Ohio State Exam Life and Health Insurance
Questions and Answers () (Verified
Answers)
Which of these is a method of determining the level of funds
required for ongoing support in the event of the
breadwinner's death? - CORRECT ANSWER Human life
value
Which of the following signatures is not required on an
individual insurance application? - CORRECT ANSWER
Insurer
Insurance companies determine risk exposure by which of
the following? - CORRECT ANSWER law of large numbers
and risk pooling
Which of these is a TRUE statement regarding HIC's? -
CORRECT ANSWER HIC's operate on a prepayment basis.
Which of these is NOT considered a supplemental health
insuring corporation (HIC) service? - CORRECT ANSWER
outpatient medical services
How much does Medicare Part B pay for physician fees? -
CORRECT ANSWER 80%
A minor may receive a life insurance policy's death benefit
ONLY - CORRECT ANSWER if the minor has an appointed
guardian
,An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT ANSWER subrogation
Under a non-qualified annuity, interest is taxed after the -
CORRECT ANSWER exclusion ration has been calculated
A person who is a nonsmoker, of average weight, and in
excellent health would most likely be in which risk
classification? - CORRECT ANSWER Preferred
The gatekeeper's role when used by an HMO is - CORRECT
ANSWER obtaining referrals to specialists from primary care
physicians
The premium payment mode that results in the highest
overall cost would be - CORRECT ANSWER monthly
Mary's Medicare Supplement policy had been in effect for 12
months. She recently replaced the policy with a new one that
provides better coverage. The replacing policy may only
impose a ____ month time exclusion for pre-existing
conditions. - CORRECT ANSWER 0
What is known as the immediate specific event causing loss
and giving rise to risk? - CORRECT ANSWER peril
What is the primary factor that determines the benefits paid
under a disability income policy? - CORRECT ANSWER
wages
Andy the annuitant dies before the annuity start date. Which
of the following is a TRUE statement? - CORRECT ANSWER
Premiums paid plus interest earned is returned to the
beneficiary
,Sharon is the policyowner of a $50,000 life insurance policy.
Her son, Mike, is the beneficiary. If Sharon MUST obtain
Mike's signature in order to change the beneficiary, what
kind of beneficiary designation is this? - CORRECT
ANSWER Irrevocable
The suicide clause of a life insurance policy states that if an
insured commits suicide within a stated period from the
policy's inception, the insurer will only be liable for a return
of premiums paid - CORRECT ANSWER minus indebtedness
and with interest
An employer may qualify for health care tax credits through
SHOP Marketplace if the employer has fewer than how many
employees? - CORRECT ANSWER 25
What type of injury would NOT be covered under a health
insurance policy? - CORRECT ANSWER Work-related (be
covered under worker's compensation)
The two major actions required for a policyholder to comply
with the Reinstatement Clause are - CORRECT ANSWER
provide evidence of insurability, pay past due premiums
What amount will be paid under a policy where the insured
misstated his/her age? - CORRECT ANSWER An amount the
premium would have purchased at the correct age.
An attending physician's statement would be appropriate for
which life insurance purpose? - CORRECT ANSWER At
request of the insurer to assist in the underwriting decision
, A life insurance policy owner is allowed ___ days upon
policy delivery to return the policy for a full premium refund.
- CORRECT ANSWER 10
Converting a group plan to permanent life insurance requires
- CORRECT ANSWER the conversion being applied for
within 31 days of termination
According to life insurance contract law, insurable interest
exists - CORRECT ANSWER at the time of application
A life insurance policy's advertising material MUST contain
all of the following information EXCEPT - CORRECT
ANSWER agent's commission
Coverage for newborns under an accident and health plan
MUST include coverage for - CORRECT ANSWER birth
abnormalities
Generally speaking, which three levels of care are Long-Term
Care policies provided with? - CORRECT ANSWER skilled
nursing, intermediate, and custodial care
Variable life insurance and Universal life insurance are very
similar. Which of these features are held exclusively by
variable universal life insurance? - CORRECT ANSWER
Policyowner has the right to select the investment which will
provide the greatest return.
