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XCEL Life and Health Insurance Test Review Questions and Answers Best rated A+ Guaranteed Success
Which of the following statements regarding Group Disability Income insurance is TRUE? - ANSWER-It provides benefits for nonoccupational illnesses and injuries
Which of the following is NOT a federal requirement of a qualified plan? - ANSWER- Employee must be able to make unlimited contributions
Which clause defines total disability as being unable to perform the major duties of the insured's regular occupation? - ANSWER-Own occupation clause
How are premiums paid by the insured for personally owned disability income insurance treated for tax purposes? - ANSWER-not tax deductible
common exclusion on a dental policy - ANSWER-Endodontics
Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - ANSWER-Home health care
According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? - ANSWER-March 23, 2010
Which of the following is NOT a type of Medicare Advantage Plan? - ANSWER-Social Security Disability Income (SSDI)
Coordination of Benefits regulation applies to all of the following plans EXCEPT - ANSWER-Preferred Provider Organization plan (PPO)
Both long-term care insurance and Medicare Supplement policies may be returned by the insured for a full refund within - ANSWER-30 days
Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? - ANSWER-Hospital Indemnity
Low frequency diseases can be exclusively covered by what kind of health insurance policies? - ANSWER-Limited Policies
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What type of injury would NOT be covered under a health insurance policy? - ANSWER-Work-related
Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? - ANSWER-It would be considered taxable income to the employee
A single premium cash value policy can be described as - ANSWER-a policy that is paid up after only one payment
How does one become eligible for Part D: Prescription Drug coverage? - ANSWER-
Must have Medicare coverage
An example of endodontic treatment is a - ANSWER-root canal
Under US Code 1033, crimes by or affecting persons engaged in the business of insurance which affect interstate commerce are prosecuted by the - ANSWER-US Attorney General
What would be an expense factor in an insurance program? - ANSWER-Mortality costs
Which of the following signatures is not required on an individual insurance application?
- ANSWER-Insurer
All of the following are defined as supplemental health insuring corporation (HIC) services EXCEPT - ANSWER-outpatient medical services
"Maximum benefits" refers to the - ANSWER-upper limit of the total lifetime benefits the insurance company will pay
Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT - ANSWER-the beneficiary
What happens to the coverage under a children's term rider when that child reaches a certain specified age? - ANSWER-Coverage is eliminated
Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit? - ANSWER-increase the premiums on an individual basis
When the superintendent believes an agent is causing substantial and material harm, the superintendent has the authority to - ANSWER-issue a cease and desist order against the agent Which annuity payout option allows the policy owner to choose a pre-determined number of benefit payments? - ANSWER-Period Certain
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