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Simulator Terms in this set (147)which document must accompany an application that initiates the replacement of an existing life insurance policy? a signed statement by the applicant regarding the replacement B has a $100,000 Accidental Death and Dismemberment policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight, what will the policy pay B's beneficiary? 300,000 According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in the force even though the premium has not been paid? 31 days What would be an accurate definition of "controlled business"? Insurance business that is written on the agents own life, property, or interests Which of these statements accurately describes the waiver of premium provision in an accident and health policy? Premiums are waived after the insured has been totally disabled for a specified time period which of the following types of health coverage frequently uses a deductible? Major medical policy what provision in a life insurance policy states that application is considered part of the contract? Entire Contract provision
this type of deductible provision wavies the deductible for all family members after some of them have satisfied individual deductibles within the same year: family maximum deductible An insurance company which engages in boycott, corecion, and intimidation that results in the unreasonable restraint of trade is committing a prohibited act under Georgia insurance law covering unfair trade practices what does a face amount plus cash value policy supposed to pay at the insureds death? Face amount plus the policy cash value With Optionally renewable health policies, the insurer may: review the policy annually and determine whether or not to renew it
A "reimbursement policy" pays what amount of covered long term care expenses? Actual covered expenses up to the daily maximum what is the consideration given by an insurer in the consideration clause of a life policy? Promise to pay a death benefit to a named beneficiary When does a Guaranteed Insurability Rider allow the insured to buy additional coverage? at future dates specified in the the contract with no evidence of insurability required Upon delivery of a rated life insurance policy, the Producer must obtain each of the following EXCEPT Signed HIPAA disclosure which of these is not a reason for a business to buy key person life insurance? A pension deficiency if the key employee dies the agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called a(n): Insuring agreement which of these is NOT considered to be a cost connected with an individual's death? business expenses which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant? risk classification variable whole life insurance can be described as: both an insurance and securities product What is issued to each employee of an employer health plan? certificate which type of plan allows an employer to give money to an employee for buying a life insurance policy and also permits the employee to select the beneficiary ? split dollar plan S is close to retiring and would like to purchase a policy that will yield greater gains than bonds, but will still protect the principal with a minimum level or risk. Which product would S be advised to purchase? equity index insurance which of these is considered a man tory provision ? payment of claims m is insured under a basic hospital/surgical expense policy. A physician performs surgery on m. what determines the claim m is eligible for? determined by the terms of the policy which of these types of policies may not have the automatic premium loan provision attached to it? decreasing term how does an indexed annuity differ from a fixed annuity? indexed annuity owners receive credited interest tied to the fluctuations of the linked index. in Georgia, monthly premium accident and sickness insurance policies must provide a grace period of at least 10 days a policy that becomes a modified endowment contract (MEC): will lose many of its tax advantages L, aged 50, and L's spouse, 48, have one natural child and one adopted child. They purchase a Family Policy that covers L's spouse to age 65. A death benefit will NOT be paid in which of the following circumstances? L's spouse dies at age 66 (L's spouse has coverage until age 65) M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable a student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following ? Aviation exclusion which of the following statements does NOT accurately describe the tax treatment of premiums and benefits of individual accident and health insurance ? disability income policy premiums are tax deductible F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed? decreasing term policy Any changes made on an insurance application requires the initials of whom? Applicant T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase? ten year endowment T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later. Assuming that T is an acceptable risk, what item is given to T ? conditional receipt what is the initial requirement for an insured to become eligible for benefits under the waiver of premium provision? Insured must be under a physicians care V is insured under an individual Disability Income policy with a 30-day Elimination period. On July 1, he is involved in an accident and temporarily disabled. He returns to work on December 1. How many months of benefit are payable? 4 months which of these characteristics is consistent with a straight life policy? premiums are payable for as long as there is insurance coverage in force a medical information report (MIB) report may disclose which of the following: Prior use of marjuana Who makes the legally enforceable promises in a unilateral insurance contract? insurance company Which rider provides coverage for a child under a parent's life insurance policy? child term rider when determining the monthly benefit amount for a disability income policy, the factor that limits the amount a prospective insured may purchase is: income Upon reaching the limiting age, a handicapped child can extend their accident and sickness insurance coverage as a dependent only if the child is incapable of employment and chiefly dependent on the policy owner Under a trustee group life policy, who would be eligible for a certificate of coverage? employee what kind of life insurance starts out as temporary coverage but can later modified to permanent coverage without evidence of insurability?