Shirley has a Medigap policy, which is designed to pay costs
associated with - CORRECT ANSWER Medicare parts A and
B
Questions and Answers () (Verified
Answers)
Which of these is a method of determining the level of funds
required for ongoing support in the event of the
breadwinner's death? - CORRECT ANSWER Human life
value
Which of the following signatures is not required on an
individual insurance application? - CORRECT ANSWER
Insurer
Insurance companies determine risk exposure by which of
the following? - CORRECT ANSWER law of large numbers
and risk pooling
Which of these is a TRUE statement regarding HIC's? -
CORRECT ANSWER HIC's operate on a prepayment basis.
Which of these is NOT considered a supplemental health
insuring corporation (HIC) service? - CORRECT ANSWER
outpatient medical services
How much does Medicare Part B pay for physician fees? -
CORRECT ANSWER 80%
A minor may receive a life insurance policy's death benefit
ONLY - CORRECT ANSWER if the minor has an appointed
guardian
,An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT ANSWER subrogation
Under a non-qualified annuity, interest is taxed after the -
CORRECT ANSWER exclusion ration has been calculated
A person who is a nonsmoker, of average weight, and in
excellent health would most likely be in which risk
classification? - CORRECT ANSWER Preferred
The gatekeeper's role when used by an HMO is - CORRECT
ANSWER obtaining referrals to specialists from primary care
physicians
The premium payment mode that results in the highest
overall cost would be - CORRECT ANSWER monthly
Mary's Medicare Supplement policy had been in effect for 12
months. She recently replaced the policy with a new one that
provides better coverage. The replacing policy may only
impose a ____ month time exclusion for pre-existing
conditions. - CORRECT ANSWER 0
What is known as the immediate specific event causing loss
and giving rise to risk? - CORRECT ANSWER peril
What is the primary factor that determines the benefits paid
under a disability income policy? - CORRECT ANSWER
wages
Andy the annuitant dies before the annuity start date. Which
of the following is a TRUE statement? - CORRECT ANSWER
Premiums paid plus interest earned is returned to the
beneficiary
,Sharon is the policyowner of a $50,000 life insurance policy.
Her son, Mike, is the beneficiary. If Sharon MUST obtain
Mike's signature in order to change the beneficiary, what
kind of beneficiary designation is this? - CORRECT
ANSWER Irrevocable
The suicide clause of a life insurance policy states that if an
insured commits suicide within a stated period from the
policy's inception, the insurer will only be liable for a return
of premiums paid - CORRECT ANSWER minus indebtedness
and with interest
An employer may qualify for health care tax credits through
SHOP Marketplace if the employer has fewer than how many
employees? - CORRECT ANSWER 25
What type of injury would NOT be covered under a health
insurance policy? - CORRECT ANSWER Work-related (be
covered under worker's compensation)
The two major actions required for a policyholder to comply
with the Reinstatement Clause are - CORRECT ANSWER
provide evidence of insurability, pay past due premiums
What amount will be paid under a policy where the insured
misstated his/her age? - CORRECT ANSWER An amount the
premium would have purchased at the correct age.
An attending physician's statement would be appropriate for
which life insurance purpose? - CORRECT ANSWER At
request of the insurer to assist in the underwriting decision
, A life insurance policy owner is allowed ___ days upon
policy delivery to return the policy for a full premium refund.
- CORRECT ANSWER 10
Converting a group plan to permanent life insurance requires
- CORRECT ANSWER the conversion being applied for
within 31 days of termination
According to life insurance contract law, insurable interest
exists - CORRECT ANSWER at the time of application
A life insurance policy's advertising material MUST contain
all of the following information EXCEPT - CORRECT
ANSWER agent's commission
Coverage for newborns under an accident and health plan
MUST include coverage for - CORRECT ANSWER birth
abnormalities
Generally speaking, which three levels of care are Long-Term
Care policies provided with? - CORRECT ANSWER skilled
nursing, intermediate, and custodial care
Variable life insurance and Universal life insurance are very
similar. Which of these features are held exclusively by
variable universal life insurance? - CORRECT ANSWER
Policyowner has the right to select the investment which will
provide the greatest return.
Shirley has a Medigap policy, which is designed to pay costs
associated with - CORRECT ANSWER Medicare parts A and
B
