ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023, Exams of Nursing

Download ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 and more Exams Nursing in PDF only on Docsity! ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Replacement - Correct Answer ✅A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrenderred is called? tax-deductible to the employer - Correct Answer ✅The premiums paid by an employer for his employee's group life insurance are usually considered to be? active military duty - Correct Answer ✅Disability income insurance normally excludes coverage for disabilities that arise from? a percentage of weekly earnings up to a stated maximum - Correct Answer ✅Short-term group disability income benefits are? the commission will likely be shared between the two producers - Correct Answer ✅If one producer provides a referral to another producer which results in the sale of an insurance contract, who will likely be paid a commission? At the moment of birth - Correct Answer ✅When does a family accident and health policy's coverage for a newborn child begin? Medicare enrollee - Correct Answer ✅Which individual would be best suited for Medicare Supplement insurance? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 claim forms - Correct Answer ✅Upon receipt a written notice of claim, an insurer is required to provide the claimant with? Premium charges - Correct Answer ✅Where is the difference between a standard risk and a substandard risk reflected? 20 employees - Correct Answer ✅COBRA replacement ONLY applies to employers who employ at LEAST? application date - Correct Answer ✅If replacement was involved in the sale of life insurance policy, a producer must provide a replacement notice no later than the? April 1st of the year following the year the participant attains age 70 1/2 - Correct Answer ✅Traditional individual retirement annuity (IRA) distributions must start by? 20 days - Correct Answer ✅An insured must notify an insurer of a medical claim within how many days after an accident? the insurer was not notified prior to the claim that the insured has other health coverage - Correct Answer ✅James is covered with health insurance by two different insurers. The "insurance with other ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Containment of the employer's premium cost - Correct Answer ✅What does a Mandatory Second Surgical Opinion provision provide to an employer-paid health insurance plan? the apllicant must be enrolled in a High Deductible Health Plan (HDHP) - Correct Answer ✅In order to contribute to a Health Savings Account (HSA), ? Entire Contract clause - Correct Answer ✅The application is part of the annuity contract according to the? 30-year decreasing term - Correct Answer ✅Which type of life insurance policy is the best suited for paying off the outstanding balance of a 30- year mortgage in the event of the insured's death? Making a statement that is false or maliciously critical of the finacial condition of an insurer - Correct Answer ✅Which of the following is an example of defamation? Buyer's Guide - Correct Answer ✅Which of these is NOT considered a form of life insurance advertisment? Noncancelable - Correct Answer ✅Which of the following health insurance plans charges a premium that cannot be increased? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 foreign - Correct Answer ✅A(n)___ insurer writes business in a state other than the one in which it is domiciled? for life - Correct Answer ✅All individual long-term care policies delievered in North Dakota MUST be renewable? the seven pay test, adjusted for cash value, applies again - Correct Answer ✅A materal change in a modified endowment contract (MEC) results in? 200% - Correct Answer ✅A producer's first-year commission on Medicare supplements may not exceed ___ of the compensation paid in the second year? Joint and survivor - Correct Answer ✅Which life insurance settlement option pays lifetime benefits to two or more people? $25,000 - Correct Answer ✅An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under the extended term nonforfeiture option, what is the amount of insurance available to the insured? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 If Tom's employment is terminated, 20% of the funds could be forfeited - Correct Answer ✅Tom has qualified retirement plan with his employer that is currently considered to be 80% "vested". How can the be interpreted? Noncancelable - Correct Answer ✅Tim is covered by an accident and health insurance policy that may not be changed in any way by the insurer up to a stated age, as long as the premiums are paid. What type of polocy is this? Hospice care - Correct Answer ✅A family counseling benefit is typically offered under which of thse coverages? former residence - Correct Answer ✅Which of these is NOT a factor during the health insurance underwriting process? monthly - Correct Answer ✅Periodic health claim payments MUST be made at least? 26 - Correct Answer ✅Individual health policies sold in North Dakota require dependent children coverage up to age? Overutilization of the plan - Correct Answer ✅If group Health benefit levels are too high, what could be the end result? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Total premiums paid plus the policy face amount - Correct Answer ✅A life inurance policy that includes a return of premium rider will pay the beneficiary how much upon the insured's death? providing incorrect, misleading, incomplete, or materially untrue information in the license application - Correct Answer ✅An example of misrepresentation is? The unpaid premium may be subtracted from the reimbursement - Correct Answer ✅How is an insured's accident and health claim handled by an insurer if it occurs during the policy's grace period? Decreasing term - Correct Answer ✅What kind of life policy typically offers mortgage protection? Waives the typical total disability requirements - Correct Answer ✅Which of the following best describes the presumptive disability provison? 31 days - Correct Answer ✅How long must all health plans provide coverage for newborn children? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 cash value - Correct Answer ✅A source of supplemental income for a life insurance policyowner can be derived from the? Request of the change will be refused - Correct Answer ✅T is covered by an Accidental Death and Dismemberment (AD&D) policy that contains an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary? to obtain a premium rate based on an earlier age - Correct Answer ✅The reason for backdating a policy is? the first premium payment and the application - Correct Answer ✅The insured's consideration given for a health insurance policy is? recieves benefit payments at regular intervals - Correct Answer ✅During an annuity's liquidation phase, the annuitant normally? Replacing existing coverage with a new policy - Correct Answer ✅Which of the following is NOT a prohibitied sales practice for marketing long- term care coverage? How to take legal action against an insurance company - Correct Answer ✅Which of the following is NOT information found in a life insurance buyer's guide? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Reduction of premium payment - Correct Answer ✅A life insurance policyowner would like a dividend optio that results in a limited current outlay of funds. Which dividend option would be chosen? shorten the benefit period - Correct Answer ✅When issuing disability income coverage to a substandard risk, an insurance company may? In the event of death, the loan amount is deducted from the policy proceeds. - Correct Answer ✅A policyowner has just borrowed from a life insurance policy's cash value. Which of these statements is true? Eating, bathing, dressing, and mobility. - Correct Answer ✅When dealing with long-term care coverage, which of the following are classified as ADLs? 60 days - Correct Answer ✅Larry wants to purchase an individual disability income policy to provide continuous income while disabled. He is also covered by a two-month wage continuation benefit from his employer. What should the policy elimination period be for his individual policy? 6 months - Correct Answer ✅How long do most states allow an insurance companu to delay the payment of cash surrender under the Delayed Payment provision? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Local unemployment rates - Correct Answer ✅Which of these is NOT relevant when determining the amount of personal life insurance needed? guarenteeing benefit payments for stated minimum number of years - Correct Answer ✅A life annuity with period certain is characterized as? demonstrate full and truthful disclosures to the public - Correct Answer ✅Advertising regulations exist in order to? Disability income - Correct Answer ✅Which of these noncontributory group plans would a claim likely result in the payment of federal income taxes? Social Security - Correct Answer ✅What is Old Age and Survivors Health Insurance (OASDHI) also known as? Entire Contract Clause - Correct Answer ✅Which of the following health insurance provisions requires that the application becomes part of the policy? Exchanging an exisiting life policy for a new policy - Correct Answer ✅Life insurance replacement can be defined as? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Free-look period - Correct Answer ✅Which life insurance policy provison allows a policyowner to cancel the policy and recieve a full refund within a limited time period after policy delivery? Apply for the license after passing the appropriate examination - Correct Answer ✅To receive an insurance license an applicant must? Misstatement of Age - Correct Answer ✅An insurer may contest the validity of life insurance policy during the policy's first two years for all these reasons EXCEPT: State Insurance Departments - Correct Answer ✅Which entity is responsible for regulating claims settlement practices of insurers? The installment payment amount is determined by the total number of installments - Correct Answer ✅Which statement regarding a fixed period settlement option is correct? within 31 days of terminated employment - Correct Answer ✅The conversion option for group term insurance may be exercised by an employee? Name of the actual insurer - Correct Answer ✅When advertising a life insurance policy, a producer is required to disclose the? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 A flexible premium deposit fund and monthly renewable term insurance policy - Correct Answer ✅Which of the following combinations best describe a universal life insurance policy? intimidation - Correct Answer ✅The unfair trade practice of using threat or force to restrict fair trade in the transaction of insurance is called? Misrepresenting a policy for the purpose of inducing a policyholder to chnage or replace an excisting policy - Correct Answer ✅Which of the following BEST defines the illegal act of twisting? Conditional Receipt - Correct Answer ✅What must be given to a life insurance applicant when the agent recieves an application and the intial premium? A producer who sells insurance to an individual by means of threat - Correct Answer ✅Which of the following actions is considered to be an unfair trade practice? increased exposure to risk - Correct Answer ✅A health insurance underwriter will most likely view alcohol abuse as a(n)? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Under $50,000 initially, but increases over time - Correct Answer ✅What is the face amount of a $50,000 graded death benefit life insurance policy when the policy is issued? When the first insured dies - Correct Answer ✅At what point are death proceeds paid in a joint life insurance policy? Larcenous activity - Correct Answer ✅A producer collecting premiums from clients for his personal use is engaging in a: The license required for an insurer to conduct business in the state - Correct Answer ✅What is a certificate of authority? creditors - Correct Answer ✅Life settlement proceeds may be subject to the claims of? Prior to or at the time of signing the application - Correct Answer ✅When must a producer provide disclosure about information practices to an applicant? Residual Disability - Correct Answer ✅The inability to perform SOME of the duties of one's own occupation is known as a? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Plan A pays up to $5,000 and Plan B pays up to $2,000. - Correct Answer ✅Kim is covered under two medical expense plans. Plau A pays up to $5,000. Plan B pays up to $4,000. If she incurs $7,000 in expenses, the coordination of benefits provision dictates that? Fair Credit Reporting Act - Correct Answer ✅A consumer who has been recently denied insurance, credit, or employement based on an unfavorable consumer report MUST be advised as such. Which of the following does this statute originate from? 40 - Correct Answer ✅How many quarters must an employee have worked in a covered occupation to be considered fully insured for Social Security disability income? living in a rural area - Correct Answer ✅An insurance policy may be issued with a preferred insurance premium in all of these situations EXCEPT: Insurance company - Correct Answer ✅Who is protected with the "other insurance with this insurer" provision? A cash benefit will be provided if the insured is alive at the end of the policy period - Correct Answer ✅Which of these is NOT an advantage of term life insurance? ND Life & Health (Xcel Final Exam) Question And Answers (latest Exams ) 2023 Insuring - Correct Answer ✅Which health policy clause specifies the amount of benefits to be paid? Identifies the needs of an individual and the individual's dependents - Correct Answer ✅When an individual is planning to protect his family with life insurance, one method of doing so is called needs analysis. What exactly does needs analysis involve? Beneficiary recieves $50,000 income tax-free - Correct Answer ✅A policyowner pays the first annual premium for a $50,000 life insurance policy and dies one month after the policy effective date. Which of these statements is normally true? At the time of death or 30 years after the policy's inception, whichever comes first - Correct Answer ✅When does the insured stop making payments under a thirty-payment whole life policy? Extended Term Nonforfeiture Option - Correct Answer ✅Which life insurance policy option allows the policyowner to have coverage equal to the net death benefit of the lapsed policy? Consideration Clause - Correct Answer ✅An accident and health insurance policy's premium requirments are set forth in which of the following provisions?