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Question 1 of 10
1. Question
Calculate the net periodic premium (NPP). Given: Ax=0.5 and ax=0.03.
Correct
NPP can be computed by getting the inverse of pension annuity factor then subtracting the valuation rate.
Incorrect
NPP can be computed by getting the inverse of pension annuity factor then subtracting the valuation rate.
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Question 2 of 10
2. Question
Calculate the net periodic premium (NPP). Given: Ax=0.8 and ax=0.02.
Correct
NPP can be computed by getting the inverse of the pension annuity factor then subtracting the valuation rate.Incorrect
NPP can be computed by getting the inverse of the pension annuity factor then subtracting the valuation rate. -
Question 3 of 10
3. Question
If a violation of the privacy act is found, the commissioner is allowed to fine up to what value for each violation?
Correct
If the violation of the privacy act has a high frequency that might appear as a general business practice, the commissioner can fine up to $50,000 for each violation.
Incorrect
If the violation of the privacy act has a high frequency that might appear as a general business practice, the commissioner can fine up to $50,000 for each violation.
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Question 4 of 10
4. Question
Which of the following is a duty of the insurance commissioner?
Correct
The insurance department is authorized to carry out the insurance laws by the insurance code.
Incorrect
The insurance department is authorized to carry out the insurance laws by the insurance code.
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Question 5 of 10
5. Question
Which of the following is a qualification listed in the Model Act?
Correct
The qualification according to the model act is to be 18 years old. Some states have implemented these qualifications for PLMA.
Incorrect
The qualification according to the model act is to be 18 years old. Some states have implemented these qualifications for PLMA.
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Question 6 of 10
6. Question
If person A is unable to act for themself, then person B will be authorized to represent on behalf of person A. What do you call person B?
Correct
The relationship of an authorized person to represent and act for another person is called Agency
Incorrect
The relationship of an authorized person to represent and act for another person is called Agency
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Question 7 of 10
7. Question
If an agent has an authority that is not expressed in the contract but required to do it anyway, then this authority is called?
Correct
If an individual is supplied with forms and other materials by a company, then that individual is called an agent of the company.
Incorrect
If an individual is supplied with forms and other materials by a company, then that individual is called an agent of the company.
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Question 8 of 10
8. Question
Which of the following elements are necessary for creating a valid contract?
Correct
A contract is a legally binding agreement between two or more parties that promises service in exchange for the agreed-upon currency.
Incorrect
A contract is a legally binding agreement between two or more parties that promises service in exchange for the agreed-upon currency.
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Question 9 of 10
9. Question
If a health insurance applicant is denied renewal, what shall the company do?
Correct
An insurer will reject an applicant if they believe that an applicant will not be profitable with the coverage modification.
Incorrect
An insurer will reject an applicant if they believe that an applicant will not be profitable with the coverage modification.
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Question 10 of 10
10. Question
In a group plan, the eligibility period will normally run for how many days?
Correct
All members of the group shall be covered immediately after the probationary period.
Incorrect
All members of the group shall be covered immediately after the probationary period.