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AD Banker Life Chapter 4Most often, life policies pay death claims in a single lump sum. The options that allow benefits to be paid other than lump sum are called _____________. A Statutory Options B Distribution Options C Settlement Options D Mandatory Options - correct answers C. Settlem...

AD Banker Life and Health Chapter 7 Exam QuestionsUnder what circumstance would a policy loan in a life insurance policy be taxable? - correct answers If the policy lapses or is surrendered, any loan amount in excess of cost basis is taxable To qualify for a tax-free accelerated death benefit, th...

AD Banker Life and Health Chapter 1 Exam Questions An agent that enters into agreements with more than one insurer is what? - correct answers Independent An insurer that is authorized to transact insurance in California and has been issued a Certificate of Authority from the California Departmen...

AD Banker Life and Health Chap 14By eliminating an insurer's right to refuse to insure anyone under the Affordable Care Act, health insurance in America can essentially be referred to as ___________________. - correct answers Guaranteed issue One of the changes following passage of the ACA was t...

Ad Banker GA Life & health examInstead of electing to annuitize the annuity, what is another common option chosen? A. Selling the annuity in the secondary marketplace B. Electing a Fixed Amount C. Lump-sum distribution D. Choosing a Period Certain - correct answers Lump sum distribution (Th...

AD Banker Comprehensive TestThe _________ was created in order to alert insurer home office underwriters of errors, omissions, or misrepresentations made on insurance applications. - correct answers A: Attending Physician's Statement B: Consumer Investigative Report C: MIB > Answer D: The age...

AD Banker Comprehensive ExamThe field underwriter is the _________ and is not a determiner of insurability. - correct answers Producer The insurance industry is primarily regulated at the _________ level. - correct answers State A contract that is drafted by an insurer and receives no input or...

AD Banker Comprehensive Exam QuestionsWhich of the following is not covered with Medicare Part A? A. Semiprivate hospital room B. General nursing and hospital services C. Post hospital skilled nursing care D. Outpatient hospital care - correct answers D. Outpatient hospital care All of the fo...

AD Banker Chapter 15The Insurance Commissioner may take all of the following actions, except: A Investigate potential violations any provision of insurance code B Make reasonable rules and regulations to enforce the insurance code C Prosecute an action in any court of competent jurisdiction D...

AD Banker Chapter 15 QuizEligibility for the payment of benefits under a long-term care insurance policy may require either a deficiency in the ability to perform no more than _______ of the activities of daily living or the presence of cognitive impairment. - correct answers 3 Which is true rega...

AD Banker Chapter 13 QuizWhich statement would be considered inaccurate regarding the underwriting of a group plan? - correct answers Contributory plans require 100% employee participation When underwriting group life, the underwriter treats the group as if it were: - correct answers One individu...

AD Banker Chapter 12The Mandatory Uniform Provisions were developed by the NAIC and must, by law, be included in what kind of policies? - correct answers Every individual accident and health insurance policy (Mandatory) Includes the policy and provisions, a copy of the application, and any rider...

AD Banker Chapter 10Under a Commercial General Liability policy, which of the following would cause the insured's legal liability associated with a product to be excluded from policy coverage? A Negligence B Expected or intended injury C Strict liability D Breach of warranty - correct answe...

ad banker chapter 10 examCommercial General Liability policies define bodily injury to refer to all of the following, except: - correct answers Personal injury Which of the following is not an example of personal and advertising injury, as understood by the CGL? - correct answers A broken leg ...

Ad Banker Chapter 10 Disability IncomeTypes of Disability Income Policies - correct answers Disability Income (indemnity) policy Pure Loss of Income (Income Replacement) Policy Disability Income (indemnity) policy - correct answers Pay income benefit when the insured unable to work due to illn...

AD Banker Chapter 9 Exam QuestionsThe terms "usual, customary, and reasonable" refer to: A) The average charge for a medical procedure, treatment, or service in a defined geographical area B) A non-physician's evaluation and approval of a medical procedure recommended by a patient's physicia...

AD Banker Chapter 7 QuizWhich of the following would always be considered a Modified Endowment Contract? - correct answers Single Premium Whole Life If an annuity is annuitized, then the _________ investment is recovered income tax-free over the income benefit payment period. - correct answers Af...

AD Banker Chapter 6A mandatory participation rate for noncontributory group plans is designed to: A Maximize the premium an insurer collects B Reduce adverse selection C Achieve economies of scale D Allow the employer to obtain the greatest premium discount - correct answers B. Reduce adve...

AD Banker Chapter 5 QuizWhich of the following annuities does not have a traditional accumulation phase? - correct answers Single Premium Immediate Gloria needs to use her annuity as a long-term savings plan rather than as a short-term tax shelter, otherwise she will incur a ____% penalty tax aga...

AD Banker Chapter 5 Exam QuestionsMr. & Mrs. Smith received monthly benefits from their annuity, and upon Mr. Smith's death, Mrs. Smith receives a reduced amount. What annuity option did they choose? a. Life Income Joint Survivor b. Life with Cash Refund c. Joint Life d. Life Income - correct ...

AD Banker Chapter 5 (Homeowner's Policy)Eligibility for homeowner's forms - correct answers All homeowner’s forms (except Contents Broad Form (HO-4) and Unit-owners Form (HO-6)) require the named insurer to be the owner of the dwelling. Contents Broad Form (HO-4) and Unit-owners Form (HO-6) a...

