Health Insurance State Exam
Simulator questions with
solutions
Which of the following does Social Security NOT
provide benefits for? - Ans>>>Dismemberment
The Affordable Care Act (ACA) provides health
coverage to dependents up to the age of: -
Ans>>>26
What is the excise tax rate the IRS imposes on
individuals aged 70 1/2 or older who do not take
the required minimum distributions from their
qualified retirement plan? - Ans>>>50%
,Which of the following statements is correct
regarding an employer/employee group health
plan? - Ans>>>the employer receives a master
policy and the employees receive certificates
A producer's license may be denied, suspended or
revoked if the licensee - Ans>>>is found guilty of
misrepresentation in obtaining the license
P is an employee who quits her job and wants to
convert her group health coverage to an individual
policy. After the aspiration of COBRA laws , which of
the following statements is true? - Ans>>>She
does Not need to provide evidence of insurability.
The federal income tax treatment of employer-
provided group Medical Expense insurance can be
accurately described as: - Ans>>>Employee's
premiums paid by the employer is tax-deductible
to the employer as a business expenditure.
Two partners own equal shares in a business worth
a total of $1,000,000. If they both commit the
,purchase of a life insurance policy that will fund a
Buy-Sell Agreement, which of the following is true?
- Ans>>>Each partner owns a $500,000 policy on
their partner's life.
To be eligible for Social Security disability benefits,
an employee must be able to perform: -
Ans>>>any occupation
Group life insurance policies are generally written
as - Ans>>>annually renewable term
An existing life insurance policy is being replaced
by a new one. A notice of replacement must be
provided by the - Ans>>>producer to be signed
by the applicant.
Which of the following policies is characterized by a
flexible premium and death benefit and allows the
policy owner control of the investment aspect of
the plan? - Ans>>>Variable Universal Life
, Who is not required to sign a life insurance
application? - Ans>>>Beneficiary
L takes out a life insurance policy and dies 10 years
later. During the claim process, the insurer
discovers that L had understated her age on the
application. Under the Misstatement of age
provision, the insurer will: - Ans>>>adjust the
death benefit to a reduced amount
An individual working part time has an annual
income of $25,000. If this individual has an IRA ,
what is the maximum deductible IRA contribution
allowable? - Ans>>>$2,500
Jill is covered under two group health policies , one
through her employer and one through her
husband's employer. If Jill suffers a loss, which
policy provision dictates the primary coverage? -
Ans>>>Coordination of Benefits
coordination of benefits provision -
Ans>>>dictates which coverage will considerer
primary and the other secondary. The purpose of
Simulator questions with
solutions
Which of the following does Social Security NOT
provide benefits for? - Ans>>>Dismemberment
The Affordable Care Act (ACA) provides health
coverage to dependents up to the age of: -
Ans>>>26
What is the excise tax rate the IRS imposes on
individuals aged 70 1/2 or older who do not take
the required minimum distributions from their
qualified retirement plan? - Ans>>>50%
,Which of the following statements is correct
regarding an employer/employee group health
plan? - Ans>>>the employer receives a master
policy and the employees receive certificates
A producer's license may be denied, suspended or
revoked if the licensee - Ans>>>is found guilty of
misrepresentation in obtaining the license
P is an employee who quits her job and wants to
convert her group health coverage to an individual
policy. After the aspiration of COBRA laws , which of
the following statements is true? - Ans>>>She
does Not need to provide evidence of insurability.
The federal income tax treatment of employer-
provided group Medical Expense insurance can be
accurately described as: - Ans>>>Employee's
premiums paid by the employer is tax-deductible
to the employer as a business expenditure.
Two partners own equal shares in a business worth
a total of $1,000,000. If they both commit the
,purchase of a life insurance policy that will fund a
Buy-Sell Agreement, which of the following is true?
- Ans>>>Each partner owns a $500,000 policy on
their partner's life.
To be eligible for Social Security disability benefits,
an employee must be able to perform: -
Ans>>>any occupation
Group life insurance policies are generally written
as - Ans>>>annually renewable term
An existing life insurance policy is being replaced
by a new one. A notice of replacement must be
provided by the - Ans>>>producer to be signed
by the applicant.
Which of the following policies is characterized by a
flexible premium and death benefit and allows the
policy owner control of the investment aspect of
the plan? - Ans>>>Variable Universal Life
, Who is not required to sign a life insurance
application? - Ans>>>Beneficiary
L takes out a life insurance policy and dies 10 years
later. During the claim process, the insurer
discovers that L had understated her age on the
application. Under the Misstatement of age
provision, the insurer will: - Ans>>>adjust the
death benefit to a reduced amount
An individual working part time has an annual
income of $25,000. If this individual has an IRA ,
what is the maximum deductible IRA contribution
allowable? - Ans>>>$2,500
Jill is covered under two group health policies , one
through her employer and one through her
husband's employer. If Jill suffers a loss, which
policy provision dictates the primary coverage? -
Ans>>>Coordination of Benefits
coordination of benefits provision -
Ans>>>dictates which coverage will considerer
primary and the other secondary. The purpose of
