Oregon Life and Health Insurance Practice Exam

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• Regarding major medical plans, what does a higher stop-loss mean?
• How are dividends distributed in a participating life insurance policy?
• What is the role of the Oregon insurance guaranty association?
• If an insured decides to cancel their health insurance policy, which of the following may be a consequence?
• Which type of life insurance generally has lower premiums?
• What is the impact of the term "assignment" in relation to Medicare?
• What is the primary purpose of health insurance?
• What does 'premium' refer to in insurance?
• Dennis has a cavity. His insurer covers his claim up to a predetermined amount, which is indicated by a fee schedule. Which type of plan does he have?
• What is the primary function of the Medical Information Bureau (MIB)?
• What constitutes a 'loss of income' rider?
• If insureds have not received the proper claim forms within 15 days of notifying the insurer of a covered loss under a major medical policy, they have the right to do what?
• What is the role of a health insurance agent?
• What does 'coinsurance' mean in an insurance context?
• Which of the following is provided by skilled medical personnel to those who need occasional medical assistance or rehabilitative care?
• The benefits in Medical Expense Insurance are?
• Which of the following is NOT a common exclusion found in most health policies?
• Why would an employee continue to receive coverage under a terminated group health insurance plan?
• If a business wants to make sure it will be able to cover losses due to the disability of its top employee, the business should get which type of insurance?
• What defines the 'free-look period' for insurance policies?
• How do indexed universal life insurance policies work?
• Define "insurable interest" in relation to life insurance.
• What does 'long-term care insurance' typically cover?
• How does a policyholder designate a "revocable" beneficiary?
• In some cases, an insurer can disclose privileged information to appropriate sources only if the insured signs an authorization form. What is the maximum amount of time that can legally pass before disclosing the information?
• What is a 'life settlement'?
• What is a typical benefit of having group health insurance?
• What does a "physical examination" requirement entail in the context of obtaining life insurance?
• What type of insurance is typically associated with "long-term care" coverage?
• What is the primary function of a health insurance 'open enrollment' period?
• What is a key feature of the open enrollment period in health insurance?
• What is the 'law of large numbers' in insurance?
• What is a characteristic of the pure life annuity settlement option?
• What is the purpose of a "waiver of premium" rider?
• What is the required grace period for life insurance premiums in Oregon?
• What is another term for health insurance policy subscriber?
• An employee is on an extended leave of absence when the employer group health plan changes from one carrier to another. What might the employee most likely notice?
• What is the difference between a deductible and a copayment?
• Which of the following is a common exclusion in health insurance policies?
• How many hours of continuing education must a producer complete for each license renewal period?
• What is the Human Life Value approach to determining life insurance needs primarily based on?
• What is it called when a doctor accepts the Medicare approved amount?
• If the insurance premiums were not tax deductible, what other taxation will this affect?
• What is the primary purpose of a health Savings Account (HSA)?
• What is conversion privilege in a term life insurance policy?
• What is a simplified issue life insurance policy?
• What is one major factor that determines life insurance premiums?
• What is the purpose of underwriting in insurance?
• Under which health insurance provision can an insurer deny coverage for pre-existing conditions for a certain period?
• What happens to the cash value of a whole life insurance policy if the insured passes away?
• How do "accelerated benefits" affect a life insurance policy's death benefit?
• Which of the following meets the insured's personal needs and is provided by nonmedical personnel?
• What does "insurers' liability" represent in an insurance contract?
• What is the role of the Oregon Division of Financial Regulation?
• All of the following are reasons for group insurance termination for dependents EXCEPT?
• What happens to the face amount of a whole life policy if the insured reaches the age of 100?
• An insured needs ongoing treatment for a diabetic condition. Under the PPACA, which of the following is correct?
• Decreasing term insurance is typically used to:
• What is the role of an insurance agent?
• Which of the following is NOT a crucial factor in health insurance underwriting?
• Which of the following is NOT a general requirement of a qualified plan?
• If an agent follows the rules and terms of his agent contract, he is exercising his:
• What does 'face amount' refer to in health insurance?
• HMOs are known as what type of plans?
• What defines a 'temporary insurance agreement' in life insurance?
• What is the primary risk covered by life insurance?
• Which factor may influence the determination of insurance premiums?
• What is 'benefit period' in health insurance?
• In order to reinstate a life insurance policy the insured must do all of the following EXCEPT:
• If both the primary and contingent beneficiaries of a life insurance policy have died before the insured's death, who will receive the death benefit?
• How are insurance claims typically submitted?
• Which of the following time periods is the general enrollment period for Medicare Part B?
• What is a "statement of health" in a life insurance application?
• What is an "accelerated death benefit"?
• Under most insurance policies, what constitutes a 'total disability'?
• Medicare Part A services do NOT include which of the following?
