Life and Health Insurance Exam

Dan is age 62 and works part time at a grocery store making minimum wage. He has no disabilities. Which program BEST fits Dan's health insurance needs?

• Medicaid

• Medicare

• Both Medicaid and Medicare

• An HMO

Answer explanation

Dan does not have a large income, therefore, Medicaid would be the BEST program for his needs. Medicaid is used as 'aid' by low-income people.

Which of the following individuals is eligible for SSDI benefits?

• A 65 year old recently retired wage earner.

• The widow of a wage earner.

• The child of a deceased wage earner.

• A recently disabled worker.

Answer explanation

Social Security Disability Insurance is a benefit given to wage earners that have become disabled such that they cannot work.

Who can receive Social Security benefits today?

• Qualifying survivors of those who had Social Security benefits

• Those with a qualifying disability

• Older adults over a particular age

• All of the answers are correct.

Which of the following programs is designed to provide government-funded healthcare coverage for citizens and permanent residents age 65 and older of any income level?

• Medicaid

• Medigap

• Medicare

• All of the answers are correct.

Oscar, age 72, receives inpatient care at a skilled nursing facility. Which part of Medicare covers his care?

• • Medicare Part A

• • Medicare Part D

• • Medicare Part C

• • Medicare Part B

Answer explanation

Medicare Part A, hospital insurance, covers care in skilled nursing facilities in which Oscar receives inpatient care.

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as

• defamation

• a

• b

• c

Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled?

• Business overhead expense policy

• life annuity

• Specified amount of money

• Entire Contract

Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires,

• the protection ends

• the application

• no tax payment is needed

• he has the option of resuming the original policy and paying the same premium

To receive proceeds from a death benefit, a minor

• must have an appointed guardian

• can only be named as a contingent beneficiary

• lifetime protection

• an unfair claim settlement practice

Under a life insurance policy, what does the insuring clause state?

The insurer's obligation to pay a(n) __________ upon an approved death claim

• death benefit

• funeral expenses

• refund claim

• settlement advance