which of the following is true about a producers duty for collecting premiums ?

funds may be held in an escrow account

funds may be held in a general account

funds may be comingled between accounts

funds may be held inconsequentially

if a producer submits a signed application along with an unsigned check, what must the insurer most likely do ?

complete underwriting but require payment and a statement of good health at the time of delivery

send all documents back to the agent

when two people are divorced, under the coordination of benefits clause, which policy will cover the child ?

the friend of the parent with custody

which of the following is true about medical supplement and long term care ?

30 day free look period and guaranteed renew ability option

30 day free look period and noncancellable renew ability option

a group insurance contract will have the coordination of benefits provision. there is a specific purpose for having this provision, what is that specific purpose ?

to protect the insurer from paying claims if the insured has another group health contract in force

to protect insureds and ensure benefits are paid

it ensure commissions are paid to agents timely

to protect the insurer from like minded people purchasing insurance

an applicant must sign an application for insurance for which purpose ?

to attest that answers are to the reasonable best of their knowledge and are considered representations

to bind the insurer to the risk

to attest that answers are guaranteed to be true and are considered warranties

to agree that the insured filled out the application

under a group voluntary long term care plan, which of the following statements is considered to me the most accurate

benefits will likely be lower than that of an individual policy

premiums will likely be higher than that of an individual policy

benefits will likely be higher than that of an individual policy

premiums will likely be lower than that of an individual policy

xyz company purchases key-person insurance on employee M to cover training cost. what of the following is true ?

XYZ company names M's family as beneficiary

M is the applicant and the insured of the policy

M is able to name the beneficiary

the commissioner of insurance investigates an hmo for which reason ?

confirm the solvency of the hmo

no investigations are ever needed

determine the trust beneficiary of the hmo

under the entire contract provision in regards to an in force policy when the insurer wishes to change items in the contract, what will most likely occure ??

the insured arbitrarily policy changes

changes may only be made by a producer

changes may only be made on a triannual basis

when an agent is boycotting an insurer, this is considered?

unfair claims settlement practices

all of the following are unfair claim settlement practices on an insurers part except

compromising the payment of a claim if fraud or illegal acts are suspended

denying a claim without a good reason stated in the letter

delaying payment of a claim due to market rates

which of the following is illegal ?

writing your own insurance policy

insuring multi-faceted companies

an ex-employee who has exhausted COBRA coverage and chooses to convert to individual coverage, would not have to do which of the following

add the benefits onto a tax form

ask the employer to pay premiums

what is true about section 125 plan if the employee elects more coverage than the employer pays for ?

the employee would pay the difference

the employer would pay the difference

the insurer would reduce benefits

COBRA benefits would be terminated in which of these scenarios ?

the employer has canceled the heath plan

the employee is eligible for medicaid

the employee has made on -time payments

the employee has filed too many claims

which of the following is not true about the guaranteed insurability rider ?

it allows for death benefit increases with out higher premiums

the death benefit may be increased every 3 years

it allows for death benefit increases without medical exam

the death benefit may be increased after marriage or kids

exam part 2

Authored by Briana Medina

Education

Professional Development

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67 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an insured completes an application and the producer submits it to underwriting. the underwriter issues the policy. what is still needed for this to become a legal contract ?

acceptance

money

legal duty

offer

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

k has a disability income policy providing coverage until age 65, but it includes a provision which allows the insurer to adjust rates based off of her class ranking. what is most likely renewability option ?

interim

guaranteed renewable

cancelable

noncancelable

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a medicare supplement policy must cover which of the following :

hospital services

hospice services

physician services

home care services

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the type of contract that does not pay death benefit, but only returns principle upon death, would be best described as :

annuity

universal life

adjustable life

whole life

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a pre- authorization form is most likely required by which type of organization?

medical care organization

health maintenance organization

managed care organization

preferred provider organization

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

an hr-10 plan is commonly know as which plan ?

401k

403b

simple ira

keogh

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

all of the following scenarios dictate when an agent may lose their license except

embezzling money form an insurer

writing threat letters to the commissoner

twisting

selling insurance with a non- resident license

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exam part 2

an insured completes an application and the producer submits it to underwriting. the underwriter issues the policy. what is still needed for this to become a legal contract ?

k has a disability income policy providing coverage until age 65, but it includes a provision which allows the insurer to adjust rates based off of her class ranking. what is most likely renewability option ?

a medicare supplement policy must cover which of the following :

the type of contract that does not pay death benefit, but only returns principle upon death, would be best described as :

a pre- authorization form is most likely required by which type of organization?

an hr-10 plan is commonly know as which plan ?

all of the following scenarios dictate when an agent may lose their license except

which of the following is true about a producers duty for collecting premiums ?

changes to a policy are covered under which clause in a contract ?

a father is going to purchase a term a life policy on his 18 year old son. which of the following signatures are required ?

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