Life and health

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Which of the following is true about license reinstatement?	Reinstatement fees may be double the unpaid renewal fee
What is the maximum period that an insurer would pay benefits in accordance with a Waiver of Premium rider?	For the duration of the disability or the contract, depending on which ends first
Which of the following is not true of Disability Buy-Sell coverage?	Benefits are considered taxable income to the business.
Which of the following situations will incur a 10% penalty for an early withdrawal from an IRA?	Contract holder is 55 1/2.
When Jeremiah applied for a life insurance policy, the agent informed him that a medical exam would be required. The exam may be completed by	A paramedic or examining physician at the insurer’s expense.
All of the following are general requirements of a qualified plan EXCEPT	The plan must provide an offset for social security benefits.
Which of the following applies to the ten-day free look privilege?	It permits the policy owner to reject the policy with a full refund of premium.
All of the following are uses for an annuity except:	To pay a business when a key employee retires.
Which of the following is NOT a characteristic of an insurable risk?	The loss must be catastrophic
All of the following statements are true about credit life insurance EXCEPT:	The creditor is the owner and the insured.
Which of the following is NOT true regarding policy loans?	Money borrowed from the cash value is taxable.
What is the main purpose of the Seven-pay Test?	It is a test to determine a life insurance policy is funded properly and therefore qualifies for the favorable tax treatment that is provided to life insurance policies.
Which of the following is not true about joint life insurance?	The death benefits can be written on a first to die or second to die basis, depending on the needs of the insureds.
The term "illustration" in a life insurance policy refers to	A presentation of non- guaranteed elements of a policy
What does "liquidity" refer to in a life insurance policy?	Cash values can be borrowed at any time
Producers are required to post a Personal Information Privacy Practices notice that includes all of the following EXCEPT:	That personal information that is collected by the producer may never be disclosed without authorization
In any case where there is a controversy or dispute between the insurance company and the insured, the soliciting agent is the agent of the	Company
What is the advantage of having a qualified annuity?	Favorable tax treatment
How much controlled business in a calendar year is considered to be an unlawful rebate?	Twice the amount of the premiums for other health and/or life business.
What is the purpose of the buyer’s guide?	To ensure that people who purchase variable life insurance and annuities understand certain basic features of these types of contracts.
When a life insurance policy is cancelled and the insured has selected the extended term insurance option, the cash value will be used to purchase term insurance that has a face amount	Equal to the original policy for as long a period of time that the cash values will purchase.
The oldest type of insurance company structure is called:	A fraternal benefit society.
The suitability rules are designed to protect consumers from:	Unfair trade practices and producer misconduct
As of January 1, 2009 Oregon will now perform all of the following checks on applicants for insurance licenses, EXCEPT	A credit history check.
When acting within the scope of their contract, the actions taken by an agent/producer will be assumed to be the acts of the	Insurer.
The equity in an equity index annuity is linked to	An index like Standard & Poors 500.
A replacing insurance company that uses a producer is required to do all of the following EXCEPT:	Require the producer to keep records at his or her place of business for 3 years and to make them available upon request.
What are GMWBs and GMIBs?	The two most common types of living benefit riders for annuity contracts
All of the following statements concerning Waiver of Premium riders are correct EXCEPT	An insured who has recovered from a disabling injury will be required to repay the insurer for any premiums that were waived.
Your client uses $50,000 in inheritance money to purchase a single premium immediate annuity. How soon can he begin receiving income payments?	No later than 1 year from the time of purchase
All of the following are true of the federal tax advantages of a qualified plan, EXCEPT	At distribution, all amounts received by the employee are free of taxes.
A projection of insurance needs that is based upon the capitalization of an applicant’s future earnings is	Human life value approach.
What is the penalty for excessive contributions to an IRA?	6%
How are fixed annuity premiums invested?	They are deposited into the insurance company’s general account.
Life insurance death proceeds are	Generally not taxed as income
When advertisements are used, all of the following are true EXCEPT	When covering benefits payable, it is acceptable for certain illustrations to be slightly misleading.
Which of the following statements is true, concerning the alteration of optional policy provisions?	An insurer may change the wording of optional provisions, as long as the change does not adversely affect the policyholder.
Which of the following is true of a children’s rider added to an insured’s permanent life insurance policy?	It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age.
