Ohio Health and life insurance exam
Exam Questions and Answers
() (Verified
Answers)
The type of policy where the insurer can send a notice to the
insured that the policy has been cancelled in the middle of
the term is called - CORRECT answer cancelable
How soon can the benefit payments begin with a deferred
annuity? - CORRECT answer A minimum of 12 months after
date of purchase
Which of these factors is NOT taken into consideration when
determining the cost of a long- term care policy? - CORRECT
answer Personal income
An agent is legally permitted to share his/her commissions -
CORRECT answer with another licensed agent
The waiver of premium does NOT include which provision? -
CORRECT answer All future premiums are waived if the
insured recovers from the disability
,An employer is issued a group medical insurance policy.
This single contract is known as a(n) - CORRECT answer
Master policy
Who is the individual paid on a fee-for-service basis -
CORRECT answer Provider
Which type of plan would be most appropriate for an
individual on Medicare and is concerned that Medicare will
NOT pay for charges exceeding the approved amount? -
CORRECT answer Medicare supplement Plan F
Lisa has recently bought a fixed annuity. Which of these is
considered to be a disadvantage of owning this type of
annuity? - CORRECT answer During periods of inflation,
annuitants will experience a decrease in purchasing power of
their payments
Long- Term care policies may provide coverage for claims
arising from - CORRECT answer senile dementia
A group Disability Income plan that pays tax- free benefits to
covered employees is considered - CORRECT answer fully
contributory
An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT answer subrogation
What happens to the coverage under a children's term rider
when that child reaches a certain specified age? - CORRECT
answer coverage is eliminated
What happens to interest earned if the annuitant dies before
the payout start date? - CORRECT answer it is taxable
, Which of the following is NOT part of an insurance contract?
- CORRECT answer Certificate of Authority
A life insurance policy that has premiums fully paid up within
a stated time period is called - CORRECT answer limited
payment insurance
Which of the following is NOT a type of Medicare Advantage
Plan? - CORRECT answer Social Security Disability Income
(SSDI)
Which of these statements about Medicaid is CORRECT? -
CORRECT answer Funded by federal, state, and local taxes
An endorsement found in an insurance plan which modifies
the provisions of the policy is called a(n) - CORRECT answer
rider
When an insured has a major medical plan with first dollar
coverage, how does this impact the benefits paid? -
CORRECT answer No deductible payment is required
A rehabilitation benefit is intended to - CORRECT answer
prepare the insured to return to employment
James is the insured on a life insurance policy where his age
was misstated on the application. Which of the following is
CORRECT regarding the death benefit amount? - CORRECT
answer The death benefit paid will be what the premium
would have purchased at the correct age
According to HIPAA, when an insured individual leaves an
employer and immediately begins working for a new
Exam Questions and Answers
() (Verified
Answers)
The type of policy where the insurer can send a notice to the
insured that the policy has been cancelled in the middle of
the term is called - CORRECT answer cancelable
How soon can the benefit payments begin with a deferred
annuity? - CORRECT answer A minimum of 12 months after
date of purchase
Which of these factors is NOT taken into consideration when
determining the cost of a long- term care policy? - CORRECT
answer Personal income
An agent is legally permitted to share his/her commissions -
CORRECT answer with another licensed agent
The waiver of premium does NOT include which provision? -
CORRECT answer All future premiums are waived if the
insured recovers from the disability
,An employer is issued a group medical insurance policy.
This single contract is known as a(n) - CORRECT answer
Master policy
Who is the individual paid on a fee-for-service basis -
CORRECT answer Provider
Which type of plan would be most appropriate for an
individual on Medicare and is concerned that Medicare will
NOT pay for charges exceeding the approved amount? -
CORRECT answer Medicare supplement Plan F
Lisa has recently bought a fixed annuity. Which of these is
considered to be a disadvantage of owning this type of
annuity? - CORRECT answer During periods of inflation,
annuitants will experience a decrease in purchasing power of
their payments
Long- Term care policies may provide coverage for claims
arising from - CORRECT answer senile dementia
A group Disability Income plan that pays tax- free benefits to
covered employees is considered - CORRECT answer fully
contributory
An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT answer subrogation
What happens to the coverage under a children's term rider
when that child reaches a certain specified age? - CORRECT
answer coverage is eliminated
What happens to interest earned if the annuitant dies before
the payout start date? - CORRECT answer it is taxable
, Which of the following is NOT part of an insurance contract?
- CORRECT answer Certificate of Authority
A life insurance policy that has premiums fully paid up within
a stated time period is called - CORRECT answer limited
payment insurance
Which of the following is NOT a type of Medicare Advantage
Plan? - CORRECT answer Social Security Disability Income
(SSDI)
Which of these statements about Medicaid is CORRECT? -
CORRECT answer Funded by federal, state, and local taxes
An endorsement found in an insurance plan which modifies
the provisions of the policy is called a(n) - CORRECT answer
rider
When an insured has a major medical plan with first dollar
coverage, how does this impact the benefits paid? -
CORRECT answer No deductible payment is required
A rehabilitation benefit is intended to - CORRECT answer
prepare the insured to return to employment
James is the insured on a life insurance policy where his age
was misstated on the application. Which of the following is
CORRECT regarding the death benefit amount? - CORRECT
answer The death benefit paid will be what the premium
would have purchased at the correct age
According to HIPAA, when an insured individual leaves an
employer and immediately begins working for a new
