LIFE
A policyowner would like to change their beneficiary on a life insurance policy and make the change permanent. Which type of designation would fulfill this need?
A. Revocable
B. Contigent
C. Irrevocable
D. Primary
[C] IRREVOCABLE-may not be changed w/o written consent
Which of the following individuals MUST be licensed as a producer?
A. A salaried officer of an insured
B. A person who provides information or advice to reduce loss
C. A person who places insurance on behalf of anyone seeking insurance
D. A person who gives incidental insurance advice in the normal course of business other than Insurance Consulting
[C] A person who places insurance on behalf of anyone seeking insurance must be a license as a producer!
Under the Affordable Care Act (ACA) which of the following is NOT considered an essential health benefit?
A. Ambulatory Patient Service
B. Cosmetic Surgery
C. Laboratory Services
D. Prescription Drugs
[B] Cosmetic Surgery
The Exchange must allow any qualified plans as well as Benchmark plans that meet the minimum standard established by the Exchange to be offered in the exchange all individuals and group plans must include the following.
MEDICARE
Which of the following circumstances would cause a Medicare supplement policy to be canceled?A. A claim greatly exceeded the benefits payable
B. The insured fails to pay the premium
C. The attending physician dies before the claim is settled
D. The insured is no longer in good health
[B] Failing to pay the premium would cause a Medicare supplement policy to be canceled
Variable Life Products require a producer to:
A. Guarantee more than 12% return per annum
B. Hold a life and health insurance license
C. Hold a life and security license
D. Be regulated solely by the state law
[C] Variable Life Products require a producer to hold a life and securities license!
An insurance company that promises lower insurance rates than any other company in the country may be charged with:
A. Coercion
B. Defamation
C. Boycotting
D. False Advertising
[D] False Advertsing!
An accident and health policy must provide essential benefits on purchased:
A. As an individual from commercial providers
B. Through Medicare
C. In a group plan from commercial providers
D. Individually or with group coverage through the Federal Marketplace
[D] An accident and health policy must provide essential benefits without annual and lifetime limits when purchased individually or with group coverage through the Federal Marketplace (Exchange)
The Commissioner of Insurance has the power to do ALL of the following except:
A. Examine witnesses under oath w/o subpoena
B. Conduct a financial exam of insurance company every 5 years
C. Enforce the insurance code through investigations
D. Organize, manage, direct, and supervise the division
[A] Must have a subpoena!!
Group Life policies in NV are required to contain a conversion privilege that allows:
A. Evidence of insurability
B. An individual policy for a stated period
C. See only if the premiums are paid by the employer
D. An individual policy at any time
[B] In NV, group Life policies must contain a conversion privilege that allows an individual for a specific period.
It is a legitimate insurance marketing practice to obtain business from a competitor by all of the following means, except:
A. Quoting a lower price premium for the same coverage
B. Raising the deductible to secure a lower premium if the insurance company is notified of the change
C. Agreeing to reduce commission to obtain a sale
D. Providing better coverage for the same premium
[C] Agreeing to reduce commission to obtain a sale is NOT a legitimate insurance marketing practice to get business from a competitor!
J, an AD&D policyholder, dies after injuries sustained in an accident. J's age as stated on the application 5 year ago was found to be understated by ten years.
Which of the following actions will the insurance company take?
A. The insurance company will pay the original benefits stated in the policy
B. The insurance company will adjust the benefit to what the premium paid would have purchased at the insured's actual age
C. The insurance company will pay the original face amount minus any premium deficiencies owed
D. The insurance company will deny the claim and refund premiums paid
[B] In this situation, the insurance company will adjust the death benefits to what the premiums paid would have purchased at the insured's actual age!
A foreign insurance company doing business in NV:
A. Is NOT subject to FL insurance law
B. Is a company that was formed under the law of another state
C. Is a company that was formed under the laws of another country
D. Is only authorized to write business outside of the US
[B] Formed under the law of a state other than NV!