Under which non-forfeiture option does the company pay the surrender value and have no further obligations to the policy-owner?	Cash surrender
A group of 15 skydivers meet at a seminar and begin talking about life insurance during a break. Because it is expensive to get individual life insurance, they decide to band together to form a small group so that they will be eligible. They apply for small group life insurance and are rejected. Why	The purpose of the group was to purchase life insurance.
When an insurance company plans to seek and use information obtained from investigators, they must first provide the applicant with:	A Disclosure Authorization Notice
How is express authority conveyed onto an agent?	Agent’s contract
Regarding the primary differences between a traditional IRA and a Roth IRA, which of the following statements is not accurate?	A Roth IRA grows tax deferred.
Under what circumstances may a life insurance agent deliver a policy that is dated up to six months before the application was taken?	To allow the insured to remain in a more favorable rate class.
Jack purchased a $100,000 Joint Life policy that covered his life and the life of his wife, Jill. Eight years later, Jack died in an automobile accident. How much will Jill receive from the policy?	$100,000
Which of the following describes the tax advantage of a qualified retirement plan?	Contributions and earnings of the plan are exempt from the employee�s taxable income.
What is the shortest possible elimination period for group short-term disability benefits provided by an employer?	0 days
Which of the following is NOT true about a group annuity?	The annuity must be purchased by a group, but could be owned by an individual.
Key person life insurance does NOT reimburse a company for which of the following?	For increased pension liability resulting from a key person’s death.
Which of the following best describes annually renewable term insurance?	It is a level term insurance.
How many eligible employees must be included in a contributory plan?	75%
If a beneficiary wanted a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what option would a beneficiary select?	Fixed period
A 40-year old man buys a whole life policy and names his wife as his only beneficiary. His wife dies 10 years later. He never remarries and dies at age 61, leaving 2 grown up children. Assuming that he had never changed the beneficiary, the policy proceeds will go to	The insured’s estate.
Which of the following best describes what the "annuity period" is?	The period of time during which accumulated money is converted into income payments
Which statement is NOT true, regarding a Straight Life policy?	Its premium steadily decreases over time, in response to its growing cash value.
Mary wants both protection and savings and is willing to pay premiums until retirement at age 65. The policy she will choose is	Limited pay whole life insurance.
When making a sales presentation for life insurance, you are required to do all of the following EXCEPT:	Inform the prospect of your role in advising and representing the client
If a retirement plan or annuity is "qualified", this means	It satisfies all requirements of the Internal Revenue Service for favorable tax treatment.
Bob owns an adjustable life policy. Sometime in the future he wants to increase the death benefit. Which of the following statements is correct regarding this change?	The death benefit can be increased by providing evidence of insurability.
Tanya wants to buy a life insurance policy that has a cash value element. Which type should she buy?	Whole Life Insurance
The purpose of insurance regulation is to	Promote the public welfare.
Under a straight life annuity, if the annuitant dies before the principal amount is paid out, the beneficiary will receive	Nothing; the payments will cease.
The Director regulates insurance rates through detailed rate reviews. The Director will prohibit insurance rates that are	Any of the above.
Which of the following is NOT true about an insurance consultant in the State of Oregon?	Any insurance adjuster may be considered a consultant.
Which of the following would be deducted from the death benefit paid to a beneficiary, if a partial accelerated death benefit had been paid while the insured was still alive?	Amount paid with the accelerated benefit, plus the earnings lost by the insurance company in interest income from the accelerated benefit
An insured buys a 5-year level premium term policy with a face amount of $100,000. The policy also contains renewability and convertibility options. When the insured renews the policy in five years	The premium will increase because the insured will be 5 years older than when the policy was originally purchased.
In reference to fixed annuities, what comprises most of a life insurance company’s general account?	Conservative investments like bonds
Deferred Compensation Funding refers to:	Any employer retirement or savings plan that is not a qualified plan.
All of the following are characteristics of a group life insurance plan EXCEPT	There is a requirement to prove insurability on the part of the participants.
How many policies are necessary to cover a cross purchase (buy/sell agreement) between 3 people?	6
The risk management technique that is used to prevent a specific loss by not exposing yourself to that activity is called	Avoidance.
