Insurance Practice Questions

Welcome to your Sample Exam Questions

1) Life insurance contracts are indemnity contracts.
2) The ________________makes insurance state regulated.
3) If an insured dies during the grace period and the premium has not been paid, the policy benefit is payable.
4) The clause that protects the beneficiary from creditor claims against policy benefits is call the _____________
5) Under COBRA, the employer is permitted to collect premiums up to _____ of the group rate.
6) A ____________ is a stated initial dollar amount that the individual insured is required to pay before insurance benefits are paid.
7) ________________ nursing care is associated with stable conditions that require daily supervision, but not around the clock care.
8) Under the uniform simultaneous death act, if it cannot be determined who died first, it will always be assumed that
9) A re-insurer is a company that
10) In Accidental death and dismemberment insurance, the policy provides two types of benefits, __________ and ___________.
11) This ERISA act assesses a plan based on 5 basic principles that are participation, coverage, vesting, funding and contributions
12) For a qualified plan, the employee must always maintain 100 percent vested in his or her portion of contribution, while the employer contribution portion in the fund must be vested according to a set vesting schedule.
13) The maximum fixed policy loan interest that an insurance company can charge in Florida is _______
14) What does the beneficiary get if the policyowner commits suicide during the first 2 years of the policy?
15) All of the following are prohibited practices Except
16) 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.
17) The ______________________ protects your privacy by requiring the company to obtain your consent and it also protects you against the circulation of inaccurate information.
18) Insurance relies on the principle of
19) The ______________prevents an insurance company from denying payment of a death claim after a specified period of time.
20) ______________life insurance is pure insurance with no cash value and the premium increases over the insured’s lifetime

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