policy summary
91
select the appropriate response
the applicant waives all privacy rights
the applicants family medical history is always required
the applicants medical history is irrelevant
the applicants medical history may be analyzed and reported
92
select the appropriate response
the conversion being applied for within 31 days of termination
submitting proof of insurability
converting to term life insurance
paying a lower premium
93
select the appropriate response
after multiple premiums have been paid
after the first premium has been paid
after policy has been active for one year
after the incontestable period
94
select the appropriate response
modified life insurance
variable life insurance
modified endowment contracts (MEC)
universal life insurance
95
select the appropriate response
$25
100% of the allowed amount
$0
100% of the billed amount
96
select the appropriate response
form a large PPO on a statewide level
receive matching funds to expand public assistance programs
purchase health insurance from the federal government
defer all costs to the federal government for public assistance programs
97
select the appropriate response
variable universal policy
adjustable policy
limited pay policy
level term policy
98
select the appropriate response
health maintenance organization (HMO)
point-of-service (POS) plan
preferred provider organization (PPO)
major medical indemnity plan
99
select the appropriate response
the insurance company’s financial rating
the income earner’s credit score
the family’s financial objectives if income earner died or become disabled
the income earner’s future projected income
100
select the appropriate response
upper limits of what he insured will pay in out-of-pocket expenses
upper limit of what an insurance company will pay for any particular claim
upper limit of the total lifetime benefits the insurance company will pay
upper limit % of what the insurance company will pay for coinsurance
