Insurance Practice Questions

Welcome to your Sample Exam Questions

1) There are 3 types of agent authority: Express, implied, and _________.
2) Group insurance plans that require employees to pay a portion of the premium are called
3) When receiving a life insurance proceeds, under the ______________ the company pays the beneficiary equal amounts of money at regular intervals over a specified period of years.
4) Which of the following should an agent not do during a policy replacement?
5) ______________life insurance is pure insurance with no cash value and the premium increases over the insured’s lifetime
6) This is a qualified retirement plan designed for self-employed business owners?
7) Under a ______________________, the insurance can never be cancelled and its premiums rates will never increase.
8) Under the uniform simultaneous death act, if it cannot be determined who died first, it will always be assumed that
9) Group insurance benefits schedules are determined based on earnings, employment position or
10) This ERISA act assesses a plan based on 5 basic principles that are participation, coverage, vesting, funding and contributions
11) Insurance is primarily sold through licensed producers who represent companies’ products and services to the public.
12) _________________individual tendencies that increase risk but they arise from an attitude of indifference to loss.
13) The legal action provision give you the right to file a lawsuit against an insurer, if  no decision is made on your case after _________.
14) The notice of claim provision required the insured to file a claim within ______of the loss covered by the policy.
15) If a beneficiary is designated as ______________, the policy owner cannot remove that beneficiary without a written consent of the beneficiary.
16) In Accidental death and dismemberment insurance, the accidental death benefit is only payable if the death is caused by the accident and occurs within __________ after the accident, if not the benefit will not be paid.
17) The conversion provision allows you to convert a group coverage to an individual plan without evidence of insurability within _____ days after termination.
18) An insurance ________ represent the client while an insurance __________represents the company.
19) Licensees have ______days to notify the Department of Financial Services of a address change.
20) A warranty is a statement made by the applicant that is guaranteed to be true

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