EXCEL Final Exam Questions and Answers 100% Pass

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EXCEL Final Exam Questions and Answers 100% Pass Why is a life insurance policy's delivery date important? ✔✔The California Insurance Code gives an individual between 10 and 30 days to return a... life policy for cancellation. This free-look period begins on the policy delivery date. Which of the following is a type of insurance where an insurer transfers loss exposures from policies written for its insureds? ✔✔Reinsurance is an arrangement by which an insurance company transfers a portion of a risk it has assumed to another insurer. Retirement plans cannot favor highly compensated employs. The government regulation that prevents this from happening is called ✔✔Retirement plans cannot favor highly compensated employees. The government regulation that prevents this from happening is called nondiscrimination.a The Consolidated Omnibus Budget Reconciliation Act (COBRA) applies to employers who employ at least 20 employees. ✔✔Group health plans obligated by the Consolidated Omnibus Budget Reconciliation Act (COBRA) cover groups of at least 20 employees. Which of these is NOT a valid policy dividend option? ✔✔"Monthly income payments" is not a valid policy dividend option. Which type of risk is gambling? ✔✔Gambling is considered to be speculative risk. The probability of death, listed by year, is demonstrated in mortality tables. ✔✔Mortality tables give a measure of the number of deaths in a given population over a certain period of time. Which of the following types of life insurance combines a savings element along with a flexible premium option? ✔✔Universal life combines a savings element along with a flexible premium option. Which of the following is a contract that involves one party which indemnifies another when a loss arises from an unknown event? ✔✔An insurance policy is a contract where one party promises to indemnify another against loss that arises from an unknown event. Major medical expense plans typically use a cost containment measure for emergency hospital care. This is referred to as a(n): deductible. ✔✔Deductibles are used primarily to help control the cost of premiums and reduce overutilization of medical services. Medical expense policies will typically cover which of the following? ✔✔Medical expense policies will typically cover injuries caused by accidents. Dyan is considered partially disabled by her insurance company. Which of the following BEST describes her situation? ✔✔Partial disability is the inability of the insured to perform one or more important duties of the job or the inability to work at that job on a full-time basis, either of which results in a decrease in income. Which of the following would be considered an activity of daily living under a long term care policy? ✔✔Bathing is considered an activity of daily living (ADL). Which of the following types of information is NOT required for a life insurance application? ✔✔Ethnicity is not required information needed for a life insurance policy. Which of the following is NOT included in comprehensive major medical plans? ✔✔First-dollar coverage is not normally associated with comprehensive major medical plans. Which of the following is NOT a required uniform provision in individual health policies? ✔✔An insured's change of occupation [Show More]

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