Insurance Practice Questions

Welcome to your Sample Exam Questions

1) According to the incontestable clause, an insurance company has the right to contest the validity of a life insurance contract for ____ years
2) What type of beneficiary designation is not permanent and can be changed at anytime by the insured.
3) All of the following are elements of insurable risk except
4) A traditional IRA can be open by anyone under the age of ________.
5) The notice of claim provision required the insured to file a claim within ______of the loss covered by the policy.
6) The conversion provision allows you to convert a group coverage to an individual plan without evidence of insurability within _____ days after termination.
7) The federal law referred as  HIPAA, the acronym stands for the _______________________.
8) When receiving a life insurance proceed, under the ____________, the insurance company holds the death benefit proceeds for a specific period of time and at regular intervals pays the beneficiary a guaranteed rate of interest on the proceeds.
9) Who designate the beneficiary of a life insurance policy?
10) The ________ period is the phase an investor adds money to an annuity.
11) This ERISA act assesses a plan based on 5 basic principles that are participation, coverage, vesting, funding and contributions
12) Group insurance plans that require employees to pay a portion of the premium are called
13) When receiving a life insurance proceeds, under a _________________ the policy proceeds plus interest rates are used to pay out a specified amount of income at regular intervals for as long as the proceeds last.
14) To be legally enforceable, an insurance contract must contain
15) An insurer that is incorporated in Canada is what kind of an insurer in Florida?
16) Noncontributory plans require 100 percent participation by eligible members.
17) An insurance ________ represent the client while an insurance __________represents the company.
18) _________________individual tendencies that increase risk but they arise from an attitude of indifference to loss.
19) Under the Consolidated Omnibus Budget Reconciliation Act of 1985 (or COBRA), employers with _____ or more employees, must extend health insurance coverage up to ____months to terminated employees and their families.
20) Which of the following risks is insurable?

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