L&H State Exam MD 2 Latest Edition.
Questions & Correct Verified Answers
Already Graded A
A long-term care insurance policy provides benefits after the insured
satisfies which of the following? - ANSbenefit approval dates
payment triggers
approval triggers
=>benefit triggers
A major medical policy with an 80/20 coinsurance clause pays 80 percent
of medical expenses until the stop/loss or maximum out-of-pocket limit is
reached. Then the policy pays costs based on the: - ANSphysician bill
alone
=>usual and customary charge
hospital bill alone
scheduled amount
A married couple that files a joint tax return asks their agent about opening
up a Roth IRA. What is the first piece of information the agent needs before
she can advise them? - ANStheir current retirement plan coverage
=>their joint income
amount of their initial contribution
when they plan to take their distribution
1
,A person who is insured under a managed care plan is considered a: -
ANSsubject
client
patient
=>member
A worker's primary insurance amount (PIA) is paid only if the worker retires
at: - ANSage 62 or later
age 65
=>his or her full retirement age (FRA)
age 70'
ABC Insurers orders a consumer report on an applicant for an individual
health insurance policy. Which of the following must the applicant receive,
according to the Fair Credit Reporting Act? - ANSdisclosure statement that
the applicant must sign
confidentiality agreement
privacy notice
=>notice that an investigation and report have been requested
After paying the initial premium for a disability income policy, Suri was
injured in an accident. She received disability income payments for the next
12 months. These payments were far more than the amount of the
premium she paid. This is characteristic of contracts that are: -
ANSadhesive
=>aleatory
conditional
2
, unilateral
Agent Jill received a letter from the Administration asking her to submit
verification of having completed the continuing education requirements for
the previous licensing period. Jill did not respond. What action may the
Administration take against her? - ANSa fine of up to $100 per day no
response is provided
a fine of up to $10,000 total
termination of her agent's appointment
=>nonrenewal of Jill's license
Agent Randy learns that his client Brenda will be replacing her existing life
insurance policy. Which document must he give Brenda at the time of
application? - ANS=>Notice Regarding Replacement
Buyer's Guide
policy summary
consumer guide
Aiden's individual long-term care credit for this taxable year exceeded its
tax liability. What is the longest period of time Aiden may carry over this
year's unused credit? - ANS=>Credit may not be carried over.
Credit must be used in the year following this taxable year.
Credit must be used within three years following this taxable year.
Credit must be used within five years following this taxable year.
All of the following statements regarding viatical settlement brokers are
correct, EXCEPT: - ANSThey must be licensed in most states.
3
Questions & Correct Verified Answers
Already Graded A
A long-term care insurance policy provides benefits after the insured
satisfies which of the following? - ANSbenefit approval dates
payment triggers
approval triggers
=>benefit triggers
A major medical policy with an 80/20 coinsurance clause pays 80 percent
of medical expenses until the stop/loss or maximum out-of-pocket limit is
reached. Then the policy pays costs based on the: - ANSphysician bill
alone
=>usual and customary charge
hospital bill alone
scheduled amount
A married couple that files a joint tax return asks their agent about opening
up a Roth IRA. What is the first piece of information the agent needs before
she can advise them? - ANStheir current retirement plan coverage
=>their joint income
amount of their initial contribution
when they plan to take their distribution
1
,A person who is insured under a managed care plan is considered a: -
ANSsubject
client
patient
=>member
A worker's primary insurance amount (PIA) is paid only if the worker retires
at: - ANSage 62 or later
age 65
=>his or her full retirement age (FRA)
age 70'
ABC Insurers orders a consumer report on an applicant for an individual
health insurance policy. Which of the following must the applicant receive,
according to the Fair Credit Reporting Act? - ANSdisclosure statement that
the applicant must sign
confidentiality agreement
privacy notice
=>notice that an investigation and report have been requested
After paying the initial premium for a disability income policy, Suri was
injured in an accident. She received disability income payments for the next
12 months. These payments were far more than the amount of the
premium she paid. This is characteristic of contracts that are: -
ANSadhesive
=>aleatory
conditional
2
, unilateral
Agent Jill received a letter from the Administration asking her to submit
verification of having completed the continuing education requirements for
the previous licensing period. Jill did not respond. What action may the
Administration take against her? - ANSa fine of up to $100 per day no
response is provided
a fine of up to $10,000 total
termination of her agent's appointment
=>nonrenewal of Jill's license
Agent Randy learns that his client Brenda will be replacing her existing life
insurance policy. Which document must he give Brenda at the time of
application? - ANS=>Notice Regarding Replacement
Buyer's Guide
policy summary
consumer guide
Aiden's individual long-term care credit for this taxable year exceeded its
tax liability. What is the longest period of time Aiden may carry over this
year's unused credit? - ANS=>Credit may not be carried over.
Credit must be used in the year following this taxable year.
Credit must be used within three years following this taxable year.
Credit must be used within five years following this taxable year.
All of the following statements regarding viatical settlement brokers are
correct, EXCEPT: - ANSThey must be licensed in most states.
3
