SOUTH DAKOTA LIFE AND HEALTH FINAL EXAM 2024 WITH 100% ACCURATE ANSWERS

SOUTH DAKOTA LIFE AND HEALTH FINAL EXAM 2024 WITH 100% ACCURATE ANSWERS Company Z has a Cross Purchase Buy-Sell Agreement in place among its three founding partners. If the agreement is funded with individual life insurance, what would it require? - correct answer Each partner must own a policy on the other partners Which statement regarding the Misstatement of Age provision is considered to be true? - correct answer Coverage will be adjusted to reflect the insured's true age if a misstatement of age is discovered Which contract permits the remaining partners to buy-out the interest of a disabled business partner? - correct answer Disability Buy-Sell A term life insurance policy matures: - correct answer upon the insured's death during the term of the policy If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses? - correct answer Medicare Supplement K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy would cover her loss of income? - correct answer Disability Income S is employed by a large corporation that provides group health coverage for its employees and their dependents. If S dies, the company must allow his surviving spouse and dependents to continue their group health coverage for a maximum of how many months under COBRA regulations? - correct answer 36