LA LIFE AND HEALTH INSURANCE EXAM 2025 WITH GUARANTEED ACCURATE ANSWERS, Exams of Nursing

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LA LIFE AND HEALTH INSURANCE EXAM 2025 LA LIFE AND HEALTH INSURANCE EXAM 2025 WITH GUARANTEED ACCURATE ANSWERS "Maximum benefits" refers to the - ACCURATE ANSWERS✔✔ upper limit of the total lifetime benefits the insurance company will pay ____ is NOT an element of a valid contract. - ACCURATE ANSWERS✔✔ Countersignature ____ life is designed to pay the balance of a loan if the insured dies before repayment of the loan - ACCURATE ANSWERS✔✔ Credit A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPAA, this tax will not be applied if the withdrawal is used for medical expenses that exceed __ of the individual's adjusted gross income. - ACCURATE ANSWERS✔✔ 7.50%

A beneficiary change can occur: - ACCURATE ANSWERS✔✔ normally at any time during the policy term A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding the federal income tax liability owed? - ACCURATE ANSWERS✔✔ No federal income tax is owed on life insurance proceeds A business entity wishing to act as an insurance producer MUST - ACCURATE ANSWERS✔✔ obtain a producer's license A business will typically use which type of life insurance to cover their employees? - ACCURATE ANSWERS✔✔ Group A cease and desist order - ACCURATE ANSWERS✔✔ forbids a stated practice listed in the order A change in an insurance application requires - ACCURATE ANSWERS✔✔ an initial made by the applicant A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) - ACCURATE ANSWERS✔✔ optional renewability clause A common exclusion with Vision plans is - ACCURATE ANSWERS✔✔ lasik surgery

A foreign insurance company doing business in Louisiana - ACCURATE ANSWERS✔✔ is a company that was formed under the laws of another state A form of medical health insurance covering the treatment and care of gum disease is called - ACCURATE ANSWERS✔✔ Dental expense insurance A group Disability Income plan that pays tax-free benefits to covered employees is considered - ACCURATE ANSWERS✔✔ fully contributory A guaranteed issued insurance policy has no - ACCURATE ANSWERS✔✔ medical underwriting A health care provider claim may be settled using which of the following payment methods? - ACCURATE ANSWERS✔✔ Fee-for-service A health insurance policy that allows an insurer to change the policy owners premiums, but NOT cancel the policy is called a(n) - ACCURATE ANSWERS✔✔ guaranteed renewable policy A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called - ACCURATE ANSWERS✔✔ conditionally renewable

A health insurance policy will typically cover - ACCURATE ANSWERS✔✔ preventative health services A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance contracts - ACCURATE ANSWERS✔✔ appointed A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the - ACCURATE ANSWERS✔✔ named living primary beneficiaries A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the - ACCURATE ANSWERS✔✔ reinsurer A life insurance policy normally contains a provision that restricts coverage in the event of death under all fo the following situations EXCEPT - ACCURATE ANSWERS✔✔ fare-paying passenger A life insurance policy sold in Louisiana can be contested by the insurer only during the first __ years of the contract. - ACCURATE ANSWERS✔✔ two A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called - ACCURATE ANSWERS✔✔ Universal life

A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) - ACCURATE ANSWERS✔✔ Guaranteed insurability rider A limited payment whole life policy provides - ACCURATE ANSWERS✔✔ lifetime protection A long term care policy typically provides all of the following levels of care except - ACCURATE ANSWERS✔✔ acute care A Louisiana insurance producer solicits a life insurance policy. In the even of a controversry between the insured and the company, the producer is considered to represent the - ACCURATE ANSWERS✔✔ company A master contract and certificate of coverage can be found in which type of policy? - ACCURATE ANSWERS✔✔ Group A medicare supplement basic benefit is - ACCURATE ANSWERS✔✔ the first 3 pints of blood per year A Medicare supplement plan can be canceled by the insurer - ACCURATE ANSWERS✔✔ for nonpayment of premiums A medicare supplement policy can be cancelled by the insurer for - ACCURATE ANSWERS✔✔ nonpayment

