exam part 2

an insured completes an application and the producer submits it to underwriting. the underwriter issues the policy. what is still needed for this to become a legal contract ?

• acceptance

• money

• legal duty

• offer

k has a disability income policy providing coverage until age 65, but it includes a provision which allows the insurer to adjust rates based off of her class ranking. what is most likely renewability option ?

• interim

• guaranteed renewable

• cancelable

• noncancelable

a medicare supplement policy must cover which of the following :

• hospital services

• hospice services

• physician services

• home care services

the type of contract that does not pay death benefit, but only returns principle upon death, would be best described as :

• annuity

• universal life

• adjustable life

• whole life

a pre- authorization form is most likely required by which type of organization?

• medical care organization

• health maintenance organization

• managed care organization

• preferred provider organization

an hr-10 plan is commonly know as which plan ?

• 401k

• 403b

• simple ira

• keogh

all of the following scenarios dictate when an agent may lose their license except

• embezzling money form an insurer

• writing threat letters to the commissoner

• twisting

• selling insurance with a non- resident license

which of the following is true about a producers duty for collecting premiums ?

• funds may be held in an escrow account

• funds may be held in a general account

• funds may be comingled between accounts

• funds may be held inconsequentially

changes to a policy are covered under which clause in a contract ?

• nonforfeiture clause

• entire contract

• beneficiary clause

• riders

a father is going to purchase a term a life policy on his 18 year old son. which of the following signatures are required ?

• the father and mother

• the father , mother ,and son

• the father and son

• the father only