convertible term which of the following medical expenses does Cancer insurance NOT cover Arthritis which of the following statements BEST describe how a policy that uses the "accidental bodily injury" definition of an accident differs from one that uses the "accidental means" definition ? less restrictive C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? The cost How long is the typical free look period for long term care insurance policies? 30 days which of the following situations does NOT apply to the Georgia replacement rule ? an existing policyholder purchases an additional policy from the same insurer the provision that defines to whom the insurer will pay benefits to is called: payment of claims the commissioner must give____ days notice prior to holding a hearing regarding an agents unfair or deceptive practice. 10 P, age 50, purchased an annuity that P will fund with $500/ month for 15 years. The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P purchase? Deferred health insurance benefits NOT covered due to an at of war are: excluded by the insurer in the contract provisions When is the face amount of a Whole Life policy paid? when the insured dies or at the policy's maturity date, whichever happens first A business overhead expense policy would cover which of the following if a business owner becomes disabled? utilities and office rent K pays on a $20,000 20-Year Endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary? $20,000 death benefit Which plan is intended to be used by a sole proprietor and the employees of that business? Keogh plan In Major Medical Expense policies, what is the intent of a Stop Loss provision? limits an insured's out of pocket medical expenses M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free look period has expired Which requirement must be met for an association to be eligible for a group life plan? group was formed for a purpose other than acquiring insurance Which of these require an offer, acceptance, and consideration? contract which of the following policies is characterized by a flexible premium and death benefit and allows the policy owner control of the investment aspect of the plan? Variable universal life which of the following services is NOT covered under a hospitalization expense policy? surgeons fees An immediate annuity consists of a Single Premium B is a teacher who was injured in a car accident and cannot work. She is now receiving monthly benefits as a result of this accident. Which type of policy does B have? disability income A Hospital/surgical expense policy was purchased for a family of four in March of 2013. The policy was issued with a $500 deductible and a limit of four deductible per calendar year. Two claims were paid is september 2013 each incurring medical expenses in excess of the deductible amount as well. What would be this familys out of pocket medial expenses for 2013? $1,000 the sections of an insurance contract which limit coverage are called: exclusions In Georgia, how long is the free look period? 10 days all of these statements concerning settlement options are true, EXCEPT: Only the beneficiary may select An employee requested that the balance of her 401(k) account be sent directly to her in one lump sum. Upon receipt of the distribution, she immediately has the funds rolled over into an IRA. What is the tax consequence of the distribution sent to this employee?
