Questions and Correct Answers for the Pennsylvania Insurance State Exam

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? Child Term Rider Which of the following annuity payout options makes no additional payments regardless of when the annuitant dies? Life only People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called Adverse selection All of the following are elements of an insurance policy EXCEPT Claims forms A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n) Payor According to the Health Insurance Portability and Accountability Act (HIPAA), when can a group health policy renewal be denied? Rules have been violated Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this? Irrevocable Someone needing custodial care at home would require which type of coverage? Long term care A professional liability for which producers can be sued for mistakes of putting a policy into effect is called Errors and omissions The branch of dentistry which deals with the replacement of missing parts is called Prosthodontics Within how many days must a rollover be completed in order to avoid being taxed as current income? 60 When collecting insurance premiums from a client, a producer MUST Forward premiums to the insurer on a timely basis Preferred risk policies with reduced premiums are issued by insurance companies because the insured has Better than average mortality or morbidity experience