Indiana State Life & Health Insurance Exam 2024-
2025 Edition with all Exam Questions & Correct
Verified Answers. Already Graded A+
A "reimbursement policy" pays what amount of covered Long-Term Care expenses?
All expenses regardless of the policy limits
Actual covered expenses up to the daily maximum
A daily dollar amount regardless of the actual incurred expenses
The usual, customary, and reasonable expenses regardless of the policy limits -
ANSActual covered expenses up to the daily maximum
A 55 year old recently received a $30,000 distribution from a previous employer's 401k
plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were
rolled over?
Only income taxes on $30,000
Only income taxes on $24,000
Income taxes plus a 10% penalty tax on $30,000
Income taxes plus a 10% penalty tax on $24,000 - ANSIncome taxes plus a 10%
penalty tax on $30,000
A comprehensive major medical health insurance policy contains an Eligible Expenses
provision which identifies the types of health care services that are covered. All of the
following health care services are typically covered except for?
Hospital Charges
Physician Fees
Experimental and Investigative Services
Nursing Services - ANSExperimental and Investigative Services
A domestic insurance company in Indiana must?
Be organized under Indiana insurance laws
Own real estate in Indiana
,Write insurance on risks located only in Indiana
Honor the charter of the NAIC - ANSBe organized under Indiana insurance laws
A domestic insurance company in Indiana must?
Own real estate in Indiana
Write insurance on risks located only in Indiana
Be incorporated and formed in Indiana
Honor the charter of the NAIC - ANSBe incorporated and formed in Indiana
A level premium indicates?
The premium is fixed for a period stated in the contract, then becomes variable
The premium con only be changed with the consent of the insurer
The premium stays level until the policy's renewal date
The premium is fixed for the entire duration of the contract - ANSThe premium is fixed
for the entire duration of the contract
A life insurance application must be signed by all of these except?
The policyowner
The agent
the insured (if an adult)
Beneficiary - ANSBeneficiary
A life policy loan in Indiana cannot charge a fixed of interest higher than?
7%
8%
9%
10% - ANS8%
A life policy loan in Indiana cannot charge a fixed rate of interest higher than?
7%
8%
9%
10% - ANS8%
,A noncontributory group term life plan is characterized by?
The entire cost of the plan is paid for by the employer
The entire cost of the plan is paid for by the employee
The cost of the plan is shared by both employer and employee
Both employer and employee must provide evidence of insurability - ANSThe entire cost
of the plan is paid for by the employer
A nonprofit incorporated society that does not have capital stock and operates for the
sole benefit of its members is known as?
A fraternal benefit society
A stock insurer
A mutual insurer
The Life and Health Insurance Guaranty Association - ANSA fraternal benefit society
A policy of adhesion can only be modified by whom?
The agent
The applicant
The primary beneficiary
The insurance company - ANSThe insurance company
A policyowner is allowed to pay premiums more than once a year under which
provision?
Insuring
Consideration
Payor
Mode of Premium - ANSMode of Premium
A potential client, age 40, would like to purchase a Whole Life policy that will
accumulate cash value at a faster rate in the early years of the policy. which of these
statements made by the producer would be correct?
Straight life accumulates faster than Limited-Pay Life
20-Pay Life accumulates cash value faster than Straight Life
, Cash value accumulation of both 20-Pay Life and Straight Life depend on the insurers
financial rating
20-Pay Life and Straight Life accumulate cash value at the same rate - ANS20-Pay Life
accumulates cash value faster than Straight Life
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the
insured dies?
Proceeds will go to the primary beneficiary's estate
Probate will decide who receives proceeds
Proceeds will go to the contingent beneficiary
proceeds will go to the insured's estate - ANSProceeds will go to the contingent
beneficiary
A producer must notify the Insurance Commissioner within____days of an address
change?
15
30
45
60 - ANS30
A producer's license may be denied, suspended, or revoked if the license?
Engages in replacement of an existing policy
Is found guilty of misrepresentation in obtaining the license
Files for bankruptcy
Does not meet a sales quota - ANSIs found guilty of misrepresentation in obtaining the
license
A producers license may be denied, suspended, or revoked if the licensee?