Rita is a resident producer in Washington and a non-resident producer in Oregon. She got married last week and moved into a new home. What must she now do in order to comply with the state rules of Oregon?	Notify the DOI within 30 days
Mary, the primary beneficiary of her husband’s life policy, found that no settlement option was stated in the policy on the date of her husband’s death. Who will select the settlement option to be used?	Mary
An insurance company forwards fixed annuity premiums to their general account, where the money is invested conservatively. The guaranteed minimum interest is set at 3%. During an economic downswing, the investments only drew 2.5%. How much will the insurer pay?	3%
Lisa and Lena own a shop together. They are partners in their business of 2 years. Lisa is a designer; Lena is a seamstress. Lisa worries Lena will become disabled and be unable to sew, so she inquires about purchasing insurance to be able to buy out Lena’s half of the business if she becomes disabled. What does an agent tell them about a disability buy-sell plan?	A disability buy-sell plan protects the insured in case of disability. It allows the policy-owner to buy out the partner’s interest in the business, and the benefits are tax free.
Which state has jurisdiction over a group policy that covers individuals that reside in more than one state?	The state in which the policy was delivered.
Mr. Raines is the recipient of an Accidental Death and Dismemberment (AD&D) policy purchased by his employer. The policy pays triple indemnity in case of accidental death. If Mr. Raines died 2 months after an accident, as a result of an accident stipulated in the policy, how will the benefits paid be taxed?	Benefits received are considered income tax free.
What method is used to determine the taxable portion of each annuity payment?	The exclusion ratio
The two types of assignments are	Absolute and collateral.
Which of the following would be a specific advantage life insurance has over other types of insurance?	It performs the function of cash accumulation.
A 56-year-old annuitant decides to withdraw all the money from the annuity before he retires. Which of the following is correct?	An age-based penalty will be imposed for withdrawing the annuity
Concerning insurance, the definition of a fiduciary is	A person who is responsible for handling insurance premiums for the insurer
Which of the following applicants could the insurer charge a higher rate and not be charged with unfair discrimination?	An applicant that is a female.
Which of the following is true about license reinstatement?	Reinstatement fees may be double the unpaid renewal fee.
A direct rollover or trustee-to-trustee transfer from one pension trustee to another pension trustee is	Not subject to the 20% withholding tax.
Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option?	It provides a higher monthly benefit than a pure life annuity
Which of the following statements is most correct concerning irrevocable beneficiaries?	They can be changed only with the written consent of that beneficiary.
In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT	The type of investment.
Which of the following is consideration on the part of an insured?	Premium Payment and application
An insurer invests the money it receives from premiums paid by its insureds. Which of the following is true regarding the interest earned on these investments?	It is used to lower premiums
At age 30, Tom wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit Tom’s needs?	Adjustable Life
Norm and Vera own a permanent policy which covers both of their lives and pays the face amount of the policy only upon the death of the first. Norm and Vera own a	Joint Life Policy.
Who can make a fully deductible contribution to their IRA?	An individual covered by an employer-sponsored plan whose earned income is below a required limit
Cosmo has an individual life insurance policy with a face amount of $15,000. He pays a premium each month. What kind of policy did Cosmo purchase?	Ordinary Life
In Oregon, how long does a producer have to notify the Director of a change in location or name?	30 days
Which of the following describes the taxation of an annuity when money is withdrawn during the accumulation phase?	Withdrawn amounts are taxed on a last-in-first-out basis.
Which of the following statements would best describe the difference between life settlements and accelerated death benefits?	Life settlements are funded by a third party, and Accelerated Death benefits are provided by the insurer that issued the original policy.
An insurance policy that only requires a payment of premium at its inception and no further premiums contributions, and in addition to providing insurance protection for the life of the insured, endows at the insured’s age 100, is called	Single premium whole life
If a policy is rated-up, which of the following is true?	The premium increases
How much of the premium is paid by employees participating in a non-contributory plan?	0%
When an employee is still employed upon reaching age 65, is Medicare enrollment an option?	Federal laws require that people who participate under Medicare who are also covered by an employer sponsored medical plan are subject to federal guidelines regarding the relationship between Medicare and other plans.
All of the following cases show when a Small Employer Medical plan cannot legally be renewed EXCEPT	When the employer chooses to renew the plan.
Under which process does the insurance company monitor an insured’s hospital stay to make sure that everything is proceeding according to schedule and that the insured will be released from the hospital as planned?	Concurrent review
Concerning insurance, the definition of a fiduciary responsibility is	Handling insurer funds in a trust capacity.
In group insurance, what is the policy called?	Master policy
Which of the following statements concerning Medicare Part B is correct?	It pays for physician services, diagnostic tests, and physical therapy.
