150-200

A detailed illustration of various insurance policies such as life, health, and disability insurance, presented in an educational infographic style.

Master Your Insurance Knowledge

Take the ultimate quiz designed to test and enhance your understanding of insurance policies, benefits, and regulations. Perfect for students, professionals, and anyone interested in the insurance field!

Features of the quiz include:

  • 50 challenging multiple choice questions
  • Topics covering life, health, and disability insurance
  • Instant feedback on your answers
50 Questions12 MinutesCreated by LearningExpert235
Death benefits that are received by a beneficiary are generally
Exempt from loan tax
Exempt from federal income tax
Not given to beneficiary immediately
The California Insurance Code requirements regarding the return of life or annuity contracts issued to seniors
Gives a senior at least 30 days to return specified life and/or annuity contracts for a full refund
Gives senior 60 days to return specified life and/or annuity contracts for a full refund
Gives senior 15 days at least to return specified life and/or annuity contracts for a full refund
When a family policy covers children, all of the following are true EXCEPT
Evidence of insurability is required to convert coverage for children to permanent insurance
Children information required
An insurer's request for an attending physician's report MUST be accomplished by a copy of the
Federal authorization
State Authorization
Signed authorization
What is REQUIRED when an application reveals conditions that require more information?
Attending physician's statement
Signed authorization
State authorization
Which policy provision protects the policy-owner from unintentional lapse of the contract?
Lapse allowance
Grace period
Premium waiver period
Under which policy provision protects can a policy be surrendered for its net cash value?
Non-forfeiture options
Cash surrender option
Cancellation option
Interest option
In a 5 year vesting schedule, what percentage of employer contributions MUST be vested after 5 years of service?
50%
75%
20%
100%
Which of the following is a characteristic of non-qualified annuities?
Tax exempt earning
Tax-deferred earnings
Tax Once
Which of the following is a correct statement about the premium payment modes? The total premium paid by a policy-owner for one policy year is:
Greater if the premium is paid semiannually rather than annually
Greater if the premium is paid annually rather than semiannually
Greater if the premium is paid quarterly rather than annually
What is the limit of liability on a life insurance policy?
The cash value of the policy
The surrender value of the policy
The face amount of the policy
Traditional comprehensive major medical plans include all of the following EXCEPT
Helping patient
First-dollar coverage
Under a disability income insurance policy with an own occupation clause, an individual who can no longer perform the tasks of the job held at the time of injury is considered
Totally disabled
Partially disbled
Financially disabled
Part-time nursing care that follows a hospitalization and can be provided in a patient's home is covered under
Home care services
Home health care benefits
Hospital-in home services
What type of insurance can be purchased at airports, bus terminals, and railroad stations
Travel accident insurance
Road accident insurance
Luggage insurance
During the solicitation of a long term care insurance rider, a life agent must consider all the following EXCEPT the applicant's
Age
Attending physician statement
Health
Vision care insurance usually covers all the following EXCEPT?
Eye surgery
Reduces cost of eye exams
All of the following are optional group medical overages EXCEPT
Maternity
Some medical expenses
What is the cost of service from the Health Insurance Counseling Advocacy Program (HICAP)?
Up to $100
$50
No charge
$65
All of the following may opt for a self-insured medical and disability plan EXCEPT?
Individuals
Employees
Which statement about Medicare is NOT correct?
Medicare Part C covers long-term care
Medicare is for 65 and older
Certain younger people with disabilities
In order to obtain group insurance without providing evidence of insurability, what do eligible individuals generally have to do?
Enroll within 3-5 days of eligibility period
Enroll within a specified eligibility period
Enroll before eligibility period
The adult day care coverage level of a long-term care policy provides for
Part time nursing at a facility for elderly who live at home
Full time nursing facility
Monthly hospital care
Regarding the Health Benefit Exchanges, as created by PPACA, all of the following statements are true EXCEPT
Offers families medical help
An individual enrolling in a bronze level plan is not eligible for reduced cost-sharing
