2024 Texas Life and Health Insurance Exam Fx with Correct Solutions
In coinsurance, the larger the percentage that is paid by the insured... - Answer -the lower the required premium will be.What entity can legally bind coverage? - Answer -Insurer The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the - Answer -Entire contract In an individual LTC insurance plan, the insured is able to deduct the premiums from taxes. What income taxation will be imposed on the benefits received? - Answer -No Tax What kind of LTC benefit would provide coverage for care for functionally impaired adults on a less than 24-hour basis? - Answer -Adult Day Care A life insurance policy used to fund an agreement that contractually establishes the intent of someone to purchase a business upon the insured business owner's death is a - Answer -Buy-sell agreement.Under an individual disability policy, the MINIMUM schedule of time in which claim payments must be made to an insured is - Answer -Monthly Which type of life insurance policy generates immediate cash value? - Answer -Single Premium The legal process that gives the insurer, after payment of a loss, the right to seek recovery from a third party that was responsible for the loss is known as - Answer -Subrogation Kevin and Nancy are married; Kevin is the primary breadwinner and has a health insurance policy that covers both him and his wife. Nancy has an illness that requires significant medical attention. Kevin and Nancy decided to legally separate, which means that Nancy will no longer be eligible for health insurance coverage under Kevin. What would be Nancy's best option? - Answer -COBRA Ray has an individual major medical policy that requires a coinsurance payment. Ray vey rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance agreement would be best for Ray? - Answer -50/50 The gatekeeper of an HMO helps... - Answer -control specialists costs.The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's... - Answer -Attained age. 1 / 2
Who must pay for the cost of a medical examination required in the process of underwriting? - Answer - The Insurer In a replacement situation the agent must consider what? - Answer -Limitations, Exclusions, and Benefits.Which provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner? - Answer -Payment of Claims COBRA Act applies to only employers with how many employees? - Answer -20 or more employees.A policyowner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. This is due to what provision? - Answer -Automatic Premium Loan Who must have insurable interest in the insured? - Answer -Policyowner An insured wants to name her husband as the beneficiary of her health policy. She also wishes to retain all of the rights of ownership. The insured should have her husband named as what type of beneficiary?
- Answer -Revocable
- / 2
What document describes an insured's medical history, including diagnoses and treatments? - Answer - Attending Physicians Statement Which program expands individual public assistance programs for people with insufficient income and resources? - Answer -Medicaid If a life policy allows the policyowner to make periodic additions to the face amount at standard rates, without proving insurability, the policy includes a - Answer -Guaranteed Insurability rider Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require what elements? - Answer -Consideration, Legal Purpose, Offer and Acceptance In a life settlement contract, whom does the life settlement broker represent? - Answer -The policyowner What is the purpose of a conditional receipt? - Answer -It is intended to provide coverage on a date earlier than the date of the issuance of the policy.What is the Annuity period? - Answer -The period of time during which accumulated money is converted into income payments.What describes the specified dollar amount beyond which the insured no longer participates in the sharing of expenses? - Answer -Stop-loss limit An insured's long-term care policy is scheduled to pay a fixed amount of coverage of $120 per day. The long-term care facility only charged a $100 per day. How much will the insurance company pay? - Answer