Connecticut Life and Health Final Exam Questions and Answers, Exams of Nursing

Download Connecticut Life and Health Final Exam Questions and Answers and more Exams Nursing in PDF only on Docsity! Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Someone who is licensed to negotiate a life settlement contract is called a - correct answer Life settlement broker Chris has a single major medical contract which covers all medical expenses. His plan is considered to be - correct answer comprehensive What typically changes at the re-entry option date found in some life insurance policies? - correct answer Premium - a re-entry option gives the insured the opportunity to provide evidence of insurability at the end of the term to qualify to renew the policy at a lower premium In Connecticut, continuing education courses must be approved by the - correct answer Commissioner After a life insurance policy has been in effect for _____ year(s), it becomes incontestable. - correct answer 2 Which of the following must clearly be illustrated in all sales material for market value adjusted annuities? Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ 1. The market value adjustment must always be approved by the commissioner 2. The market value adjustment is always downward 3. The market value adjustment is always upwards 4. The market value adjustment can be either upward or downward - correct answer 4. The market value adjustment can be either upward or downward According to the Pregnancy Discrimination Act of 1978, employers must treat a pregnancy in the same manner as - correct answer any other medical disability - the pregnancy discrimination act of 1978 requires that employers treat pregnancy in the same manner as a disability for any other medical reason Which of these noncontributory group plans would a claim likely result in the payment of federal income? 1. Accidental health 2. Blanket health 3. Major medical 4. Disability income - correct answer Disability income Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Increases policy's face amount Provide supplemental income in 35 years - correct answer Provide supplemental income in 35 years - whole kife policies typically begin to accrue cash value during the 3rd year after issue. The cash value that accumulates can be used to supplement income during retirement years An accident and health insurance policy's premium requirements are set forth in which of the following provisions? - correct answer Consideration clause - sets forth an accident and health insurance policy's premium requirements An insured has $25,000 whole life insurance policy with $6000 cash value available. Under the extended term nonforfeiture option, what is the amount of insurance available to the insured? - correct answer $25,000 - the extended term option uses the policy's cash value to purchase a level term insurance policy in an amount equal to the original policy's face value, for as long a period as the cash value will purchase. A life settlement ______ negotiates a life settlement between a policyowner and a life settlement provider. - correct answer Broker Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ self-maintenance expenses do not influence an individual's need for life insurance, true or false? - correct answer True Before soliciting insurance applications for an insurer, a producer must secure a(n) - correct answer Appointment - a producer must secure an appointment with an insured before soliciting insurance applications for that insurer Which of the following best describes a "partial disability"? Becoming deaf in one ear Unable to perform all job duties due to a short-term disability Unable to perform one ore more job duties When a disability recurs from a previous illness accident - correct answer Unable to perform one or more job duties - partial disability is normally defined as the inability to perform one more duties of a job A producer recently replaced an existing Medicare supplement policy with a new policy. The producers Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ compensation for the new policy ____ exceed the renewal commission of the original policy. - correct answer CANNOT - compensation for a new Medicare supplement policy that replaces an existing policy cannot exceed the renewal commission of the original policy If an individual would like to enroll in Medicare or seek public information about Medicare, which federal agency handles this? - correct answer Social Security Administration What type of risk involves the potential for loss with no possibility for gain? - correct answer pure risk Which of the following actions may result in a producer's license being suspended by the commissioner? Soliciting insurance under a temporary license Rebating part of a commission to the applicant Soliciting insurance on behalf of a foreign insurer Splitting the commission with another licensed producer - correct answer Rebating a portion of the commission to the insured may result in the commissioner suspending a producers license Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ - It can be provided as a rider to another policy - A cash benefit will be provided if the insured is alive at the end of the policy period - temporary insurance needs can be met - correct answer A cash benefit will be provided if the insured is alive at the end of the policy period - term life insurance does not provide a cash benefit at the end of the policy period How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? - correct answer Taxed as ordinary income in the year received - monthly life annuity benefit payments received from a tax sheltered annuity (TSA) are taxed as ordinary income in the year received Which of the following would most likely purchase an immediate annuity? - correct answer Retiree having a lump sum to invest Insurance crimes which affect interstate commerce are prosecuted by the - correct answer US Attorney General - a violation of US Code 1033, crimes by or affecting persons engaged in the business of insurance Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ whose activities affect interstate, commerce, is prosecuted by the US Attorney General When does a family health policy's coverage for a newborn child begin? - correct answer At the moment of birth A qualified profit-sharing plan is designed to - correct answer distribute a portion of company earnings to its employees Which of the following is excluded in a medical expense plan? Dread disease Tropical disease Military duty Terminal disease - correct answer Military duty An HMO prescription drug plan is generally characterized by Generic drugs only Annual deductibles Drugs dispensed through participating pharmacies Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Drugs dispensed through online pharmacies - correct answer Drugs dispensed through participating pharmacies Steve has a group disability income policy where the premiums are paid by his employer. He elected to pay for additional residual disability coverage. Which of the following statements is true? Steve's disability benefits are received tax free The premiums for Steve's disability policy are tax- deductible for Steve Steve can deduct the premium for the amount he paid for the additional residual disability coverage Steve will pay taxes on the disability benefit received from his employer, but will receive any residual disability benefits tax-free - correct answer Steve will pay taxes on the disability benefit received from his employer, but will receive any residual