SOUTH CAROLINA LIFE AND HEALTH INSURANCE 2024
EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY GRADED A+
Greg has recently been terminated from his job that covered group life insurance.
How long does he have to convert his coverage to an individual policy? - ANSWER: 31
days
which of these would NOT be considered a presumptive disability? - ANSWER: lost of
an leg or arm
The premium payment mode that results in the highest overall cost would be? -
ANSWER: monthly
What is an insurance policy grace period? - ANSWER: Period of time after the
premium is due but the policy remains in force
A Non contributory health insurance plan helps the insurer avoid? - ANSWER:
adverse selection
Twisting is best defined as - ANSWER: Using misrepresentation to induce an insured
person to terminate an existing policy and purchase a new policy
The cause of a loss is referred to as a(n) - ANSWER: peril
Which of these statements regarding the annuitant is CORRECT? - ANSWER: The
annuitant's life expectancy determines the annuity payments.
a provision in a whole life policy that allows a policy owner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n) - ANSWER:
nonforfeiture provision
Which of the following is not a required provision in an accident and health
insurance policy? - ANSWER: change of occupation
A disability income policy can prevent an insured from earning a higher income than
if she/he were working by utilizing? - ANSWER: benefit limits
Which of the following is the BEST example of insurance fraud? - ANSWER: A
deliberate lie by an insured to the insurer to obtain a lower premium.
Long-term care policies may provide coverage from claims arising from? - ANSWER:
Senile dementia
, Who assumes the investment risk with a fixed annuity contract? - ANSWER: The
insurer
A life insurance REPLACEMENT transaction gives the policyowner the right to return
the policy for a 100% refund within ______ days of policy deliverer. - ANSWER: 30
A life insurance rider that allows an individual to purchase insurance as they grow
older, regardless of insurability is called a(n) ? - ANSWER: guaranteed insurability
rider
A health insurance policy where the insurer has the right to terminate the policy for
reasons other than the insured health is called? - ANSWER: Conditionally Renewable
The authority granted to a licensed producer is provided via the - ANSWER: Law of
agency
An individual who removes the risk of losing money in the stock market by never
purchasing stocks is said to be engaging in - ANSWER: Risk Avoidance
Which of the following statements regarding group disability income insurance is
TRUE? - ANSWER: it provides benefits for nonoccupationally illnesses and injuries.
A policy owner has ____ days after policy delivery to return a major medical policy
for a full refund - ANSWER: 10
Index whole life insurance contains a securities component that acts as as a(n) -
ANSWER: hedge against inflation
The typical long-term care insurance is designed to provide a minimum of ____ years
of coverage - ANSWER: 1
When a preferred provider organization (PPO) insured goes out-of-network, which of
the following actions occur? - ANSWER: The insurer will pay a reduced amount
A Medicare supplement policy may exclude coverage for a preexisting condition for
up to _____ months from the effective date of coverage? - ANSWER: 6
A common exclusion or limitation on a dental policy is - ANSWER: Endodontics
Decreasing term life insurance is often used to - ANSWER: provide coverage for a
home mortgage
What are an applicant statements concerning occupation, hobbies, and personal
health history regarded as? - ANSWER: representation
A permanent life insurance policy where the policyowner pays premiums for a
specified number of years is called a(n) - ANSWER: limited pay policy
EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY GRADED A+
Greg has recently been terminated from his job that covered group life insurance.
How long does he have to convert his coverage to an individual policy? - ANSWER: 31
days
which of these would NOT be considered a presumptive disability? - ANSWER: lost of
an leg or arm
The premium payment mode that results in the highest overall cost would be? -
ANSWER: monthly
What is an insurance policy grace period? - ANSWER: Period of time after the
premium is due but the policy remains in force
A Non contributory health insurance plan helps the insurer avoid? - ANSWER:
adverse selection
Twisting is best defined as - ANSWER: Using misrepresentation to induce an insured
person to terminate an existing policy and purchase a new policy
The cause of a loss is referred to as a(n) - ANSWER: peril
Which of these statements regarding the annuitant is CORRECT? - ANSWER: The
annuitant's life expectancy determines the annuity payments.
a provision in a whole life policy that allows a policy owner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n) - ANSWER:
nonforfeiture provision
Which of the following is not a required provision in an accident and health
insurance policy? - ANSWER: change of occupation
A disability income policy can prevent an insured from earning a higher income than
if she/he were working by utilizing? - ANSWER: benefit limits
Which of the following is the BEST example of insurance fraud? - ANSWER: A
deliberate lie by an insured to the insurer to obtain a lower premium.
Long-term care policies may provide coverage from claims arising from? - ANSWER:
Senile dementia
, Who assumes the investment risk with a fixed annuity contract? - ANSWER: The
insurer
A life insurance REPLACEMENT transaction gives the policyowner the right to return
the policy for a 100% refund within ______ days of policy deliverer. - ANSWER: 30
A life insurance rider that allows an individual to purchase insurance as they grow
older, regardless of insurability is called a(n) ? - ANSWER: guaranteed insurability
rider
A health insurance policy where the insurer has the right to terminate the policy for
reasons other than the insured health is called? - ANSWER: Conditionally Renewable
The authority granted to a licensed producer is provided via the - ANSWER: Law of
agency
An individual who removes the risk of losing money in the stock market by never
purchasing stocks is said to be engaging in - ANSWER: Risk Avoidance
Which of the following statements regarding group disability income insurance is
TRUE? - ANSWER: it provides benefits for nonoccupationally illnesses and injuries.
A policy owner has ____ days after policy delivery to return a major medical policy
for a full refund - ANSWER: 10
Index whole life insurance contains a securities component that acts as as a(n) -
ANSWER: hedge against inflation
The typical long-term care insurance is designed to provide a minimum of ____ years
of coverage - ANSWER: 1
When a preferred provider organization (PPO) insured goes out-of-network, which of
the following actions occur? - ANSWER: The insurer will pay a reduced amount
A Medicare supplement policy may exclude coverage for a preexisting condition for
up to _____ months from the effective date of coverage? - ANSWER: 6
A common exclusion or limitation on a dental policy is - ANSWER: Endodontics
Decreasing term life insurance is often used to - ANSWER: provide coverage for a
home mortgage
What are an applicant statements concerning occupation, hobbies, and personal
health history regarded as? - ANSWER: representation
A permanent life insurance policy where the policyowner pays premiums for a
specified number of years is called a(n) - ANSWER: limited pay policy
