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1. In which of the following clauses would premium payments and their due dates be established?

2. Billy filed his disability paperwork today, but his insurance agent told him it'll be six months before he sees any payments. He's inclined to get upset, but the agent told him that Billy did indeed choose the timeframe himself when he initiated the policy.

Which timeframe is this?

3. Which part of Medicare covers Hospitalization?

4. Which rider automatically adjusts the death benefit of a life insurance policy over time to keep pace with macroeconomic trends?

5. Which of the following is NOT a purpose of life insurance replacement model regulation?

6. Life insurance is a contract in which one party fulfills their obligation only if a specific and unpredictable event occurs; i.e., a death benefit being paid in the event of the death of a named insured.

Which term best describes the nature of such a contract?

7. A life insurance policy may reduce the amount of insurance payable on maturity if death occurs from any of the following EXCEPT:

8. Jill (42) has been without a full-time job for nearly two years. She has three children and a part-time job that pays her around $11,000 a year. She is concerned about future medical bills and would like a plan to help pay for these costs.

Which plan should she consider?

9. Which of the following allows patients to choose whichever physician they prefer regardless of network?

10. In order to use a long-term care rider, the insured must have cognitive impairment or be unable to perform at least two activities of daily living.

Which of the following is NOT an activity of daily living?

11. After a life policy has been issued, who has the authority to change the beneficiary on the policy?

12. In which of the following situations would an insurance company NOT be liable for the loss?

13. A guaranteed insurability rider is defined as which of the following?

14. Gail is terminally ill and needs funds to help cover her bills. She learns of a company that offers to pay her cash in exchange for being named as her beneficiary on the life insurance when she passes away.

What is the name of such a transaction?

15. Which of the following is NOT a benefit of a variable universal life insurance policy?

16. Bill currently has a group life insurance plan through his employer. In reading over the fine print, Bill discovers that his policy is equipped with a conversion privilege.

What does this mean?

17. Jane has diabetes and a BMI that suggests obesity. Upon reviewing her application, the life insurance company offers her a policy but with a higher monthly premium due to the severity of her health risk.

Which of the following items determines the increase in cost?

18. Due to fraudulent claims, most disability insurance companies offer to cover up to which percentage of earned income?

19. Vera was recently denied a life insurance policy. The company stated that her income could not justify the amount of life insurance requested.

How far into the past can the insurer check to verify sufficient income?

20. Against which primary benchmark is gross income measured to determine Medicaid eligibility?

21. Henry would like to use his life insurance policy as collateral on a loan at his local bank

The process which permits the bank to be paid upon his death is called which of the following?

22. Which of the following is an employer owned and funded account that can help pay for health care expenses?

23. Barbara recently inherited a sizeable financial estate and purchased an annuity from ABC Life Insurance company to pay her a monthly stipend for the rest of her life.

Which annuity product did she purchase?

24. After which phase of the application process does the free look period begin?

25. When filing a life claim, which of the following is required before a payment to the beneficiary can be processed?

26. Jane is looking to maximize the available death benefit versus premiums paid.

Which of the following products is most likely to meet her need?

27. Which of the following examples would receive a full payment in an Accidental Death & Dismemberment insurance policy?

28. In order to take out a life insurance policy on another individual, one crucial component is insurable interest.

Which of the following is least likely to be an insurable interest?

29. Which of the following is the term for the period before a life insurance policy goes into effect?

30. Ralph paid his initial premium for his term life insurance policy at ABC Life Insurance Company. He was immediately handed a document referred to as a "binding receipt."

What is the main purpose behind a binding receipt?

31. You can add a term rider on each of the following insurance policies except for which?

32. Keith is a partner in his accounting firm and has been disabled for a year. Keith's partners do not expect Keith to return and after looking over their partner agreement, they discover a disability buy-out provision.

What does this provision require Keith to do?

33. Which of the following restricts patients to a select network of physicians?

34. Which type of policy is used to circumvent the requirement of insurable interest when buying a life insurance product?

35. What age does an annuity-holder have to be to avoid the IRS 10% early withdrawal penalty tax?

36. Jill is asked for a premium payment upon submitting her life insurance application. She agrees and makes the payment.

When does her policy coverage begin?

37. Which of the following describes the primary difference between an annuity plan being qualified or unqualified?

38. Each state mandates that life insurance companies provide a free look period of how many days?

39. 1.MEC's are formidable retirement mediums with many strengths to boast, but there are also disadvantages to take into account.

Which of the following is NOT a disadvantage of a Modified Endowment Contract (MEC)?

40. Tracey intends to purchase a long-term care policy. She has a large emergency fund to rely on, so she only wants this policy in case of an extreme emergency.

Which feature of her policy might be adjusted to balance cost and risk in her case?