Ohio life and Health Insurance Practice
Final
Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income
(AGI) are tax-deductible when paid for which of the following plans? -
ANSWER>>Qualified Long-Term Care plan
All _____ policies must be guaranteed renewable. - ANSWER>>long-term
care
An attending physician's statement would be appropriate for which life
insurance purpose? - ANSWER>>At the request of the insurer to assist in
the underwriting decision
Craig submits a $500 claim for medical expenses. With a past due
premium of $100, the insurer pays $400. Which of the Uniform Optional
Provisions covers this situation? - ANSWER>>Unpaid premium
Of the following dividend options, which of these is taxable? -
ANSWER>>Accumulation at interest
An endorsement found in an insurance plan which modifies the provisions
of the policy is called a(n) - ANSWER>>Rider
Which of the following statements is CORRECT regarding an individual
applying for life or health insurance? - ANSWER>>The applicant's medical
history may be analyzed and reported
Sole proprietors are permitted tax deductions for health costs paid from
their earnings in the amount of - ANSWER>>100% of costs
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible
of $25. How much will she have to pay if she, not having met any of her
,deductible, visits the doctor and receives a bill for $125? -
ANSWER>>$50.00
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
ANSWER>>The family's financial objectives if the income earner were to
die or become disabled
A plan in which an employer pays insurance benefits from a fund derived
from the employer's current revenues is called - ANSWER>>A self-funded
plan
If an insured's age on a life insurance policy has been misstated, what is
the insurer's liability if the insured dies? - ANSWER>>A prorated death
benefit based on the amount of insurance the insured's premiums would
have been if purchased at the correct age
Which of the following is permitted in an advertisement for an insurance
policy? - ANSWER>>The insurer's name
Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - ANSWER>>Payor benefit
A type of insurer that is owned by its policyowners is called -
ANSWER>>mutual
An annuitant dies during the distribution period. What kind of annuity will
return to a beneficiary the difference between the annuity value and the
income payments already made? - ANSWER>>Refund annuity
A form of medical health insurance covering the treatment and care of gum
disease is called - ANSWER>>Dental expense insurance
, Under a life insurance policy, what does the insuring clause state? -
ANSWER>>The insurer's obligation to pay a death benefit upon an
approved death claim
Coming from an insurance point of view, which of the following is the main
risk associated with disability? - ANSWER>>Loss of income
Amy has a group medical policy through her employer with a $500
deductible and a 90% coinsurance provision. She incurs $1,500 in covered
health care services. How much will her group insurance carrier pay? -
ANSWER>>$900
In Ohio, a life insurance policy can be backdated before the application
date for up to - ANSWER>>3 months
What is the term used when exchanging a new policy for one already in
force? - ANSWER>>Replacement
What is the tax liability for employer contributions in Health Savings
Accounts (HSA's)? - ANSWER>>No tax payment needed
Mark continues working after the age of 65 and is covered through his
employer's group health plan. Which of the following statements is TRUE?
- ANSWER>>Medicare is the secondary payer
What is known as the immediate specific event causing loss and giving rise
to risk? - ANSWER>>Peril
The open enrollment period for Medicare Supplements begins at age -
ANSWER>>65
All of the following are considered appropriate uses of life insurance for
business purposes EXCEPT - ANSWER>>Protecting the business by
covering key employees with life insurance
Final
Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income
(AGI) are tax-deductible when paid for which of the following plans? -
ANSWER>>Qualified Long-Term Care plan
All _____ policies must be guaranteed renewable. - ANSWER>>long-term
care
An attending physician's statement would be appropriate for which life
insurance purpose? - ANSWER>>At the request of the insurer to assist in
the underwriting decision
Craig submits a $500 claim for medical expenses. With a past due
premium of $100, the insurer pays $400. Which of the Uniform Optional
Provisions covers this situation? - ANSWER>>Unpaid premium
Of the following dividend options, which of these is taxable? -
ANSWER>>Accumulation at interest
An endorsement found in an insurance plan which modifies the provisions
of the policy is called a(n) - ANSWER>>Rider
Which of the following statements is CORRECT regarding an individual
applying for life or health insurance? - ANSWER>>The applicant's medical
history may be analyzed and reported
Sole proprietors are permitted tax deductions for health costs paid from
their earnings in the amount of - ANSWER>>100% of costs
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible
of $25. How much will she have to pay if she, not having met any of her
,deductible, visits the doctor and receives a bill for $125? -
ANSWER>>$50.00
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
ANSWER>>The family's financial objectives if the income earner were to
die or become disabled
A plan in which an employer pays insurance benefits from a fund derived
from the employer's current revenues is called - ANSWER>>A self-funded
plan
If an insured's age on a life insurance policy has been misstated, what is
the insurer's liability if the insured dies? - ANSWER>>A prorated death
benefit based on the amount of insurance the insured's premiums would
have been if purchased at the correct age
Which of the following is permitted in an advertisement for an insurance
policy? - ANSWER>>The insurer's name
Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - ANSWER>>Payor benefit
A type of insurer that is owned by its policyowners is called -
ANSWER>>mutual
An annuitant dies during the distribution period. What kind of annuity will
return to a beneficiary the difference between the annuity value and the
income payments already made? - ANSWER>>Refund annuity
A form of medical health insurance covering the treatment and care of gum
disease is called - ANSWER>>Dental expense insurance
, Under a life insurance policy, what does the insuring clause state? -
ANSWER>>The insurer's obligation to pay a death benefit upon an
approved death claim
Coming from an insurance point of view, which of the following is the main
risk associated with disability? - ANSWER>>Loss of income
Amy has a group medical policy through her employer with a $500
deductible and a 90% coinsurance provision. She incurs $1,500 in covered
health care services. How much will her group insurance carrier pay? -
ANSWER>>$900
In Ohio, a life insurance policy can be backdated before the application
date for up to - ANSWER>>3 months
What is the term used when exchanging a new policy for one already in
force? - ANSWER>>Replacement
What is the tax liability for employer contributions in Health Savings
Accounts (HSA's)? - ANSWER>>No tax payment needed
Mark continues working after the age of 65 and is covered through his
employer's group health plan. Which of the following statements is TRUE?
- ANSWER>>Medicare is the secondary payer
What is known as the immediate specific event causing loss and giving rise
to risk? - ANSWER>>Peril
The open enrollment period for Medicare Supplements begins at age -
ANSWER>>65
All of the following are considered appropriate uses of life insurance for
business purposes EXCEPT - ANSWER>>Protecting the business by
covering key employees with life insurance