A Medicare Supplement Policy is - ACCURATE ANSWERS✔✔ designed to fill in the gaps of Part A and Part B Medicare A Medicare Supplement Policy must NOT contain benefits which - ACCURATE ANSWERS✔✔ duplicate Medicare benefits A medicare Supplement policy's outline of coverage MUST include a(n)

• ACCURATE ANSWERS✔✔ description of policy benefits A newborn is required to be covered for __ days from the moment of birth. - ACCURATE ANSWERS✔✔ 31 A nonresident producer from a state outside of Louisiana may become licensed in Louisiana IF a(n) - ACCURATE ANSWERS✔✔ reciprocal arrangement exists with the state of domicile A payment system for health care in which the provider is paid for each service given is called? - ACCURATE ANSWERS✔✔ Fee-for-service A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n) - ACCURATE ANSWERS✔✔ limited pay policy A person covered with an individual health plan - ACCURATE ANSWERS✔✔ is issued a policy

A policyowner who anticipates death or develops a life-threatening condition may obtain proceeds from a life insurance contract. These proceeds are known as - ACCURATE ANSWERS✔✔ accelerated benefits A preexisting condition is a condition for which medical advice or treatment was recocmmended by or received from a provider of health care service with __months preceding a health policy's efffective date. - ACCURATE ANSWERS✔✔ six A producer license is NOT required when - ACCURATE ANSWERS✔✔ underwriting insurance A producer must notify the Commissioner within __ days of a felony conviction. - ACCURATE ANSWERS✔✔ 30 A producer who sells most of his/her insurance policies to family members is said to be engaging in - ACCURATE ANSWERS✔✔ controlled business A professional liability for which producers can be sued for mistakes for putting a policy into effect is called - ACCURATE ANSWERS✔✔ Errors and Ommissions A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health insurance, the

heart disease treatment - ACCURATE ANSWERS✔✔ indicates a preexisting condition A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n) - ACCURATE ANSWERS✔✔ nonforfeiture provision A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) - ACCURATE ANSWERS✔✔ collateral assignment A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) - ACCURATE ANSWERS✔✔ partial surrender A rehabilitation benefit is intended to - ACCURATE ANSWERS✔✔ prepare the insurer to return to employment A renewable Term Life Insurance policy allows the policyowner the right to renew the policy - ACCURATE ANSWERS✔✔ without producing proof of insurability A renewable Term Life Insurance policy can be renewed - ACCURATE ANSWERS✔✔ at a predetermined date or age regardless of the insured's health

A Whole life Insurance policy accumulates cash value that becomes - ACCURATE ANSWERS✔✔ The policy loan value which the insured may borrow against A whole life policy option where extended term insurance is selected is called a(n) - ACCURATE ANSWERS✔✔ nonforfeiture option A(n) ______ sells, solicits, or negotiates insurance on behalf of insurance companies for compensation. - ACCURATE ANSWERS✔✔ producer According to HIPAA, when an insured individual leaves an employer and immediately begins working for a new company that offers group health insurance, the individual - ACCURATE ANSWERS✔✔ is eligible for coverage upon hire According to life insurance contract law, insurable interest exists - ACCURATE ANSWERS✔✔ at the time of application According to Louisiana law, group life insurance conversion privileges must NOT - ACCURATE ANSWERS✔✔ require evidence of insurability According to the Health Insurance Portability and Accountability Act (HIPAA), when can a group health policy renewal be denied? - ACCURATE ANSWERS✔✔ Participation or contribution rules have been violated.

