Life and Health Certification Exam Complete Questions with Correct Verified Solutions Upgraded to 2025/2026 Latest Version||A+ GRADED

Life and Health Certification Exam Complete Questions with Correct Verified Solutions Upgraded to 2025/2026 Latest Version||A+ GRADED!!! 1) Risk - ANSWER Uncertainty of loss 2) 2 major phases of an annuity are - ANSWER fixed and variable 3) Damon purchased a 10-pay life policy at age 35. He can expect it to be paid up by age - ANSWER 45 4) When a policyowner cannot exercise rights of ownership without the policy beneficiary's consent, the beneficiary is designated - ANSWER Irrevocable 5) The person on whose behalf he acts is called the - ANSWER Principal 6) Which of the following must be given to an insured when a replacement occurs - ANSWER a Notice regarding replacement 7) A federal-state program designed to help needy persons, regardless of age, with medical coverage is called - ANSWER Medicaid 8) statements made by an applicant for life insurance that are guaranteed to be true are - ANSWER Warranties 9) A person in a position of financial trust is - ANSWER A fiduciary 10) All of the following are elements that go into the calculation of premiums EXCEPT - ANSWER Morbidity 11) Statements made by an insurance applicant on an application are considered to be what? - ANSWER Representations 12) six months ago while leaving home from work, fell down a flight of stairs at her apartment buildning resulting in complete paralysis from which she is not expected to recover. Fifty-year-old carmelita will probably be able to collect disability benefits from - ANSWER social security 13) a nontaxable transaction where a cash value life insurance policy is converted into an annuity is known as - ANSWER a 1035 exchange 14) an agent who performs tasks that are not covered by the employment contract but which are necessary to maintain the agency relationship with the insurer acts with - ANSWER Apparent authority 15) when underwriting group life insurance, the underwriter generally quizlet - ANSWER focuses on the group as a whole rather than on individual members 16) in a disability income policy, there is a period of time an insured must be disabled before benefits begin. The term that describes this interim is - ANSWER The Probationary period 17) a qualified retirement plan distribution is considered to be premature if made before the participant is age - ANSWER 59.5 18) what part of the application includes medical information - ANSWER part 1 19) The applicant for an insurance policy must sign all of the following EXCEPT? - ANSWER the producers report 20) A person purchases a temporary annuity with a life with period certain of 10 years but he dies well before the 10 year certain period has elapsed. In abiding with this annuity contract, the company would - ANSWER Make the stipulated payments to the annuitant's beneficiary for the rest of the certain period 21) The insurance industry, human life value refers to which of the following? - ANSWER The consideration in a life insurance contract 22) laura names her daughter samantha as an irrevocable beneficiary on her life policy. Which of the following is true? - ANSWER If laura wants to change the beneficiary, samantha must consent 23) Which of the following medicare advantage plans focus on the particular needs of defined groups of patients - ANSWER Medicare managed plans 24) Which of the following is a common exclusion under dental expense insurance? - ANSWER treatment of the pulp 25) Jane age 35 has just purchased a 20-pay whole life policy. When she turns 55 she will - ANSWER cease paying premiums 26) an insurer that distributes dividends to its policyholders is - ANSWER A mutual company 27) if desdemona is insured by a life policy with a face amount of $250,000 but which has an outstanding policy loan of $10,000 at her death, the insurer - ANSWER Will pay $240,000 to beneficiary 28) If the insurance company accepts a Special Class Risk - ANSWER The premium will be higher than for a normal risk 29) susan is 40 years old Her insurance application she started that she was 39. According to the misstatement of age provision, which of the following is true - ANSWER Susans benefits will be reduced 30) susan is receiving continuing disability benefits and will for years to come. Her insurer according to the notice of claims provision can require her to give notice that the claim is continuing as ofter as every - ANSWER 6 months 31) which of the following has a death benefit that expires? - ANSWER Whole life insurance 32) according to the entire contract provision, what constitutes the entire contract of insurance in a health policy - ANSWER THe policy and its endorsements 33) The term "nonforfeiture values" refers to the fact that - ANSWER when a policyowner stops paying premiums on a permanent policy, its cash value accumulation or equivalent must be made available to the policyowner 34) the type of premium for term life insurance that remains the same throughout the policy period is - ANSWER level premium 35) the key factor in rating long-term care policies is - ANSWER ability to preform activities of daily living 36) what term describes a situation where a policy owner transfers a portion of her rights in an insurance policy to another party in order to secure a debt to that party? - ANSWER Collateral assignment