200 Questions and Correct Answers PA Life and Health State Exam Simulator

Under a modified endowment contract, what are the likely tax consequences? Pre-death distributions will become taxable An interest sensitive life insurance policy owner may be able to withdraw the policy's cash value interest. The free provision that allows this is called Partial Surrender In contrast to a guaranteed renewable policy, a noncancelable policy may never raise premiums Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. 20 Benefits provided by a Medicare Supplement policy must NOT duplicate Medicare benefits The commissioner has the right and duty to audit insurer financial reports and conduct market studies Peter has a policy where 80% to 90% of the premium is invested in traditional fixed income securities and the remainder of the premium is invested in contracts tied to a stipulated stock index. What kind of policy is this? Equity index whole life Long-term care policy sold in Pennsylvania may exclude coverage related to Substance addictions Which of the following nursing home options would best suit an individual who needs some nursing care and supervision, but not full-time care assisted living facilities A producer who offers 10% of his commission to a potential client as an inducement to purchase an insurance policy is committing the act of inducement An example of elective cosmetic surgery would be removing excess fat from an insured's waistline Life insurance policies will normally pay for losses arising from commercial aviation Every Pennsylvania insurer, upon receiving notification of a claim, must acknowledge receipt of the notice within 10 days