PA Life and Health State Test Study Guide with Questions and Correct Answers

What types of life insurance are normally used for key employee indemnification? term, whole, and universal life insurance major medical insurance will typically cover medical expenses that result from a negative reaction to a prescribed medication All of these characteristics of a major medical expense policy EXCEPT elimination periods A rollover from a Traditional IRA to another IRA MUST be done within ___ days to avoid tax 60 If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy may impose which of the following time exclusions for pre-existing conditions? 0 months Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be: optionally renewable the election of COBRA for continuation of health coverage will maintain the same coverage and increase the premium A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called a self funded plan An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before bringing legal action against the insurer All of the following are functions of an insuring clause EXCEPT Primarily describing the free-lock period Under a non-qualified annuity, interest is taxed after the exclusion rate has been calculated Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically covered? Full-time nursing care