AD Banker Chapter 4Absolute Assignment (permanent assignment) - correct answers the original owner will name a new owner of the policy Standard Provisions - correct answers explain what the contract consists of, what duties and responsibilities the parties to the contract have, how the policy wor...

AD Banker Chapter 4 Absolute Assignment (permanent assignment) - correct answers the original owner will name a new owner of the policy Standard Provisions - correct answers explain what the contract consists of, what duties and responsibilities the parties to the contract have, how the policy w...

AD Banker Chapter 3___________________ provide benefits to help cover the costs associated with the prevention or treatment of illnesses or injuries provided by a doctor or hospital in case you get sick or are injured in an accident. A variety of coverages are offered, including hospital, surgical, ...

AD Banker Chapter 3 Exam QuestionsAn insured dies within the time limit of an Increasing Term Rider and the beneficiary receives the face amount plus the value of all paid premiums. Which rider is attached to the policy? a. Waiver of Premium b. Return of Cash Value c. Return of Premium d. Term ...

AD Banker Chapter 3 Casualty (Liability) BasicsWhich of the following is designed to prevent the insured from collecting more than the actual extent of a loss? a. Primary coverage b. Contribution by equal shares c. Excess insurance d. Pro rata liability - correct answers d. Pro rata liability ...

AD Banker Chapter 1Insurance Companies (insurers or carriers) - correct answers Manufacture and sell insurance as policies or contracts. Insurance Agencies - correct answers Captive or independent organizations that recruit, train, contract with, and support producers. Insurance Producers - co...

AD Banker Chapter 1Producer - correct answers Which of the following is considered field underwriter? An admitted insurer - correct answers "Admitted" only means the insurer is authorized to do business in this state. Admittance is not the same as domicile. Admitted insurers might have domestic...

AD Banker Chapter 1Insurance agencies - correct answers Are captive or independent organizations that recruit, contract with, train, and support insurance producers. Owner - correct answers Is not necessarily the insured under the policy but is responsible for paying the policy's premium and has...

AD Banker Chapter 1 Exam QuestionsA person who negotiates insurance contracts with insurers on behalf of an applicant is known as a(n): a. Broker b. Consultant c. Advisor d. Agent/Producer - correct answers a. Broker The contract type in which only one party is legally bound to its contractua...

AD Banker Ch.14 - Workers CompensationCompulsory - correct answers Employers are required by law to provide Workers' Compensation benefits to their employees with insurance, or demonstrate the ability to provide required benefits. Note: If the provisions of the policy do not comply with the stat...

AD Banker Ch.10 - Commercial AutoBusiness Auto Coverage Form (BAP) - correct answers The Business Auto Coverage Form is used to cover the autos owned by or used by a business, including owned, leased, hired, rented, or borrowed private passenger autos, trucks, trailers, and semitrailers. It also pro...

AD Banker Ch. 6In a group life insurance plan, the employee has control over which of the following? A Mode of premium payments B Choice of insurance company C Type of policy D Choice of beneficiary - correct answers D Choice of beneficiary The Master Policy for a group life plan...

AD Banker Ch. 5A contract that is designed to accumulate value over time with the intent to distribute the funds over the lifetime of an individual is called _________________. - correct answers An annuity While life insurance may accumulate money that a person could use in retirement, none promi...

AD Banker Ch. 1 - General InsInsurers (Insurance companies or Carriers) - correct answers manufacture and sell insurance coverage by way of insurance policies or contracts. In California, any person capable of making a contract may be an insurer, subject to the restrictions imposed by the insurance ...

Ad Banker CH 2 Premium - correct answers an amount to be paid for an insurance policy. - correct answers By signing the application Which of the following listed policies has the least likelihood of keeping pace with inflation? - correct answers Since straight whole life is a fixed benefit p...

AD BANKER AL P&C PRACTICE COMP EXAMWhich rating method listed below is established by the underwriter? A. Manual rating B. Retrospective rating C. Individual rating D. Judgment rating - correct answers D. Judgment rating is the Only rating method that is determined by the underwriter. All oth...

A.D.Banker - Chapter 6 Personal Auto PolicyPersonal Auto Policy (PAP) - correct answers a personal lines policy that provides several types of insurance for loss that results from the non-business use of certain types of motor vehicles. The PAP is designed to cover an individual's or family's pers...

A.D. BANKER Life & Health - Comprehensive ExamLegally speaking, a producer has a __________ duty when handling life insurance premiums and applications for an insurer. - correct answers Fiduciary It is the _________ who issues a Certificate of Authority enabling an insurer to conduct insurance bu...

A.D. Banker Final ExamWhich of the following situations will require proof of insurability? - correct answers Adjusting the face amount up on a Universal Life insurance policy with Option A death benefit selected Sean has a home with an mortgage. He needs life insurance to protect his family but ...

A.D. Banker Ch. 13A(n) _________ is issued to the sponsor of the group, and employees receive an outline of coverage or other summary of benefits, which offers information about the plan's major benefits and principal exclusions. - correct answers Master policy All of the following are correct r...

A.D Banker Property And Casualty Practice ExamPart Five - correct answers in which section of the Workers compensation and Employer Liability policy would the premium be found? Replacement Cost Basis - c0rrect answers Losses are paid at today's cost without deduction for depreciation Messenge...

A.D Banker Guarantee ExamHow does a policyowner reinstate a lapsed life insurance policy? - correct answers By paying past due premiums plus interest and proving insurability All of the following are components or features of an Indexed Universal Life (IUL) insurance policy, except: - correct ans...