Management Notes

Reference Notes for Management

Insurance Quiz Part 3 – Multiple Choice Questions (MCQs) | Questions with Answers

Insurance Quiz Part 3

Health Insurance Will Typically Cover Which Of The Following Perils

A) Death due to illness
B) Injury due to accident
C) Death due to accident
D) Dismemberment

All Of The Following Are Personal Uses Of Life Insurance Except

a. Survivor protection
b. Estate creation
c. Cash accumulation
d. Business financial relationship

Life Income Joint And Survivor Settlement Option Guarantees

a) Income for 2 or more recipients until they die.
b) Payment of interest on death proceeds.
c) Payout of the entire death benefit.
d) Equal payments to all recipients.

Which Of The Following Best Describes Annually Renewable Term Insurance

A) It requires proof of insurability at each renewal.
B) Neither the premium nor the death benefit is affected by the insured’s age.
C) It provides an annually increasing death benefit.
D) It is level term insurance

All Of These Settlement Options Involve The Systematic Liquidation of the death proceeds in the event of the insured’s death EXCEPT

A) Life income
B) Fixed Amount
C) Interest Only
D) Fixed Period

Which Of The Following Best Describes A Conditional Insurance Contract

A) A contract that requires certain conditions or acts by the insured individual
B) A contract that has the potential for the unequal exchange of consideration for both parties
C) A contract where one party “adheres” to the terms of the contract
D) A contract where only one party makes any kind of enforceable contract

Group Health Plans May Deny Participation Based Upon The

A) member’s claims history
B) member’s current age
C) member’s pre-existing condition
D) member’ part-time employment status

All Of The Following Are Examples Of A Business Continuation Plan Except

A) Key person insurance
B) Cross-purchase agreement
C) Stock Redemption Plan
D) Deferred Compensation

Phil Is Shopping For An Annuity that guarantees he CANNOT outlive the benefits. Which of these benefit options would he choose?

A) Accelerated lifetime benefit
B) Guaranteed lifetime withdrawal benefit
C) Right of income rider
D) Guaranteed minimum accumulation benefit

Lisa Has Recently Bought A Fixed Annuity. Which of these is considered to be a disadvantage of owning this type of annuity?

A) Payments cease 5 years after the annuitant’s death.
B) During periods of inflation, annuitants will experience an increase in purchasing power of their payments.
C) During periods of inflation, annuitants will experience a decrease in purchasing power of their payments.
D) Payment amounts can be unpredictable from month to month.

Health Insurance Involves Two Perils Accident And

A) death
B) sickness
C) disability
D) liability

All Of The Following Are Examples Of Pure Risk Except

A) Losing money at a casino
B) Injured while playing football
C) Falling at a casino and breaking a hip
D) Jewelry stolen during a home robbery

A Common Exclusion With Vision Plans Is

A) eyeglass frames
B) the examination
C) contact lenses
D) lasik surgery

Premium Mode Is A Term Used To Describe The

A) premium past due
B) method of payment
C) frequency of the premium payment
D) premium paid

All Of The Following Are True Of An Annuity Owner Except

A) The owner is the party who may surrender the annuity.
B) The owner must be the party to receive benefits.
C) The owner pays the premiums on the annuity.
D) The owner has the right to name the beneficiary

Which Of These Is Considered A True Statement Regarding Medicaid

Which Of The Following Is Not True Regarding The Accumulation Period Of An Annuity

In Insurance Transactions Fiduciary Responsibility Means

What Does The Word Level In Level Term Describe

T And S Are Named Co-Primary Beneficiaries

Justin Is Receiving Disability Income Benefits

What Is The Main Purpose Of The Seven Pay Test

Which Of These Would Not Be Considered A Presumptive Disability

K Is Looking To Purchase Renewable Term Insurance

All Of The Following Are Dividend Options Except


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