Under the PPACA, which medical enrollment tier is 80% acturial value
Gold
Diamond
Silver
Provision in a disability income policy include all of the following EXCEPT
Deductible and coinsurance amounts
Policy waiver
Most disability income policies contain a waiting period
pays a portion of an insured's income, typically no more than 60%.
All of the following statements are true regarding Health Insurance Counseling Advocacy Program (HICAP) counselors EXCEPT HICAP counselors
Provides Medicare-related services for seniors over the age of 65
Are qualified to give legal advice
People younger than 65 years who are eligible for Medicare due to disability
The initial enrollment period for Medicare Part B ends how many months after the 65th birthday month?
Five months
Two months
Three months
Six months
Which program is designed to provide medical assistance to people with low income?
Medi-Cal
Medi-care
HICAP
A commonly used cost containment measure for emergency hospital care under a major medical expenses plan is
The deductible
Policy waiver
Grace period
The group medical plan that applies when a claimant has coverage under more than one plan is known as
Coordination of policy
Coordination of benefits
Policy waiver
A supplemental insurance policy provision that pays a set amount for each day that an individual is hospitalized is known as
Medi-cal
Medi-care
Hospital confinement indemnity
Which group provides information about Health-related issues to the elderly in California?
The Health Insurance Counseling and Advocacy Program(HICAP)
Medi-cal
Medi-care
The Employee Retirement Income Security Act of 1974 (ERISA) regulates group health insurance in the area of
Reporting and organizing
Disclosure and reporting
Forming and disclosure
Which health plan pays more for care received from a network provider than it pays for care from a non-network provider?
Affordable care plan
Bronze plan
HICAP
Preferred Provider Organization(PPO)
A long-term Care insurance ride can include coverage for all of the following EXCEPT
Assisted living
Hospital acute care
Home health care
Residential disability income insurance payments are based on
How disabled the insured has become
The amount the insured's income is reduced by the disability
The amount the insured income was before disability
Why is an injury caused by an accident at an employee's workplace excluded from individual coverage?
It is covered by the state Worker's Compensation program
It is covered by the federal Workers Compensation program
It is covered by the Employer's Compensation plan
In health insurance the coinsurance is
a percentage paid only by the insured
A percentage paid for covered expenses by the insured and insurer after the deductible is satisfied
A percentage paid by the insurer to the insured
Vision insurance usually limits coverage in all of the following EXCEPT
A specific dollar amount for examinations
Paying extra for anything related to the health of your eyes.
What happens if an insurer violates the Medical Loss Ratio rule and spends too much money on administrative costs?
Insurers pays back policy to insured
Insurers that do not meet the Medical Loss Ratio standard will be required to provide rebates to their customers and reduce spending on their administrative costs
Insured pays back
What is the first step in submitting Medicare claims?
He medical provider submits expenses to Medicare
The medical provider submits expenses to insured
He medical provider submits expenses to Medi-cal
Health Insurance Counseling and Advocacy Program(HICAP) counselors can do all of the following EXCEPT
Charge for their services
Helped people above 65
When medical expenses policies do not state specific dollar benefit amounts but instead base payments upon the charges for like services in the same geographical area, benefits are designed as
Expensive charges
Usual, customary, and reasonable charges
Necessary charges
As established by PPACA, an adult child may be covered by a parent's health insurance plan until what age?
18 years
25 years
23 years
26 years
Two of the long term care chronically ill activities of daily living (ADLs) are
Sleeping
Working
Eating and dressing
For Social Security purposes, a person with 40 quarters of coverage is considered
Fully insured
Partially insured
Uninsured
In California, a child may obtain individual health coverage through all of the following EXCEPT
Parent's job
Healthy families
Which of the following is NOT an example of cost sharing in a health insurance policy?
Coordination
your individual health insurance plan may help you with these incurred expenses.
The insurer can do which of the following under a noncancelable health insurance policy?
Cancel the policy for nonpayment of premium
Cancel the policy for payment of premium
Keep the policy and not release to insured
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