FINAL EXAM- GEORGIA LIFE AND
HEALTH-GRADED A
Why would the commissioner examine an insurer's records - ANS-to determine the
solvency of the insurer
The guarantee of insurability option provides a long-term care policy owner the ability to
- ANS-buy additional coverage at a later date
Which of the following statements best describes what legal action provision of an
accident and health policy requires - ANS-And insured must wait at least 60 days after
proof of loss has been submitted before a lawsuit can be filed
What is Medicare? - ANS-A hospital and medical expense insurance program
What is old age and survivors health insurance OASDHI also known for - ANS-Social
Security's
Which of these statements concerning an individual straight life annuity is accurate -
ANS-Payments are made to an annuitant for life
The situation in which a group of physicians are salaried employees and conduct
business in an HMO facility is called a - ANS-closed panel
An architecture firm would stand to lose a lot of money in the event of the death of his
project manager. Which type of policy should the firm purchase on his project manager?
- ANS-Key person life policy
The act of an insurance company publishing misleading information about its policy
provisions is called - ANS-False advertising
In Georgia an accident and sickness policy that is paid on a quarterly basis requires a
grace period of - ANS-31 day's
Q is hospitalized for three days and receives a bill for $10,100. If Q has a major medical
policy with a $100 deductible and 80/20 coinsurance. How much will Q be responsible
for paying of this claim - ANS-$2,100, 10,000 x 20% = 2000 + 100
T would like to be assured $10,000 is available in 10 years to replace a roof on his
house. What kind of $10,000 policy should T purchase? - ANS-Ten-Year Endowment
, In Georgia which of the following is considered an unfair trade practice - ANS-coercion
Which of these statements concerning an individual disability income policy is true -
ANS-Normally includes an Elimination period
Which of the following provisions specifies how long a policy owners health coverage
will remain in effect if the policy owner does not pay the premium when it is to? - ANS-
Grace period
In a life insurance contract and insurance companies promise to pay stated benefits is
called the - ANS-Insuring clause
M becomes disabled and is unable to work for six months. M dies soon after from
complications arising from this disability. M has a disability income policy that pays
$2000 a month. Which of the following statements best describes what is owed to her
state? - ANS-Earned but unpaid benefits
When an insured changes to a more hazardous occupation, which disability policy
provision allows an insurer to adjust policy benefits and rates? - ANS-Change of
occupation provision
T and S are named co- primary beneficiaries on a $500,000 accidental death and
dismemberment policy and sharing their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards how much of the death benefit will the mother receive -
ANS-$0
In Georgia long-term care policies are required to provide benefits for at least - ANS-12
months
S is the policy owner of a major medical policy. The premiums are paid monthly and due
on the first of each month. As fails to make September payment and is hospitalized
October 15. What else fails to claim for hospitalization, the insurer will likely - ANS-Deny
the claim
Which of these is not considered to be an element of an insurance contract - ANS-
negotiating
Cash surrendering an existing whole life policy and purchasing a new whole life policy is
referred to as a(n) - ANS-replacement
X is insured with a disability income policy that provides coverage until age 65. This
policy allows the insurer to change the premium rate for the overall risk class assigned.
Which of these renewability features does this policy contain? - ANS-Guaranteed
renewable
HEALTH-GRADED A
Why would the commissioner examine an insurer's records - ANS-to determine the
solvency of the insurer
The guarantee of insurability option provides a long-term care policy owner the ability to
- ANS-buy additional coverage at a later date
Which of the following statements best describes what legal action provision of an
accident and health policy requires - ANS-And insured must wait at least 60 days after
proof of loss has been submitted before a lawsuit can be filed
What is Medicare? - ANS-A hospital and medical expense insurance program
What is old age and survivors health insurance OASDHI also known for - ANS-Social
Security's
Which of these statements concerning an individual straight life annuity is accurate -
ANS-Payments are made to an annuitant for life
The situation in which a group of physicians are salaried employees and conduct
business in an HMO facility is called a - ANS-closed panel
An architecture firm would stand to lose a lot of money in the event of the death of his
project manager. Which type of policy should the firm purchase on his project manager?
- ANS-Key person life policy
The act of an insurance company publishing misleading information about its policy
provisions is called - ANS-False advertising
In Georgia an accident and sickness policy that is paid on a quarterly basis requires a
grace period of - ANS-31 day's
Q is hospitalized for three days and receives a bill for $10,100. If Q has a major medical
policy with a $100 deductible and 80/20 coinsurance. How much will Q be responsible
for paying of this claim - ANS-$2,100, 10,000 x 20% = 2000 + 100
T would like to be assured $10,000 is available in 10 years to replace a roof on his
house. What kind of $10,000 policy should T purchase? - ANS-Ten-Year Endowment
, In Georgia which of the following is considered an unfair trade practice - ANS-coercion
Which of these statements concerning an individual disability income policy is true -
ANS-Normally includes an Elimination period
Which of the following provisions specifies how long a policy owners health coverage
will remain in effect if the policy owner does not pay the premium when it is to? - ANS-
Grace period
In a life insurance contract and insurance companies promise to pay stated benefits is
called the - ANS-Insuring clause
M becomes disabled and is unable to work for six months. M dies soon after from
complications arising from this disability. M has a disability income policy that pays
$2000 a month. Which of the following statements best describes what is owed to her
state? - ANS-Earned but unpaid benefits
When an insured changes to a more hazardous occupation, which disability policy
provision allows an insurer to adjust policy benefits and rates? - ANS-Change of
occupation provision
T and S are named co- primary beneficiaries on a $500,000 accidental death and
dismemberment policy and sharing their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards how much of the death benefit will the mother receive -
ANS-$0
In Georgia long-term care policies are required to provide benefits for at least - ANS-12
months
S is the policy owner of a major medical policy. The premiums are paid monthly and due
on the first of each month. As fails to make September payment and is hospitalized
October 15. What else fails to claim for hospitalization, the insurer will likely - ANS-Deny
the claim
Which of these is not considered to be an element of an insurance contract - ANS-
negotiating
Cash surrendering an existing whole life policy and purchasing a new whole life policy is
referred to as a(n) - ANS-replacement
X is insured with a disability income policy that provides coverage until age 65. This
policy allows the insurer to change the premium rate for the overall risk class assigned.
Which of these renewability features does this policy contain? - ANS-Guaranteed
renewable
