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Exam (elaborations)

PA Life and Health Insurance Exam - Life Insurance Basics Questions and Answers
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5

October 2024

2024/2025

A+
Insurable Interest The policyowner must face the possibility of losing money or something of value in the event of loss...Must exist at the time of application Personal Uses of Life Insurance Survivor protection, estate creation/conservation, Liquidity, Asset protection Purchase of Life Insurance creates this Immediate estate Liquidity The policy's cash values can be borrowed against at any time and used for immediate needs Asset Protection The use of life insurance to guard one's weal...
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Exam (elaborations)

PA Life and Health Insurance Exam - Life Insurance Policies Questions and Answers
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4

October 2024

2024/2025

A+
Term Life Insurance Temporary protection, only provides coverage for a specific period of time. Also known as pure life insurance. Pure Death Protection What is provided by Term insurance. If the insured dies during this term, the policy pays the death benefit to the beneficiary. Level Term Insurance Most common type of temporary protection purchased. Refers to the fact that the death benefit does not change throughout the life of the policy Level Premium Term Provides a level death benefit a...
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Exam (elaborations)

Chapter 12 Pennsylvania Laws and Rules Study Set Questions with Correct Answers
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9

October 2024

2024/2025

A+
What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association? 1) Assist an applicant choose the best insurer 2) Assist an applicant choose the right amount of coverage 3) Provide each policyowner a buyer's guide and policy summary 4) Provide policyowner protection if an insurer becomes insolvent Provide policyowner protection if an insurer becomes insolvent Viatical settlement brokers send packets of information to potential viatees. These information packets normal...
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Exam (elaborations)

PA Life and Health State Test Study Guide with Questions and Correct Answers
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13

October 2024

2024/2025

A+
What types of life insurance are normally used for key employee indemnification? term, whole, and universal life insurance major medical insurance will typically cover medical expenses that result from a negative reaction to a prescribed medication All of these characteristics of a major medical expense policy EXCEPT elimination periods A rollover from a Traditional IRA to another IRA MUST be done within ___ days to avoid tax 60 If a Medicare Supplement policy replaces another that had been ...
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Exam (elaborations)

200 Questions and Correct Answers PA Life and Health State Exam Simulator
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14

October 2024

2024/2025

A+
Under a modified endowment contract, what are the likely tax consequences? Pre-death distributions will become taxable An interest sensitive life insurance policy owner may be able to withdraw the policy's cash value interest. The free provision that allows this is called Partial Surrender In contrast to a guaranteed renewable policy, a noncancelable policy may never raise premiums Written notice for a health claim must be given to the insurer ___ days after the occurrence of the loss. 20 ...
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Exam (elaborations)

Pennsylvania Life and Health Insurance ExamFX Questions and Correct Answers
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23

October 2024

2024/2025

A+
Accelerated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accident An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury Unplanned, unforeseen traumatic injury to the body. Accidental Death and Dismemberment An insurance policy which pays a...
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Exam (elaborations)

Pennsylvania Life Insurance - Premiums/Underwriting Test Questions and Correct Answers
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8

October 2024

2024/2025

A+
Which statement regarding the joint and survivor life insurance settlement option is INCORRECT? Age of the beneficiaries plays a factor when determining the payment amounts Income continues until the last beneficiary dies Two or more beneficiaries can be paid The income payments are larger as compared to a single-life income option The income payments are larger as compared to a single-life income option Which of these factors do NOT affect life insurance premium rates? Expense factor Interest ...
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