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Question 1 of 10
1. Question
Anne allows her policy to lapse and then applies for reinstatement using the company’s required application. The company does not inform Anne either that the policy has been accepted or that the policy is being rejected. At what point can Anne consider the policy reinstated?
Correct
The policy provisions state that reinstatement may be assumed after 45 days if there has been no notification to the contrary.
Incorrect
The policy provisions state that reinstatement may be assumed after 45 days if there has been no notification to the contrary.
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Question 2 of 10
2. Question
Which one of the following is not a mandatory provision under the Uniform Provisions Model Act?
Correct
Change of occupation is an optional, not a required, provision. Change of occupation is not a mandatory provision under the Uniform Provisions Model Act.
Incorrect
Change of occupation is an optional, not a required, provision. Change of occupation is not a mandatory provision under the Uniform Provisions Model Act.
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Question 3 of 10
3. Question
Raima has a claim for $1000 and a past due premium of $100. The insurer will
Correct
The insurer has the right to deduct past-due premiums from any claim settlements. The insurer will pay the claim minus the past due premium.
Incorrect
The insurer has the right to deduct past-due premiums from any claim settlements. The insurer will pay the claim minus the past due premium.
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Question 4 of 10
4. Question
Which one of the following is not a mandatory provision under the Uniform Provisions Model Act?
Correct
A cancellation provision is an optional policy feature. It is not a mandatory provision under the Uniform Provisions Model Act
Incorrect
A cancellation provision is an optional policy feature. It is not a mandatory provision under the Uniform Provisions Model Act
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Question 5 of 10
5. Question
If Adam cancels his health insurance policy, the insurer will
Correct
When an insured cancels for the insurer to issue a short-rate refund and retain a portion of the unearned premium to cover its expenses, it is standard procedure.
Incorrect
When an insured cancels for the insurer to issue a short-rate refund and retain a portion of the unearned premium to cover its expenses, it is standard procedure.
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Question 6 of 10
6. Question
Mr. Roy gets his health insurance policy on May 1, and on May 3, he decides he doesn’t want it and returns it to the company. On May 6, he is hit by a car. The company
Correct
Mr. Roy canceled the contract by returning it, and the fact that he later had an accident and regretted his decision has no legal weight.
Incorrect
Mr. Roy canceled the contract by returning it, and the fact that he later had an accident and regretted his decision has no legal weight.
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Question 7 of 10
7. Question
Martin’s policy is guaranteed renewable. Which one of the following may the insurer not do?
Correct
The insurer is not permitted to increase the premium for an individual policy. The insurer may not Increase the premiums on Martin’s policy only.
Incorrect
The insurer is not permitted to increase the premium for an individual policy. The insurer may not Increase the premiums on Martin’s policy only.
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Question 8 of 10
8. Question
Fiona has a non-cancelable policy. Which one of the following may the insurer do?
Correct
For all types of insurance, the insurer is permitted to cancel a policy for nonpayment of premium. The insurer may cancel the policy if Fiona fails to pay premiums.
Incorrect
For all types of insurance, the insurer is permitted to cancel a policy for nonpayment of premium. The insurer may cancel the policy if Fiona fails to pay premiums.
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Question 9 of 10
9. Question
Which of the following definition of total disability is more favorable to the insured?
Correct
The inability to perform the duties of one’s own occupation may provide benefits not provided by a policy that pays only for the inability to work in any occupation. The definition of own occupation of total disability is more favorable to the insured.
Incorrect
The inability to perform the duties of one’s own occupation may provide benefits not provided by a policy that pays only for the inability to work in any occupation. The definition of own occupation of total disability is more favorable to the insured.
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Question 10 of 10
10. Question
The longer the duration of the benefit period;
Correct
If an insured selects a long benefit period, the insurer will have to charge more premium because it assumes more risk. The longer the duration of the benefit period, the higher the policy’s premium will be.
Incorrect
If an insured selects a long benefit period, the insurer will have to charge more premium because it assumes more risk. The longer the duration of the benefit period, the higher the policy’s premium will be.