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Download LIFE, ACCIDENT AND HEALTH INSURANCE STATE EXAM- OH QUESTIONS AND VERIFIED ANSWERS 2025/202 and more Exams Insurance law in PDF only on Docsity!
A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - Correct Answer preferred Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has - Correct Answer better than average mortality The waiver of premium does NOT include which provision? - Correct Answer Al future premiums are waived if the insured recovers from the disability An advertisement for an insurance product may contain - Correct Answer the insurer's name A medicare supplement plan can be canceled by the insurer - Correct Answer for nonpayment of premiums The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? - Correct Answer Insurable interest can be based on the love and affection of individuals related by blood or law Craig submits a %500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. which of the uniform optional provisions covers this situation? - Correct Answer unpaid premium An example of a health insuring corporation (HIC) specialty care provider is - Correct Answer neurologist an insurance company needs to obtain personal info from a 3rd part concerning an applicant. which law do all insurers and their producers need to comply with? - Correct Answer fair credit reporting act time is covered under a group plan and would like to changed his coverage to an individual policy w the same insurer bc of employment termination. which of these describes the change that will take place? - Correct Answer conversion an agents appt has been terminated by insurer. the insurer must then notify the superintendent within how many days of the termination? - Correct Answer 30 the suicide clause of a life insurance policy states that if an insured commits suicide w in a stated period from the policy inception, the insurer will only be a life insurance policy which contains cash values that vary according to its investment performance of stocks is called - Correct Answer variable whole life a life insurance policy owner was injured in an automobile accident which results in total and permanent disability. which rider would pay a monthly amount bc of this disability? - Correct Answer disability income rider pierre is covered by his employers group major medical plan. his employer pays for 75% of the premium and he pays for 25%. how much would a 10000 benefit be taxable as income under this plan - Correct Answer 0 what is not an element of a valid contract - Correct Answer countersignature a health insurance policy will typically cover - Correct Answer preventative health services which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? - Correct Answer interest only all of the following are qualifications for establishing a health savings act (HSA) except - Correct Answer enrolled in a health plan with a prescription drug benefit legal purpose is a term used in contract law meaning - Correct Answer there must be legal reasons for entering into the contract donald is the primary insured of a life insurance policy and adds a children's term rider. what is the advantage of adding this rider? - Correct Answer can be converted to a permanent coverage The factor used most often when underwriting a disability income policy is - Correct Answer annual earnings the free look period in ohio for individual health insurance policies is _ days - Correct Answer 10 which of the following is considered to be the period when the accumulated value in an annuity is paid out? - Correct Answer annutization phase under a disability income policy, which provision would be payable if the cause of an injury is unexpected and accidental? - Correct Answer accidental bodily injury provision replacement can be best described as - Correct Answer exchanging a new policy for one already in force a common exclusion for limitation on a dental policy is - Correct Answer endodontics group health plans may deny participation based upon the - Correct Answer member part-time employment status which of the following employers is required to follow ERISA regs - Correct Answer a local business of 12 employees renewable term life insurance policy can be renewed - Correct Answer at a predetermined date or age, regardless of the insureds health which type of disability would be less than total impairment and equal to permanent impairment? - Correct Answer permanent partial disability how is medicare utilized in group situatoins - Correct Answer your group plan will pay first on you hosp and med bill for 30 months ex of business continuation plan - Correct Answer key person insurance, cross- purchase agreement, stock redemption plan BUT NOT deferred compensation loss of income insurance provides - Correct Answer individual w means to replace wages A Roth IRA owner must be at least what age in order to make tax-free withdrawals? 59 1/2 and owned account for a minimum of 10 years 59 1/2 and owned account for a minimum of 5 years 70 1/2 and owned account for a minimum of 10 years 70 1/2 and owned account for a minimum of 5 years - Correct Answer 59 1/2 ad owned for 5 years In an employer-sponsored contributory group Disability Income plan, the employer pays 60% of the premium and each employee pays 40% of the premium. Any income benefits paid are taxed to the employee at - Correct Answer 60% of the benefit which of these would be the best example of a limited pay life insurance policy? - Correct Answer whole life policy with premiums paid up after 20 years how is the cost of a policy affected when a policy owner pays premiums more frequently? - Correct Answer increases James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? The original face amount will be paid to the beneficiary The policy will be voided with no death benefits paid The death benefit paid will be what the premium would have purchased at the correct age The amount of premiums paid will be returned with interest - Correct Answer c Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called - Correct Answer skilled nursing care the open enrollment period for medicare part b is - Correct