• What advantage does the "recurrent disability" provision provide to the insured under a disability income policy?
• What is typically included in a health insurance policy's summary of benefits?
• What does "premium financing" entail?
• What is a common drawback of universal life insurance?
• Under what circumstance can a policyholder demand immediate payment for a claim?
• What is the difference between level term and decreasing term insurance?
• What does the "grace period" in a life insurance policy refer to?
• What is 'coinsurance' in health insurance terms?
• What is a 'waiting period' in health insurance?
• Under what circumstance can a life insurance policy be "assigned"?
• A married couple purchase a life insurance policy on their newborn baby. What policy rider should their agent recommend if they are concerned about continuing premium payments?
• What is the term for a scheduled payment made by the insured for covered services?
• In order for an alumni association to be eligible to purchase group health insurance for its members, all of these statements must be true EXCEPT when the association?
• What is the significance of the Affordable Care Act?
• With Adjustable Life, the owner can change all of the following EXCEPT?
• What type of life insurance policy allows the policyholder to adjust the premium payments and death benefits?
• What impact does an "exclusion rider" have on a life insurance policy?
• What is a term life insurance policy?
• Under what circumstances can an insurer deny a claim?
• What is the main purpose of the 'open enrollment' period in health insurance?
• If an insured purchases an insurance policy with a large deductible, what risk management technique is the insured exercising?
• What does 'scope of coverage' refer to in insurance policy context?
• What are riders in an insurance policy?
• What type of insurance can an insured convert to upon termination of membership in the insured group?
• What is a 'pre-existing condition'?
• What is typically true about group life insurance policies?
• Which statement best differentiates between individual and group life insurance?
• Which term is used to define the period during which an annuitant makes payments into an annuity?
• What is the difference between surrender value and face value in a whole life policy?
• Life insurance creates an immediate estate. What does this mean?
• What is one potential benefit of the cash value in whole life policies?
• What is the primary purpose of state insurance departments?
• When can an insurance company deny coverage based on a pre-existing condition?
• An insured purchases a non-participating whole life policy. This policy includes all of the following EXCEPT:
• How is "underwriting" defined in the context of life insurance?
• What is a policy’s face value?
• Who primarily regulates the insurance industry?
• What is a crucial step for an insurer when underwriting a life insurance policy?
• What is a benefit of having a cash value life insurance policy?
• What is the role of a "fiduciary" in insurance?
• An individual purchases a life insurance policy and lists his parents as the beneficiaries. What type of beneficiary designation does the policy have?
• Which document outlines the details of an insurance policy?
• Which risk classification is representative of the majority of people in a certain group with similar lifestyles?
• Which factor does not typically affect the premium of whole life insurance?
• In Oregon, how long does the insurance company have to contest a claim after the contestability period?
• All of the following are true of credit life EXCEPT?
• What is a common characteristic of a term life insurance policy?
• What does "mortality" refer to in life insurance?
• Why might a policyholder consider taking a policy loan?
• What is a 'policyholder'?
• What is a common feature of all permanent life insurance policies?
• Which type of insurance provides coverage for lost income due to disability?
• If an insured recently received their major medical insurance policy and suffered an injury 20 days later, which statement is true regarding coverage?
• Which of the following best defines 'underwriting' in insurance?
• What does "underwriting criteria" refer to in insurance?
• How does single premium whole life differ from regular whole life insurance?
• What does "insurance reserve" refer to?
• What is the maximum age an applicant can be for certain simplified issue life insurance policies?
• Contributions to Roth IRAs are:
• What is a 'modified endowment contract' (MEC)?
• What is the difference between a "primary" and "contingent" beneficiary?
• What advantage does coinsurance provide in health insurance?
• Which act requires health plans to offer enrollment to individuals despite pre-existing conditions?
• What is typically true about the death benefit of universal life insurance?
• Which payment structure does a single premium whole life policy use?
• What type of policy requires the policyholder to pay premiums for a specified period and then becomes paid-up for life?
• Which of the following is a common characteristic of whole life insurance?
• What does the term 'single premium whole life' refer to?
• What does "beneficiaries by class" refer to in a policy?
• What does 'accidental death benefit' cover?
• Under which condition would life insurance proceeds be taxable by the federal government?
• Which of the following best describes temporary protection in life insurance?
• Which component of a life insurance policy typically specifies the duration for which the coverage is effective?
• Which of the following is required for a plan to be qualified?
• What is the function of a 'claims adjuster'?
• Which of the following statements is INCORRECT concerning Modified Endowment Contracts (MECs)?
• What does COBRA stand for?
• Which of the following is NOT a typical type of Long-Term Care coverage?
• What happens if a life insurance policy lapses?
• What type of life insurance accumulates cash value?
• What is a common feature of term life insurance?
• What are riders in an insurance policy?
• What is the purpose of the "free look" period?
