WV Life and Health Insurance Questions and Answers

WV Life and Health Insurance Estate Creation VS Estate Conservation - Answer- 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 - Answer- When insurer reaches 100 or at death Are employer paid life premiums deductible - Answer- Yes Who determines if Insured is an acceptable risk - Answer- Home office underwriter Who manufactures insurance policies - Answer- Insurers Who sells policies to applicants - Answer- Producers Would a stroke be considered AD&D - Answer- No Would murder be considered AD&D - Answer- Yes If producer charges extra fee for consideration, this would be considered what - Answer- Discrimination When replacing a policy, who signs a copy of the statement - Answer- The agent For a mass market life policy, cooperation's must exist how many years and must have how many employees - Answer- 2 years with 61 employees min. In the HMO Act, violating enrollment causes what - Answer- held liable for 1 years subscription rate Who needs sent a copy of the accident and sickness insurance sale replacement - Answer- The Insurer What is required to determine Annuity - Answer- Tax records, finances, Investments Claims must be acknowledged by agent in how many days - Answer- 15 If applicant makes a false statement, but is not aware statement is false, it is considered what - Answer- a representation What insurance policy pays immediate lump sum - Answer- Life insurance What is the max benefit from guaranty association on one life - Answer- 300,000 Do replacement requirements for individual life insurance apply to group life insurance - Answer- no