distribution is subject to federal income tax withholding comprehensive major medical policies usually combine: Major medical with basic hospital/surgical coverage common exclusions to continuation of group coverage include: all of the above If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth of 10-year Term coverage on X under the same policy, the applicant should purchase a whole life policy with an other insured rider Prior to a hearing that could potentially revoke an agents license, what is required by the commissioner? giving written notice to the agent which of payment is not used by health insurance policies ? single premium A statement made by an insurance in an insurance application that must be true to the best of ones knowledge and which becomes a part of the contract is known as: a representation which of the following factors affects the amount of monthly disability benefits payable under social security ? the amount of the benefits available from other sources Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? variable universal life Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine: probability of making timely premium payments a young, married teacher has two children and owns a whole life policy. If the teacher wants an increasing death benefit to protect against inflation, the teacher should select which of the following dividends options? paid up additional insurance An agent must have ____ hours of ethics per continuing education reporting period. 3 a limited pay life policy has: premium payments limited to a specified number of years Family Income Policy is combination of whole life and decreasing term insurance when an insurance application is taken by a producer, which of these statements is true? any changes made on the application require the applicants initials which statement regarding third party ownership of a life insurance policy is true? it is used extensively in estate planning as well as business circumstances group life insurance policies are written as: annually renewable term An insured owns an individual Disability Income policy with a 30-day Elimination Period for sickness and accidents and a monthly indemnity benefit of $500. If the insured is disabled for 3 1/2 months, what is the MAXIMUM amount he would receive for an approved claim? $1,250 (3.5 months - 1 month elimination period = 2.5 months x $500 monthly indemnity = $1,250 Information obtained from a phone conversation to the proposed insured can be found in which of these reports? Inspection report An agent's license can be suspended or revoked by writing primarily controlled business A whole life insurance policyowner does not wish to continue making premium payments. which of the following enables the policyowner to sell the policy for more than its cash value? life settlement contract If an individual has an accidental death and dismemberment policy and dies, an autopsy can be performed in all these situations, EXCEPT: when the state prohibits this by law An example of unfair discrimination would be offering different terms of coverage for different policyowners having the same risk classification the most important factor to consider when determining whether to convert term insurance at the insured's attainted age or the insured's original age is the cost Which provision is NOT a requirement in a group life policy? accidental The legal actions provision of an insurance contract is designed to do all the following, EXCEPT: protect the producer In an individual retirement account (IRA), rollover contributions are: not limited by dollar amount Which tax would an IRA participant be subjected to on distributions received prior to age 59 1/2? ordinary income tax and a 10% tax penalty for early withdrawal A Loss-Purchase Buy and Sell agreement among three partners, funded with individual life insurance, would require how many policies? 6 a major medical policy typically: provides benefits for reasonable and necessary medical expenses, subject to policy limits which of the following policies is characterized by a flexible premium and death benefit and allows the policyowner control of the investment aspect of the plan variable universal life which of the following provisions guarantees that premiums will be waived if a juvenile life policyowner becomes disabled? payor clause Which life insurance rider typically appears on a Juvenile life insurance policy? payor benefit rider Medicare Part A and Part B do NOT pay for dental work On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium . the insurance company approved the application on January 14 and issued the policy January 15. the producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective? January 26 P is a Major Medical policyowner who is hospitalized as a result of injuries sustained from participating in a carjacking. How will the insurer most likely handle this claim? claim will be denied Accidental Death and Dismemberment (AD&D) provision in a life insurance policy would pay additional benefits if the insured: is blinded in an accident S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What kind of rider did S include on the policy? Return of premium rider The phrase"This policy will only pay for semi private room" is an example of an: internal limit Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of: 10,000 which of the following correctly describes a certificate of authority? permits an insurance company to transact business in georgia which of the following dividend options results in taxable income to the policyowner? accumulation at interest An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? 