PA Life and Health Questions and Answers Already Passed

PA Life and Health Questions and Answers Already Passed Damon purchased a 10-pay life policy at age 35. He can expect it to be paid up by age 45 With respect to life policies, all of the following are subject to federal income tax EXCEPT policy proceeds paid in lump sum Which of the following types of health insurers provide the majority of their benefits on a service basis, meaning the insurer pays the health services provider directly rather than reimbursing the subscriber? In order to obtain group health insurance without providing evidence of insurability, what do eligible individuals generally have to do? Enroll within a specified eligibility period An admitted insurer must have which of the following before transacting insurance in the state? certificate of authority The advantage of enrolling in a group health insurance program during the eligibility period is that no medical exam is required Which health insurance policy provision allows the insurer to pay accrued indemnities that remain unpaid at the insured's death to either a beneficiary or to the insured's estate? payment of claims The purpose of the Guaranty Association is to protect policyholders against the insurers inability to pay claims What is a life insurance policy dividend? Interest paid to the policyowner on the cash value accumulation of a permanent insurance policy Premiums fully paid by an employer for employee group health insurance are generally tax- deductible to the employer What type of annuity settlement arrangement stops making payments when the annuitant dies? pure life annuity Which of the following statements about life policy loans is NOT correct? The loan value of a policy is equal to the current cash value, less the amount of interest determined by the loan interest rate stated in the policy. All of the following statements regarding an insurance producer's fiduciary responsibility are correct EXCEPT the producer must be knowledgeable about the insurance policies, but need not be concerned with offering how these polices can be used to solve the general public's needs Which of the following best defines the annuity period? The time during which payments are made to the annuitant Which life insurance settlement option is considered the default option if no other option is elected? lump-sum cash a life insurance trust may be created while the insurer is till alive or after the insurer's death (inter vivos and testamentary) A written agreement in which an insurer authorizes a producer to sell insurance policies for it is called an appointment