Xcel California Life, Accident, and Health Insurance Final exam actual questions and answe, Exams of Health sciences

Download Xcel California Life, Accident, and Health Insurance Final exam actual questions and answe and more Exams Health sciences in PDF only on Docsity! Who does a life settlement broker represent? - Individual wanting to sell their life policy to a third party What is the insurance term the State of California uses for an insurer that is eligible to transact business in this state? - Admitted Most U.S. life insurance companies belong to the - Medical Information Bureau Which of the following healthcare providers provide both the healthcare services and healthcare coverage? - Health Maintenance Organization (HMO) Which of the following is NOT covered by the Family and Medical Leave Act (FMLA)? - Traveling overseas with a spouse Which word implies permissiveness according to the California Insurance Code? - may When found in California Insurance Code, the word "may" implies permissiveness. Under a long-term care insurance policy, adult day care coverage will provide for - part time care at a facility for elderly individuals who live at home Major medical expense plans typically use a cost containment measure for emergency hospital care. This is referred to as a - Deductible Pam is the primary beneficiary of a life insurance policy and wants to let the death benefit accumulate and receive only the monthly investment proceeds. Which settlement option should she choose? - Interest Option Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's - Implied authority Kim is insured under a disability income insurance policy with an "own occupation" clause. She was recently injured in an automobile accident and can no longer perform the tasks of her job. Kim is now considered to be - Totally Disabled Xcel California Life, Accident, and Health Insurance Final exam actual questions and answers complete update guide 2023 What is a common reason people purchase an annuity - To protect against the risk of outliving their financial resources Which of the following best describes the statement. "The more times an event is repeated, the more predictable the outcome becomes"? - Law of Large numbers A hazard can be best described as - a condition that may increase the likelihood of a loss occurring What does ESOP stand for? - Employee Stock Ownership Plan At what age is a surviving spouse without dependents eligible for Social Security survivor benefits? - 50 Which of the following risk classification charges the lowest premium? - preferred Express power given to an agent in an agency agreement is - the authority to represent the insurer Which Social Security status does a worker with 6 quarters of coverage during the last 13-quarter period have> - currently insured According to the California Insurance Code, which of the following is NOT an example of an insurable event? - an insured suffers a financial loss in the state lottery Which of the following actions is NOT allowed by Health Insurance Counseling and Advocacy Program (HiCAP) counselors? - charge a fee The elimination period in a disability income policy serves the same purpose as a in a medical policy. - deductible Mark, age 45, has a Modified Endowment Contract (MEC). What is the tax penalty for taking a loan against this policy prior to age 59 1/2? - 10% Under a health insurance policy, the provision that states the kind of benefits provided and the circumstances under which they will be paid is called the? - insuring clause Which course of action is the insurer entitled to when deliberate concealment is committed by the insured? - rescinding the contract What must an applicant do in order to authorize the release of an attending physician report? - sign a consent form How is the cost of employer-provided group life insurance with coverage amounts above $50,000 treated for tax purposes? - taxable income to the employee Which of the following describes a contributory group insurance plan? - part of the premium is paid by the employee A life insurance policy where the insured can choose where the cash value can be invested is called - variable life purpose as - a deductible Life insurance creates an immediate estate. This phrase means: - when the insured dies, a death benefit is paid Which type of risk is gambling? - Speculative risk What prevents a life insurance policy from being rescinded by the insurer after in force for two years? - incontestability clause Which of the following is NOT a primary objective of insurance regulation? - Interpret policy provisions What is an "insurance broker" according to California Insurance Code? - A person compensated for transacting insurance on behalf of another person with an insurer Which of the following statements do NOT apply to child coverage in a family policy? - Children born after the policy's issue date may be covered in a family policy. Premiums are best described as - the amount an insured pays per unit of coverage According to the California Insurance Code, what is "insurance"? - contract What type of changes can be made to a guaranteed renewable health insurance policy? - the premium rates of the policy owner When a life insurance policy is surrendered, how does the cost recovery rule apply? - the policy's cost basis is exempt from taxation How does rising morbidity rates affect health insurance? - increased premiums The problem of over insurance is addressed in which health insurance provision? - coordination of benefits How are Roth IRA's treated for tax purposes? - Non-deductible contributions and tax- free distributions Which of the following factors is NOT used in underwriting health insurance policies? - Intelligence According to Social Security, an individual with 6 credits of coverage during the previous 13-quarter period is considered to be: - currently insured An agent's attempt to stop the replacement of an existing life insurance policy is known as - conservation In a life insurance policy, the entire contract consists of - a policy and attached application The cost of services charged by the Health Insurance Counseling Advocacy Program (HiCAP) is - no cost Which of the following types of life insurance combines a saving element along with a flexible premium option? - Universal life According to PPACA, which is a health benefits exchange? - an entity to which individuals and small businesses can have access to affordable health coverage People with low income can be provided with medical assistance through which program? - Medi-Cal Which of the following does the California Department of Insurance (CDI) have NO jurisdiction over? - Medicare The misstatements of age provision in a health policy states that if an insured gives the wrong age at the time of application, what action can the insurance company take? - Benefits can be adjusted Which of the following is NOT a characteristic of a preferred provider organization (PPO)? - Primary Physicians serve as gate keepers In what situation does a waiver of premium provision keep a health insurance policy in force without premium payments? - When an insured becomes totally disabled John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? - Participating Which statement is true regarding policy dividends? - A dividend option is selected by the insured at the time of policy purchase Which of the following is NOT protected under the California Life and Health Guarantee Association? - Insurers An annuity which is backed by a life insurer's separate account is called a(n) - variable annuity Paul has an existing annuity and is sold a new one, in which the new policy holds no greater financial benefit to him than the existing contract. This is considered a - unnecessary replacement Medicare Part B has an intial enrollment period. How many months after an individual's 65th birthday month does this enrollment period end? - 3 months The Medical Information Bureau consists of - Life and health Insurance companies Which of these statements is NOT true concerning recurrent disabilities? - The insurer continues coverage after a new elimination period Which principle is accurately described with the statement, "Insureds are entitled to recover an amount NOT greater than the amount of their loss'? - Indemnity According to the California Insurance Code, what is the maximum penalty per violation for anyone who unwillfully commits an unfair method of competition? - $5,000 per violation, if the act is determined to be willful, the fine will not exceed $10,000 per act What is an insurance solicitor authorized to do? - Help an agent or broker sell insurance Who would be most likely to submit a Medicare Part A claim? - Hospital An annuitant would like to determine the current value of her annuity. To do this, she multiplies the number of "accumulation units" she owns times the unit value of the "separate account". What kind of annuity BEST matches this description? - Variable annuity Under a noncancellable health insurance policy, an insurer can - cancel the policy for nonpayment of premium After the annual deductible is met, a Medicare Part B patient will pay of the remaining covered expenses. - 20% How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements made on the health policy application? - 2 years Which of the following is NOT a required uniform provision in individual health policies? - Change of occupation An insurance policy issued in California may be called a comprehensive long-term care insurance policy if benefits are provided for - Institutional (nursing facilities) and home care If a material warranty violation on the part of the insured is found, what recourse does an insurer have? - Rescind the policy What is the purpose of the Pre-Existing Condition Insurance Plan (PCIP)? - The Pre- existing Condition Insurance Plan(PCIP) is a form of health insurance coverage offered to uninsured American who have been unable to obtain coverage because of pre- existing health condition. What is the price of insurance for each exposure unit? - Rate. The price of