Final Exam - Louisiana Life and Health |150
Questions with answers
When are group disability benefits considered to be tax-free to the insured? - -When the
recipient pays the premiums
-An insurable interest in each other's lives may exist in absence of an economic interest
when the individuals are - -Marriage partners
-What is the elimination period of an individual disability policy? - -Time period a disabled
person must wait before benefits are paid
-What happens to interest earned if the annuitant dies before the payout start date? - -It is
taxable
-In which of the following situations would the insurer be liable for a loss? - -The insured
suffered an injury as an innocent bystander during a bank robbery
-In what form do disability income policies typically pay benefits? - -Periodic income
-Which of the following is typically NOT eligible for coverage in a group health policy? - -
Temporary employee
-Which of the following would be considered a possible applicant and contract
policyholder for group health benefits? - -Employer
-A Medicare Supplement Policy is - -designed to fill in the gaps of Part A and Part B
Medicare
-Under a Modified Endowment Contract, what are the likely tax consequences? - -Pre-
death distributions will become taxable
-In a Long-Term Care policy, activities of daily living (ADL's) can be each of the following
EXCEPT - -Talking
-Which of the following is an annuity that is linked to a market-related index? - -Equity-
indexed annuity
-An insurer operating in the U.S. but headquartered outside the U.S. is - -an alien insurer
-Group dental plans will frequently place a limit on annual benefits in order to minimize - -
adverse selection
, -All of the following are considered to be fraud EXCEPT - -collecting a charge for insurance
that is less than the charge applicable to that insurance
-A producer's license in Louisiana must be renewed every - -Two years
-An insured has a health plan that pays established amounts in accordance with a list of
injuries, surgical procedures, or other losses. This list is called a - -benefit schedule
-Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated
employee's benefits must - -be the same and the premium cannot exceed 102%
-If a producer has been engaged in an administrative action by any governmental agency,
within how many days following the final deposition must the producer report the action
to the Commissioner? - -30
-Ownership of a life insurance policy may be temporarily transferred with a(n) - -
collateral assignment
-Under a Traditional IRA, interest earned is taxed - -upon distribution
-When a Medicare Supplement insurance policy is being replaced, who must sign the
notice of replacement? - -The producer and the applicant
-In Louisiana, regulation for variable insurance contracts are set by all of the following
EXCEPT: - -State attorney general's office
-Which of these factors help determine an insured's life insurance premium? - -avocation
(hobby)
-In general practice, which statement is true of the powers of the Commissioner of
Insurance with respect to access to a producer's business records? - -Records must be
produced upon the request of the Commissioner to the producer
-What is an insurer required to do when faced with an error made under the Misstatement
of Age provision? - -Pay age-corrected benefits
-Backdating of life insurance policy applications is allowed if the policies are not backdated
earlier than - -6 months from the time the policy was applied for
-The life insurance and annuity replacement regulation defines replacement as - -
exchanging an existing policy for a new policy
-An example of a presumptive disability would be - -deafness
-Respite care is able to provide - -temporary relief to the patient's primary caregiver
Questions with answers
When are group disability benefits considered to be tax-free to the insured? - -When the
recipient pays the premiums
-An insurable interest in each other's lives may exist in absence of an economic interest
when the individuals are - -Marriage partners
-What is the elimination period of an individual disability policy? - -Time period a disabled
person must wait before benefits are paid
-What happens to interest earned if the annuitant dies before the payout start date? - -It is
taxable
-In which of the following situations would the insurer be liable for a loss? - -The insured
suffered an injury as an innocent bystander during a bank robbery
-In what form do disability income policies typically pay benefits? - -Periodic income
-Which of the following is typically NOT eligible for coverage in a group health policy? - -
Temporary employee
-Which of the following would be considered a possible applicant and contract
policyholder for group health benefits? - -Employer
-A Medicare Supplement Policy is - -designed to fill in the gaps of Part A and Part B
Medicare
-Under a Modified Endowment Contract, what are the likely tax consequences? - -Pre-
death distributions will become taxable
-In a Long-Term Care policy, activities of daily living (ADL's) can be each of the following
EXCEPT - -Talking
-Which of the following is an annuity that is linked to a market-related index? - -Equity-
indexed annuity
-An insurer operating in the U.S. but headquartered outside the U.S. is - -an alien insurer
-Group dental plans will frequently place a limit on annual benefits in order to minimize - -
adverse selection
, -All of the following are considered to be fraud EXCEPT - -collecting a charge for insurance
that is less than the charge applicable to that insurance
-A producer's license in Louisiana must be renewed every - -Two years
-An insured has a health plan that pays established amounts in accordance with a list of
injuries, surgical procedures, or other losses. This list is called a - -benefit schedule
-Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a terminated
employee's benefits must - -be the same and the premium cannot exceed 102%
-If a producer has been engaged in an administrative action by any governmental agency,
within how many days following the final deposition must the producer report the action
to the Commissioner? - -30
-Ownership of a life insurance policy may be temporarily transferred with a(n) - -
collateral assignment
-Under a Traditional IRA, interest earned is taxed - -upon distribution
-When a Medicare Supplement insurance policy is being replaced, who must sign the
notice of replacement? - -The producer and the applicant
-In Louisiana, regulation for variable insurance contracts are set by all of the following
EXCEPT: - -State attorney general's office
-Which of these factors help determine an insured's life insurance premium? - -avocation
(hobby)
-In general practice, which statement is true of the powers of the Commissioner of
Insurance with respect to access to a producer's business records? - -Records must be
produced upon the request of the Commissioner to the producer
-What is an insurer required to do when faced with an error made under the Misstatement
of Age provision? - -Pay age-corrected benefits
-Backdating of life insurance policy applications is allowed if the policies are not backdated
earlier than - -6 months from the time the policy was applied for
-The life insurance and annuity replacement regulation defines replacement as - -
exchanging an existing policy for a new policy
-An example of a presumptive disability would be - -deafness
-Respite care is able to provide - -temporary relief to the patient's primary caregiver