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EXAMFX LIFE AND HEALTH EXAM NEWEST
2024-2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
When an employee terminates coverage under a group insurance policy, coverage continues in force - CORRECT ANSWER -For 31 days.(an employee has 31 days under the conversion privilege to convert to an individual policy.)
When an employer offers to give an employee a wage increase in the amount of the premium on a new life insurance policy, this is called a(n) - CORRECT ANSWER -Executive bonus.(same as definition)
Which of the following statements is NOT true concerning Medicaid? - CORRECT ANSWER -It consists of 3 parts: Part A: hospitalization, Part B: doctor's services, and Part C: disability income. 1 / 4
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(Medicaid is a state program funded by state and federal taxes that provide medical care for the needy. Parts A-C are part of Medicare.)
In a survivorship life policy, when does the insurer pay the death benefit? - CORRECT ANSWER -upon the last death.(survivorship life pays on the last death rather than upon the first death.)
An insured misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued? - CORRECT ANSWER -Adjust the claim benefit to reflect the insured's true age.
- the misstatement of age provision says that if a client has
misstated her age, whether internal or unintentionally, they will adjust the benefits being paid. It doesn't matter when the mistake was found.)
Which of the following is true of a children's rider added to an insured's permanent life insurance policy? - CORRECT ANSWER-It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age. 2 / 4
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(children's rider is term insurance covering all of the children in the family, including newly born children, and is convertible to permanent insurance upon a child reaching the maximum age without evidence of insurability.
How many pairs of glassed in a 12-month period will a vision expense insurance plan cover? - CORRECT ANSWER -one.(it is common in most vision expense insurance plans to restrict benefits to one exam and one pair of glasses in any 12-month period.)
which of the following riders would NOT increase the premium for a policyowner? - CORRECT ANSWER -Impairment rider.(the impairment rider excludes a specified condition from coverage, therefore, reducing benefits. an insurance company will not charge extra for a rider that reduces benefits.)
in the event of a divorce, which of the following would allow a divorcee to continue receiving group health coverage under an insured spouse's plan for an additional 36 months? - CORRECT
ANSWER-COBRA.
(dependents of employees are eligible to receive group health insurance under the employee's plan. If the employee and the dependent becomes legally separated or divorced, or if the 3 / 4
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employee dies, the dependent will be eligible for COBRA benefits for up to 36 months.)
An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age 100 is called - CORRECT ANSWER -single premium whole life.(Single premium whole life requires the entire premium to be paid in one lump sum at the policy's inception.)
a married couple's retirement annuity pays them $250 per month. The husband dies and his wife continues to receive $125.50 per month for as long as she lives. When the wife dies, payments stop. What settlement option did they select? - CORRECT ANSWER -Joint and survivor.(under a joint settlement option, payments would stop at the first death, but under the joint and survivor, payment would continue until both recipients die. Usually, the surviving beneficiary receives 1/2 or 2/3 of the amount received when both beneficiaries were alive.)
a 63-year-old man is planning to be employed until age 68.When will he be eligible for Medicare? - CORRECT ANSWER - Age 65, regardless of his employment status.
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