disability benefits tax-free Which statement regarding while life insurance is accurate? - cash value loans are permitted - insurance coverage can continue for life Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Which of the following health insurance provisions requires that the application becomes part of the policy? Consideration clause Insuring clause Entire contract clause Application clause - correct answer Entire contract clause How are qualified Roth IRA distributions normally treated for tax purposes? - correct answer Received income tax free The owner's cost basis for a non-qualified deferred annuity is typically the same as the - correct answer Total premium paid When a policy loan is requested by a policyowner and it requires the consent of the beneficiary, what kind of beneficiary designation is this? - correct answer Irrevocable beneficiary Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Starting in 2016, businesses with up to ___ employees will be defined by the ACA as a "small business". - correct answer 100 The ____ is responsible for reporting to the commissioner any name or address change of the licensee - correct answer Licensee Linda is covered with long-term care insurance and has early-stage Alzheimer's. She is still able to reside in her home while receiving primary care, as opposed to moving into a nursing home. All of the following long-term benefits encourage this EXCEPT for Custodial care Home health care Adult day care Respite care - correct answer Custodial care How would preventative care be encouraged in a dental plan? - correct answer No deductible on routine examinations Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ In long-term care insurance, what is "ADL"? - correct answer Activities of daily living Which factor determines the maximum disability benefit that can be purchased by an applicant? - correct answer The applicant's income An insured is entitled to coverage under a policy that a prudent person would expect it to provide. This principle is called - correct answer Reasonable expectations Security laws passed by Congress are enforced by which Federal agency? - correct answer Security and Exchange Commission (SEC) Which term refers to insurance written on the interests of the licensee, the licensee's employer, or the licensee's immediate family? - correct answer Controlled business - is insurance written on the interests of the licensee, the licensee's employer, or the licensee's immediate family A producer's failure to provide title and true nature of a policy upon solicitation is an example of - correct answer Misrepresentation Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ employee cost may be passed on to Betty for continued coverage. - correct answer Maximum of 102% Custodial care is normally covered under - correct answer long term care insurance The surrender charge on many deferred annuity contracts are waived when the - correct answer annuitant dies or becomes disabled How many employees must an employer have for the COBRA of 1985 to apply - correct answer 20 or more What would be a valid reason for naming a trust as a beneficiary of a life insurance policy as opposed to naming an individual? - correct answer Management of proceeds would be provided True or False: Regarding a cash value loan, a policy- owner's interest payment are tax deductible - correct answer False Social security disability income requirements state that in order to become fully insured on a permanent basis, Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ you must have worked in a covered occupation for ____ quarters. - correct answer 40 An order issued by the Commissioner that prohibits a specific practice listed in the order is called a(n) - correct answer Cease and desist orded The "use it or lose it" rule applies tk - correct answer Flexible savings accounts Sarah, age 88, is a life annuitant who has lived beyond her life expectancy. The funds for additional benefit payments will be derived primarily from funds that were - correct answer not distributed to life annuitants who died before life expectancy The coinsurance for skilled nursing facility services covered by Medicare after the 100% Medicare coverage ends is - correct answer a flat dollar amount per day What effect does interest income have upon insurance premiums? - correct answer Decreases premium Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ In long-term care insurance, what is the length of time for which claims will be paid? - correct answer Benefit period An employee welfare plan exempt from ERISA regulations would be - correct answer Church plans Who typically makes the purchase payments in an individual annuity? - correct answer owner Who normally pays the premiums for group credit life insurance? - correct answer borrower Who is required to notify the producer in the event of appointment termination? - correct answer Insurer At what point must a producer give notification to the commissioner about using an assumed name? - correct answer Prior to using the assumed name Some standard Medicare Supplement policies include which benefit? Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Medicare Part A coinsurance payments are covered by - correct answer Medicare Supplement Plan A Reductions in coverage are one feature of _______ in Health insurance policies. - correct answer cost containment Health Reimbursement Arrangement (HRA) must be established - correct answer By the employer According to ERISA regulations, a Summary Plan Description must be provided to a new plan member within ____ days of the member's eligibility date. - correct answer 90 In a disability buy-sell agreement, the policies funding the agreement are owned by the - correct answer Business entity The inability to perform some of the duties of one's own occupation is known as - correct answer Residual disability Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Under what circumstance does an accident and health insurer have the right to request an autopsy? - correct answer When not prohibited by state law A group health certificate for coverage issued in CT must contain a - correct answer Summary of policy features and benefits Jonas is covered with disability insurance through his employer. The employer pays 75% of the premium, while Jonas pays the other 25%. What is Jonas' tax liability for any benefits paid from the disability plan? - correct answer Taxes must be paid on 75% of the benefits received An arrangement where an individual is authorized to act on behalf of another person or company is established through - correct answer Law of Agency In most dental plans, a deductible typically is NOT applied to - correct answer Preventative and diagnostic services The time limit an individual has to "rollover" funds from an IRA or qualified plan is - correct answer 60 days Connecticut Life and Health Final Exam Questions And Answers Graded Score A++ Under the law of agency, the principal is considered to be - correct answer insurer What is the actuarial value of a bronze level health plan? - correct answer 60 XYZ Corp gives money to an employee to purchase a life insurance policy and allows the employee to select the beneficiary. What kind of plan is this? - correct answer Split-dollar What is another term used for "pure" life annuity? - correct answer Life income Kate received a group accident and health termination notice. How many days does she have to apply for a converted policy? - correct answer 31 What is another name for a Keogh plan? - correct answer HR 10 plan