WV Life and Health Insurance Exam Questions With 100% Correct Answers Graded A+ 2024/2025

Estate Creation VS Estate Conservation - Creation is when proceeds are paid to survivors, Conservation is when proceeds are used to pay the estate In ordinary whole life, when is face value paid - When the insurer reaches 100 or at death Are employer-paid life premiums deductible - Yes Who determines if the Insured is an acceptable risk - Home office underwriter Who manufactures insurance policies - Insurers Who sells policies to applicants - Producers Would a stroke be considered AD&D - No Would murder be considered AD&D - Yes If the producer charges an extra fee for consideration, this would be considered what - Discrimination When replacing a policy, who signs a copy of the statement - The agent For a mass market life policy, cooperation must exist how many years and must have how many employees - 2 years with 61 employees min. In the HMO Act, violating enrollment causes what - held liable for 1 years subscription rate Who needs sent a copy of the accident and sickness insurance sale replacement - The Insurer What is required to determine Annuity - Tax records, finances, Investments Claims must be acknowledged by agent in how many days - 15 If applicant makes a false statement, but is not aware statement is false, it is considered what - a representation What insurance policy pays immediate lump sum - Life insurance What is the max benefit from guaranty association on one life - 300,000 Do replacement requirements for individual life insurance apply to group life insurance - no What is the max interest rate of a policy loan - 8% who qualifies for waiver of premium - totally disabled person What is a Viatical Settlement - When 3rd party agrees to pay 60-80% of life insurance policy from terminal ill insured What is hospital indemnity - pays dollar amount per day What the the set enrollment fee HMO's charge - Capitation fee What medical policy has a corridor deductible - Supplemental major medical How many days does insured have to submit proof of loss - 90 days Assignments will only be binding if - in writing and submitted to home office What should you do if insured is in the hospital the day policy should be delivered - return it to insurer with written explanation Are there more than one dividend options and can when can you withdraw - yes, anytime Diagnostic, Preventative, therapeutic, rehab, maintenance are examples of what - Long term care What is agents primary responsibility - Making sure applicant provides proper information