INSURANCE EXAM AZ #1333 2024 LATEST WITH
150 QUESTIONS AND VERIFIED ANSWERS
GRADED A+
An insurer must keep advertising materials and records for at least how many
years? - ANSWER-3
The insurance coverage in a variable life insurance policy may vary based on the
value of - ANSWER-the underlying investments
When is it acceptable to charge or receive a fee or service charge in addition to the
premium in connection with the transaction of insurance? - ANSWER-If the
amount of the fee or service charge is reasonably related to the cost of the service.
The dental specialty which deals with the replacement of missing teeth is called -
ANSWER-Prosthodontics
Which of the following is NOT a valid reason for an insurer to contest a life
insurance policy during the policy's first two years of existence? - ANSWER-
Misstatement of age
Which of the following would most likely purchase an immediate annuity? -
ANSWER-Retiree having a lump sum to invest.
A signed good health statement may be requested by a life producer at the time of -
ANSWER-Policy delivery
,Tim is covered by Policy A with a $4,000 limit and by Policy B with a $2,000
limit. Policy A is primary. If a $6,000 loss is incurred, what will each policy pay? -
ANSWER-A: 4,000 B: 2,000
Which of the following is NOT a valid contract age? - ANSWER-An annuity
exchanged for a life insurance policy.
Tim is covered by an accident and health insurance policy that may not be changed
in any way by the insurer up to a stetted age, as long as the premiums are paid.
What type of policy is this? - ANSWER-Noncancelable
An insurer will typically assess a back-end load on a deferred annuity that is
cancelled during the early contract years. What is the back-end load referred to as?
- ANSWER-Surrender charge
What is considered a valid reason for small corporations to insure the lives of its
major stockholders? - ANSWER-Fund a buy-sell agreement
The insured's consideration given for a health insurance policy is - ANSWER-the
first premium payment and the application
And since major medical health insurance policy contains an eligible expense
provision which identifies the types of healthcare services that are covered all of
the following healthcare services are typically covered except for - ANSWER-
experimental and investigative services
Mark is covered by a policy that issues the regular occupation (own-occ) definition
of total disability. He will be considered disabled if unable to - ANSWER-perform
the substantial and marital duties of his regular occupation
, Patrick purchased a long-term care policy. He has a health condition for which
medical treatment was recommended by a physician within 6 months prior to the
policy's effective date. This condition is called a(n) - ANSWER-pre-existing
condition
Newborn children are automatically covered under an existing family medical plan
at the moment of birth for a period of at least how many days? - ANSWER-31
How are benefit payments from individually-owned medical expense policies
treated for tax purposes? - ANSWER-exempt from income taxes
Bryce purchased a disability income policy with a rider that guarantees him the
option of purchasing additional amounts of coverage at predetermined times
without requiring to provide evidence of insurability what kind of rider is this? -
ANSWER-guaranteed insurability rider
XYZ Corp gives money to an employee to purchase a life insurance policy and
allows the employee to select the beneficiary. What kind of plan is this? -
ANSWER-Split-dollar
A life insurance policy provision that has the ability to reduce the death benefit is
called the - ANSWER-accelerated (living) benefit
A group health certificate for coverage issued in Arizona MUST contain a -
ANSWER-summary of policy features and benefits
What is considered a valid reason for an insurer's refusal to pay policy proceeds
directly to a minor? - ANSWER-minors are normally not capable of handling
money in a reasonable manner
150 QUESTIONS AND VERIFIED ANSWERS
GRADED A+
An insurer must keep advertising materials and records for at least how many
years? - ANSWER-3
The insurance coverage in a variable life insurance policy may vary based on the
value of - ANSWER-the underlying investments
When is it acceptable to charge or receive a fee or service charge in addition to the
premium in connection with the transaction of insurance? - ANSWER-If the
amount of the fee or service charge is reasonably related to the cost of the service.
The dental specialty which deals with the replacement of missing teeth is called -
ANSWER-Prosthodontics
Which of the following is NOT a valid reason for an insurer to contest a life
insurance policy during the policy's first two years of existence? - ANSWER-
Misstatement of age
Which of the following would most likely purchase an immediate annuity? -
ANSWER-Retiree having a lump sum to invest.
A signed good health statement may be requested by a life producer at the time of -
ANSWER-Policy delivery
,Tim is covered by Policy A with a $4,000 limit and by Policy B with a $2,000
limit. Policy A is primary. If a $6,000 loss is incurred, what will each policy pay? -
ANSWER-A: 4,000 B: 2,000
Which of the following is NOT a valid contract age? - ANSWER-An annuity
exchanged for a life insurance policy.
Tim is covered by an accident and health insurance policy that may not be changed
in any way by the insurer up to a stetted age, as long as the premiums are paid.
What type of policy is this? - ANSWER-Noncancelable
An insurer will typically assess a back-end load on a deferred annuity that is
cancelled during the early contract years. What is the back-end load referred to as?
- ANSWER-Surrender charge
What is considered a valid reason for small corporations to insure the lives of its
major stockholders? - ANSWER-Fund a buy-sell agreement
The insured's consideration given for a health insurance policy is - ANSWER-the
first premium payment and the application
And since major medical health insurance policy contains an eligible expense
provision which identifies the types of healthcare services that are covered all of
the following healthcare services are typically covered except for - ANSWER-
experimental and investigative services
Mark is covered by a policy that issues the regular occupation (own-occ) definition
of total disability. He will be considered disabled if unable to - ANSWER-perform
the substantial and marital duties of his regular occupation
, Patrick purchased a long-term care policy. He has a health condition for which
medical treatment was recommended by a physician within 6 months prior to the
policy's effective date. This condition is called a(n) - ANSWER-pre-existing
condition
Newborn children are automatically covered under an existing family medical plan
at the moment of birth for a period of at least how many days? - ANSWER-31
How are benefit payments from individually-owned medical expense policies
treated for tax purposes? - ANSWER-exempt from income taxes
Bryce purchased a disability income policy with a rider that guarantees him the
option of purchasing additional amounts of coverage at predetermined times
without requiring to provide evidence of insurability what kind of rider is this? -
ANSWER-guaranteed insurability rider
XYZ Corp gives money to an employee to purchase a life insurance policy and
allows the employee to select the beneficiary. What kind of plan is this? -
ANSWER-Split-dollar
A life insurance policy provision that has the ability to reduce the death benefit is
called the - ANSWER-accelerated (living) benefit
A group health certificate for coverage issued in Arizona MUST contain a -
ANSWER-summary of policy features and benefits
What is considered a valid reason for an insurer's refusal to pay policy proceeds
directly to a minor? - ANSWER-minors are normally not capable of handling
money in a reasonable manner