• What does a 'beneficiary' refer to in a life insurance policy?
• In Oregon, what is the minimum age to obtain a life insurance policy independently?
• What term describes the period after which coverage under a term insurance policy ends?
• In disability insurance, how is the "benefit period" defined?
• Which factors can affect life insurance premiums?
• What is the primary purpose of life insurance?
• Which requirement must be met for a health insurance plan to be considered qualified?
• What is a major benefit of group health insurance?
• What does the concept of a 'standardized plan' in health insurance involve?
• What is a beneficiary in a life insurance policy?
• What is a "contestability period" in a life insurance contract?
• What is the maximum non-medical coverage amount for a life insurance policy in Oregon?
• Which type of insurance would typically cover the monthly expenses of a business in case of a key employee's disability?
• What type of policy might include the option to increase the death benefit over time?
• What is the maximum age for a dependent under group insurance coverage in most policies?
• Which of the following statements is TRUE about level term insurance?
• What is the advantage of an open enrollment period to the insured?
• Which of the following is a responsibility of an insurance agent?
• What does 'underwriting' refer to in the insurance process?
• What is the primary difference between whole life and term life insurance?
• In health insurance, what is a 'network'?
• Which of the following is typically included in a life insurance policy?
• What is an agent's fiduciary responsibility?
• In which of the following scenarios would a producer be allowed to obtain insurance through an unauthorized insurer?
• What are the two main types of life insurance?
• Which of the following best describes the cash value component in universal life insurance?
• What is a 'premium holiday' in insurance?
• In health insurance, what does 'coinsurance' entail?
• Which entities regulate variable insurance and variable annuities?
• What characterizes universal life insurance?
• What obligation does an insurance agent have concerning disclosure?
• Which of the following best describes the role of a beneficiary in a life insurance policy?
• Which of the following cannot qualify as a group for the purpose of purchasing group health insurance?
• If an insured decides to reduce the coinsurance amount on her major medical insurance, what can the insured expect?
• Which type of life insurance accumulates cash value?
• What role does the insurer play in a group health insurance plan?
• What is a "life settlement"?
• What is the purpose of an insurable interest?
• How is a 'medically necessary' service defined?
• How often can a health insurance policy typically be renewed?
• In group health insurance, what is experience rating?
• What is a common feature of a term life insurance policy?
• Which type of insurance covers expenses for hospital stays and surgeries?
• In health insurance, what is an 'in-network provider'?
• What component of a health insurance policy indicates how much the insured must pay out-of-pocket before the insurance kicks in?
• To be acceptable to insurance companies, what percentage of eligible employees must be enrolled under a contributory group health insurance plan?
• How can lifestyle choices impact life insurance premiums?
• What differentiates a straight life policy from a 20-pay whole life policy?
• What is term insurance designed to provide?
• A core Medicare supplement policy (Plan A) does NOT cover which of the following?
• Which statement is FALSE regarding Multiple Employer Trusts (MET)?
• What is 'assignment' in life insurance?
• In which situation would universal life insurance be most beneficial?
• Which of the following is true regarding the examination of a company's records?
• What is "substandard risk" in insurance?
• What are "policies with cash value" in insurance terminology?
• Define "conversion" in the context of a term life insurance policy.
• What could happen if a policyholder stops paying premiums on a whole life insurance policy?
• What is meant by 'underwriting' in insurance?
• If an insured decided to reduce the coinsurance amount on her major medical insurance, what can the insured expect?
• Which health insurance plan provides coverage to active duty and retired military personnel?
• All of the following statements are goals of TRICARE except?
• What characterizes a "whole life participating policy"?
• What does the term "annuity" refer to in insurance?
• What is the term for the amount paid to an insurance company for coverage?
• Which of the following is typically covered by life insurance?
• What is the maximum out-of-pocket limit in health insurance?
• What is the primary feature of a universal life insurance policy?
• What type of care typically involves assistance with daily living activities but not medical care?
• What is an example of a mandatory benefit that must be offered by health insurance providers?
• What does it mean to "waive the premium" under specific conditions?
• Which of the following best describes the concept of premiums in health insurance?
• In group life insurance, who usually pays the premium?
• Which of the following individuals would be a likely candidate to purchase a deferred annuity?
• Which type of insurance policy is often linked to a workplace?
• What is the primary purpose of life insurance?
• Which term refers to the nontaxable portion of each annuity benefit payment?
• Which entity regulates insurance companies in Oregon?
• Which dividend option will increase the death benefit?
• What advantage does a "return of premium" rider provide?
• What type of insurer uses a formal sharing arrangement?
• Which type of health insurance covers a specific set of medical services?
• What is a common characteristic of term life insurance?
• How often must an insurance company send a summary of benefits to enrollees?
• What does 'exclusion' mean in an insurance policy?