Engages in replacement of an existing policy
Is found guilty of misrepresentation in obtaining the license
Files for bankruptcy
2025 Edition with all Exam Questions & Correct
Verified Answers. Already Graded A+
A "reimbursement policy" pays what amount of covered Long-Term Care expenses?
All expenses regardless of the policy limits
Actual covered expenses up to the daily maximum
A daily dollar amount regardless of the actual incurred expenses
The usual, customary, and reasonable expenses regardless of the policy limits -
ANSActual covered expenses up to the daily maximum
A 55 year old recently received a $30,000 distribution from a previous employer's 401k
plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were
rolled over?
Only income taxes on $30,000
Only income taxes on $24,000
Income taxes plus a 10% penalty tax on $30,000
Income taxes plus a 10% penalty tax on $24,000 - ANSIncome taxes plus a 10%
penalty tax on $30,000
A comprehensive major medical health insurance policy contains an Eligible Expenses
provision which identifies the types of health care services that are covered. All of the
following health care services are typically covered except for?
Hospital Charges
Physician Fees
Experimental and Investigative Services
Nursing Services - ANSExperimental and Investigative Services
A domestic insurance company in Indiana must?
Be organized under Indiana insurance laws
Own real estate in Indiana
,Write insurance on risks located only in Indiana
Honor the charter of the NAIC - ANSBe organized under Indiana insurance laws
A domestic insurance company in Indiana must?
Own real estate in Indiana
Write insurance on risks located only in Indiana
Be incorporated and formed in Indiana
Honor the charter of the NAIC - ANSBe incorporated and formed in Indiana
A level premium indicates?
The premium is fixed for a period stated in the contract, then becomes variable
The premium con only be changed with the consent of the insurer
The premium stays level until the policy's renewal date
The premium is fixed for the entire duration of the contract - ANSThe premium is fixed
for the entire duration of the contract
A life insurance application must be signed by all of these except?
The policyowner
The agent
the insured (if an adult)
Beneficiary - ANSBeneficiary
A life policy loan in Indiana cannot charge a fixed of interest higher than?
7%
8%
9%
10% - ANS8%
A life policy loan in Indiana cannot charge a fixed rate of interest higher than?
7%
8%
9%
10% - ANS8%
,A noncontributory group term life plan is characterized by?
The entire cost of the plan is paid for by the employer
The entire cost of the plan is paid for by the employee
The cost of the plan is shared by both employer and employee
Both employer and employee must provide evidence of insurability - ANSThe entire cost
of the plan is paid for by the employer
A nonprofit incorporated society that does not have capital stock and operates for the
sole benefit of its members is known as?
A fraternal benefit society
A stock insurer
A mutual insurer
The Life and Health Insurance Guaranty Association - ANSA fraternal benefit society
A policy of adhesion can only be modified by whom?
The agent
The applicant
The primary beneficiary
The insurance company - ANSThe insurance company
A policyowner is allowed to pay premiums more than once a year under which
provision?
Insuring
Consideration
Payor
Mode of Premium - ANSMode of Premium
A potential client, age 40, would like to purchase a Whole Life policy that will
accumulate cash value at a faster rate in the early years of the policy. which of these
statements made by the producer would be correct?
Straight life accumulates faster than Limited-Pay Life
20-Pay Life accumulates cash value faster than Straight Life
, Cash value accumulation of both 20-Pay Life and Straight Life depend on the insurers
financial rating
20-Pay Life and Straight Life accumulate cash value at the same rate - ANS20-Pay Life
accumulates cash value faster than Straight Life
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the
insured dies?
Proceeds will go to the primary beneficiary's estate
Probate will decide who receives proceeds
Proceeds will go to the contingent beneficiary
proceeds will go to the insured's estate - ANSProceeds will go to the contingent
beneficiary
A producer must notify the Insurance Commissioner within____days of an address
change?
15
30
45
60 - ANS30
A producer's license may be denied, suspended, or revoked if the license?
Engages in replacement of an existing policy
Is found guilty of misrepresentation in obtaining the license
Files for bankruptcy
Does not meet a sales quota - ANSIs found guilty of misrepresentation in obtaining the
license
A producers license may be denied, suspended, or revoked if the licensee?
Engages in replacement of an existing policy
Is found guilty of misrepresentation in obtaining the license
Files for bankruptcy
