Which statement best describes agreement as it relates to insurance contracts?
One party accepts the exact terms of the other party's offer.

When agents, brokers, or solicitors handle premiums for an insurer, they are acting in which capacity?
As a fiduciary

An insurer recently collected information from a senior consumer, and used that information to make recommendations regarding insurance transactions. For how many years must this information be maintained after the transaction has been completed?
5

What is the only difference between blanket insurance and group health insurance?
The insured members are not named.

What is the minimum age requirement to enter into a life insurance contract in this state?
15

What is the latest point at which an Outline of Coverage may be presented?
At the time of policy delivery

What is the maximum amount of individual life insurance coverage that a person can convert to if the existing group policy has been terminated?
$10,000

When an insured terminates membership in the insured group, the insured can convert to
Whole life without proof of insurability.

Which dividend option will increase the death benefit?
Paid-up additions

What is the difference between a straight life policy and a 20-pay whole life policy?
Premium payment period

Which of the following policies can be described as a flexible premium adjustable life policy?
Universal Life

All of the following statements are true regarding an Ordinary (Straight) Life policy EXCEPT
It does not have a guaranteed death benefit.

An elimination (waiting) period may NOT have to be satisfied for a disability in which of the following?
An insured suffers a relapse of a prior disability within 6-months of the initial covered disability

An insured was seriously injured in a skiing accident that required him to be hospitalized for 5 weeks. His medical expense policy covered all of the following EXCEPT
Loss of income while hospitalized. b) Necessary medicine and

Accumulation units are converted into annuity units:
at the time of annuity payout.

A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan.
noncontributory

If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again.
FALSE

Robert had an accident and qualified for Social Security disability. Given the waiting period, when will Robert begin to receive benefits?
After 5 months

When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as
Estate conservation

In group insurance, the primary purpose of the Coordination of Benefits provision is to
Prevent over insurance

Which of the following statements is NOT true regarding health insurance policy provisions?
All additional provisions written by insurers are cataloged by their respective states.