Advertising regulations exist in order to - ACCURATE ANSWERS✔✔ demonstrate full and truthful disclosure to the public After ___ year(s) from date of issue, a policy can no longer be cancelled by the insurer for misstatements (except for fraud) - ACCURATE ANSWERS✔✔ 3 After a disability policy has been in force for __year(s), it is considered incontestable. - ACCURATE ANSWERS✔✔ 3 After an annuity has been in force for __year(s), It becomes incontestable - ACCURATE ANSWERS✔✔ 2 years After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms? - ACCURATE ANSWERS✔✔ File written proof of loss After the first payment is made, the grace period for an accident and health policy is - ACCURATE ANSWERS✔✔ 30 days All ____ policies must be guaranteed renewable - ACCURATE ANSWERS✔✔ long-term care All health Benefit Plans issued after January 1, 2014 must provide - ACCURATE ANSWERS✔✔ preventative health services

All of the following are examples of a Business Continuation Plan EXCEPT - ACCURATE ANSWERS✔✔ Deferred Compensation All of the following are exempt from the 10% tax penalty for early qualified plan withdrawals EXCEPT - ACCURATE ANSWERS✔✔ stock purchase All of the following are functions of an insuring clause EXCEPT - ACCURATE ANSWERS✔✔ primarily describes the free-look period All of the following are included as part of a contract in the entire contract provision except the - ACCURATE ANSWERS✔✔ changes made by the producer All of the following are qualifications for establishing a health savings account (HAS) Except - ACCURATE ANSWERS✔✔ Enrolled in a health plan with a prescription drug benefit All of the following plans allow for employee contributions to be taken on a pre-tax basis except - ACCURATE ANSWERS✔✔ Health Reimbursement Arrangement Plan All of these are characteristics of a major medical expense policy EXCEPT - ACCURATE ANSWERS✔✔ elimination periods

All of these are characteristics of a universal life insurance policy EXCEPT - ACCURATE ANSWERS✔✔ Fixed Surrender Value All of these are common exclusions to a life insurance policy EXCEPT - ACCURATE ANSWERS✔✔ accidental death All of these are considered key factors in underwriting life insurance EXCEPT - ACCURATE ANSWERS✔✔ Marital Status All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT - ACCURATE ANSWERS✔✔ National Association of Insurance Underwriters All of these are standard exclusions found in a life insurance policy except - ACCURATE ANSWERS✔✔ disability All of these are valid options for an Adjustable Life Policy EXCEPT - ACCURATE ANSWERS✔✔ A nonforfeiture option can be used to increase the death benefit All of these are valid policy dividend options for a life insurance policyowner EXCEPT - ACCURATE ANSWERS✔✔ accumulate without interest

the income payments already made? - ACCURATE ANSWERS✔✔ refund annuity An annuitant is guaranteed to NOT outlive their benefits with a(n) - ACCURATE ANSWERS✔✔ Guaranteed Lifetime Withdrawal Benefit An annuity is primarily used to provide - ACCURATE ANSWERS✔✔ retirement income An applicant's character and personal habits can be obtained for underwriting purposes from which source? - ACCURATE ANSWERS✔✔ investigative consumer report An arkansas resident producer who would like to solicit insurance in Louisiana MUST obtain a nonresident license in Louisiana. Which of these is NOT a requirement for obtaining a nonresident license? - ACCURATE ANSWERS✔✔ Pass Louisiana's state licensing exam An attending physician's statement would be appropriate for which life insurance purpose? - ACCURATE ANSWERS✔✔ At the request of the insurer to assist in the underwriting decision An eligible employee can be excluded from group health coverage for up to __ months if he/she is considered a "late enrollee" - ACCURATE ANSWERS✔✔ 18

An employer is issued a group medical insurance policy. This single contract is known as a(n) - ACCURATE ANSWERS✔✔ master policy An employer may qualify for health care tax credits through SHOP marketplace if that employer has fewer than how many employees? - ACCURATE ANSWERS✔✔ 25 An endorsement found in an insurance plan which modifies the provisions of the policy is called a(n) - ACCURATE ANSWERS✔✔ rider An error was made on Mary's life insurance application. Which of the following areas do errors commonly occur on applications and for which the incontestable clause does NOT apply? - ACCURATE ANSWERS✔✔ age An example of a primary care physician would be a(n) - ACCURATE ANSWERS✔✔ internist An example of a tax-qualified retirement plan would be a(n) - ACCURATE ANSWERS✔✔ defined contribution plan An example of an Unfair Claims Settlement practice is - ACCURATE ANSWERS✔✔ Failing to promptly provide reasonable explanations for the denial of claims