Answer jan 1 through march 31 a minor may receive a life insurance policy death benefit only - Correct Answer if the minor has an appointed guardian which payment method for a health claim settlement is typically made directly to the provider of the services - Correct Answer prepaid the type of multiple protection coverage that pays on the death of the last persons is called - Correct Answer survivorship life policy what is true about the federal income tax liability owed - Correct Answer no federal income tax is owed on life insurance proceeds signatures for an insurance application must be obtained by the producer from all of the following sources except - Correct Answer the beneficiary long-term care policies or certificates issued in ohio are required to have - Correct Answer non-forfeiture value Proceeds from a life insurance policy are protected from the beneficiary's creditors by which clause? - Correct Answer spendthrift trust clause which of the following would disqualify a company's retirement plan from receiving favorable tax treatment - Correct Answer it is temporary who were keogh plans designed to provide pension benefits for - Correct Answer the self employed a field underwriters main task is - Correct Answer ensure info is accurate and complete When does an immediate annuity begin making payments? After multiple premiums have been paid After the first premium has been paid After policy has been active for one year After the incontestable period - Correct Answer after the first premium is paid how much does medicare b pay for physicians fees - Correct Answer 80% medicare part b pays for 80% of most doctors services, outpatient treatments, and durable medical equipment (like oxygen or wheelchairs) insurable interest does not occur in which group - Correct Answer bus owner and bus client An insurer must furnish to a claimant forms for filing proof of loss within days upon receiving a notice of claim. - Correct Answer 15 days violation of us code 1033 who deals w it - Correct Answer us attorney general reduced paid-up nonforfeiture - Correct Answer policy has a decreased face amount eligible for part d: prescription drug coverage - Correct Answer must have medicare coverage valid prescription is incorrect the first payment for newborn accident and health coverage is due __ days after the birth - Correct Answer 31 Premium mode is a term used to describe the - Correct Answer frequency of the premium payment which annuity payout option allows the policy owner to choose a redetermined number of benefit payments - Correct Answer period certain which of the following describes a person who is not acceptable by the insurer at a standard rates bc of health history, occupation or hobbies - Correct Answer substandard risk which of these premium payment frequencies is not typically available to a policy owner? - Correct Answer bi-weekly according to the health insurance portability and accountability act, when can a group health policy renewal be denied? - Correct Answer participation or contribution rules have been violated a permanent life insurance policy where the policy owner pays premiums for a specified number of years is called - Correct Answer limited pay policy kurt is an active duty servicemen who was recently killed in an accident while home on a leave. which military service exclusion clause would pay upon his death? - Correct Answer results decreasing term life insurance is often used to - Correct Answer to provide coverage for a home mortgage the double indemnity provision in a life insurance policy pertains to an insured death caused by an - Correct Answer accident An attending physician's statement would be appropriate for which life insurance purpose? Attending physician's statements are mandatory during the application process At the request of the applicant to assist in the underwriting decision At the request of the producer to assist in the underwriting decision At the request of the insurer to assist in the underwriting decision - Correct Answer c a long-term care policy typically provides all the following levels of care except - Correct Answer acute care which of these would not be considered a presumptive disability? - Correct Answer loss of a leg OR arm if an agent is believed to be causing considerable harm, the superintendent - Correct Answer may issue a cease and desist order against the agent when a preferred provider organization insured goes out of network, which of the following actions occur? - Correct Answer the insurer will pay a reduced amount what is the primary factor that determines the benefits paid under a disability income policy - Correct Answer wages a provision that allows a policy owner to withdraw a policy cash value interest free is a - Correct Answer partial surrender Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be: cancelable guaranteed renewable conditionally renewable optionally renewable - Correct Answer optionally renewable which of the following is not a type of medicare advantage plan - Correct Answer social security disability income an insurer has the right to recover payment made to the insured from the negligent party. these rights are called - Correct Answer subrogation Dana is an employee who deposits a percentage of her income into her individual annuity. Her company also contributes a percentage into a separate company pension plan. What kind of annuity is this considered? Qualified retirement annuity Key employee retirement annuity Executive compensation plan Keogh annuity plan - Correct Answer qualified retirement annuity a proposed insured a health insurance policy was treated for heart disease within the past year. when applying for health insurance, the hearty disease treatment - Correct Answer indicates a preexisting condition the cause of a loss is referred to as - Correct Answer peril insurance agent kelly offers a prospect a $1000 shopping card if an insurance policy is purchased through her. what illegal activity is this - Correct Answer rebating an order issued by the superintendent that prohibits a specific practice listed in the order is called - Correct Answer cease and desist 