59 1/2 which of the following medical expenses does Cancer insurance NOT cover? Arthritis which of the following statements is correct regarding the tax treatment of a lump sum payment paid to a life insurance policy's primary beneficiary? all the proceeds are income tax free in the year they are received which of these terms accurately defines an underwriters assessment of information on a life insurance application? risk classification In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy? owners rights A trustee to trustee of rollover funds in a qualified plan allows a participant to avoid: mandatory income tax withholding on transfer amount At what point does an informal contract become binding? when one party makes an offer and the other party accepts that offer which of these is NOT considered to be a right given to a policyowner? Modify a provision in the insurance contract Which provision prevents an insurer from changing the terms of the contract with the policyowner by referring to documents not found within the policy itself? entire contract provision what type of life policy has a death benefit that adjusts periodically and is written for a specific period of time? decreasing term Which of these provisions require proof of insurability after a policy has lapsed? reinstatement in georgia, an accident and sickness policy that is paid on a quarterly basis requires a grace period of 31 days K purchased a $10,000 Life Policy that will pay the face amount to her if she lives to age 65, or to her beneficiary if she dies before age 65. K purchased which of the following types of policies? endowment at age 65 How are surrender charges deducted in a life policy with a rear-end loaded provision? deducted when the policy is discontinued P is a forty year old woman and would like to purchase an annuity that will provide a lifetime income stream beginning at age sixty. Which of the following did she NOT buy? An immediate annuity Which of these options can an individual use their medical flexible spending account to pay for? prescription drugs what is the MINIMUM number of activities of daily living (ADL) an insured must be unable to perform to quality for long term care benefits 2 T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? $0 Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take? return to the customer, collect a new check made out of the insurance company, and send the new check out to the insurance company J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Twisting in Georgia, which of the following statements is correct about life insurance advertisements? an insurance agency is responsible for advertisements placed by its insurance agents which of the following combination plans is designed to protect an insured from an unpaid mortgage balance upon premature death? joint life life and health insurance policies are: unilateral contracts Accidental Death coverage is provided to commercial airline passengers in which of the following types of policies? blanket accident policy When must insurable interest exist for a life insurance contract to be valid? inception of the contract P is a producer who notices 5 questions on a life application were not answered. What actions should P take? set up a meeting with the applicant to answer the remaining questions which of the following actions is NOT possible with a universal life policy? premiums may be applied as credit against income tax which of these statements is INCORRECT regarding the federal income tax treatment of life insurance? entire cash surrender value is taxable An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the applicants physicians K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, when will coverage be effective? the date the agent derived policy, collected the initial premium, and obtained a good health statement from the insured insured policies are offered on a "take it or leave it" basis, which makes them: contracts of Adhesion J purchased a Disability Income Policy that ONLY J can terminate and on which the rates will never increase above those illustrated in the policy. Which of the following types of policies did J purchase? Non cancelable Basic Medical Expensive insurance: has lower benefits than major medical insurance Verified questions
finance AM Express Inc. is considering the purchase of an additional delivery vehicle for $55,000 on January 1, 2014. The truck is expected to have a five-year life with an expected residual value of$15,000 at the end of five years. The expected additional revenues from the added delivery capacity are anticipated to be $58,000 per year for each of the next five years. A driver will cost$42,000 in 2014, with an expected annual salary increase of $1,000 for each year thereafter. The annual operating costs for the truck are estimated to be$3,000 per year. a. Calculate the expected annual net cash flows from the delivery truck investment for 2014–2018. Verified answer
world geography Describe the ways in which Latin America is working to protect the environment. Verified answer
politics of the united states Even though the Federal Communications Commission (FCC) is an independent body, what is a reason it is subject to political pressure? **a.** Congress appoints its members. **b.** Congress exerts control over its budget. **c.** The broadcast industry gives financial rewards to members. **d.** The president can fire any member. **e.** The Supreme Court approves its appointees. Verified answer economics
Focus on one item you buy regularly for which the price has changed. How did this shift in price influence supply? Verified answer Other Quizlet setsBIO 150 Unit 3 study guide quiz58 terms Brooke_Pyles9 Ah! Wilderness Memorization30 terms Jackson_Flaherty61 Biology Exam 122 terms y8109933 Which of the following situations does not apply to Florida replacement rule?Which of the following situations does NOT apply to the Florida Replacement Rule? Florida's Replacement Rule applies to all of these situations EXCEPT "An existing policyholder purchases an additional policy from the same insurer".
How often must an insurance agent license be renewed in Georgia?Continuing Education and Renewal Requirements must be completed every 2 years, on or before their Expiration Date, which is the last day of the licensee's birth month. Agents licensed in multiple lines are only required to meet the same requirements as agents with single lines of licensing.
What is the best way to define life insurance replacement quizlet?replacement: transaction in which new life insurance or annuity is purchased out.
What is considered to be a characteristic of a conditionally renewable?The conditionally renewable provision in an insurance policy allows an insurance company to cancel immediately, not renew at the renewal date, or increase premiums on a policyholder under certain conditions. This provision benefits the insurer, not the policyholder.
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Which of the following situations does not apply to the Georgia Replacement Rule Quizlet
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