Most disability income policies will consider the insured to be totally disabled if he/she suffers the loss of two limbs, hearing, sight, or speech. This type of disability is known as	Presumptive disability.
Medicaid provides all of the following benefits EXCEPT	Income assistance for work- related injury.
What happens if a non-member physician is utilized under the Point-Of-Service plan?	The attending physician will be paid a fee for service, but the member patient will have to pay a higher coinsurance amount or percentage for the privilege.
When Marsha purchased her Disability Income policy 6 years ago, she misstated her age to the agent. She told the agent that she was 30 years old, when in fact, she was 37. If the policy contains the optional provision	Amounts payable under the policy will reflect Marsha’s correct age.
What two principles are the foundation on which insurance is based and allow insurance companies to be able to operate successfully?	Risk pooling and the law of large numbers
Group disability income premiums are	Deductible to the employer as an ordinary business expense
Which of the following best describes an unfair trade practice of in Oregon?	Misleading statements about policy terms that are only made orally and cannot be documented or proven.
Which type of dental care would cover repairing a root canal?	Endodontics
Which of the following statements regarding Disability Buy-Sell policies is NOT true?	They are contracts that specify how a business will pass between owners in the event one of the owners becomes disabled and can no longer work in the business.
An insured does not have to pay co-insurance or deductibles on a full-series mouth x-ray, but does have to pay a deductible to get his cavities filled. Which dental plan does he have?	Non-scheduled
Combination plans are comprised of both basic and ________ plan features.	Comprehensive
All of the following are correct about the required provisions of a health insurance policy EXCEPT	A reinstated policy provides immediate coverage for an illness.
John owns a medical expense policy that he purchased for his family. John’s employer purchased a Group Disability Income policy for John and all eligible employees. John subsequently suffered an accident on the job that left him unable to work for four months. If John receives benefits from his disability income policy, which of the following would be true?	Benefits received that are attributable to employer contributions are fully taxable to the employee as income.
Under which condition would an employee’s group medical benefits be exempt from income taxes?	An employee’s group medical benefits are generally exempt from taxation as income.
How long must an agent keep records associated with an insurance policy?	3 years after the policy terminates
Insurers are classified according to the legal form of their ownership. The type of insurer organized to pay dividends to its policyholders is	Mutual Company.
Brendon owns a small computer store. He is involved in a car accident that renders him totally disabled for half a year. Which type of insurance would help him pay for expenses of the company during the time of his disability?	Business Overhead Expense Policy
What is a characteristic of a 501(c)(9) trust?	All of the above are characteristics of a 501(c)(9) plan.
A long-term care shopper’s guide must be presented at what point?	Prior to the time of application
Concerning group Medical and Dental insurance, which of the following statements is INCORRECT?	Employee benefits are tax deductible the year in which they were received.
How is express authority conveyed onto an agent?	Agent’s contract
Sole proprietors and partners may deduct ____ of the cost of a medical expense plan provided to them and their families because they are considered self-employed individuals, not employees.	100%
Who guarantees a conventional fully-insured group plan?	The insurer
Which of the following occupations would have the lowest disability insurance premiums?	Personal Trainer
A policy that uses the accidental bodily injury definition will provide coverage that is __________ than a policy that uses the accidental means definition.	Broader
What type of benefit plan is a managed plan that is developed in conjunction with the Small Employer Carrier Advisory Committee?	Basic Health Care Plan
When a producer’s residence or business address changes, the Insurance Division must be notified within	30 days.
What is NOT a benefit of a POS plan?	It allows guaranteed acceptance of all applicants.
Which of the following characteristics does not need to be met in order for a long-term care policy to be considered tax qualified?	The contract is not guaranteed renewable.
What is the difference between the Medicare approved amount for a service or supply and the actual charge?	Excess charge
Major medical policy premiums vary according to all of the following factors, EXCEPT:	The availability of health care provider contracts in the service area.
Mike purchased a policy to provide coverage on himself, his wife Linda, and their two children, Jon and Kris. All of them would need to prove insurability EXCEPT	Any children born to them after the inception of the contract.
Which of the following is not a government funded insurance program?	Medicare SELECT.
In a long-term care policy, preexisting condition limitations	Must appear as a separate paragraph and be clearly labeled.
When an insurer offers services like preadmission testing, second opinions regarding surgery, and preventative care, which term would best apply?	Cost containment
An insured’s long-term care indemnity policy is scheduled to pay a fixed amount of coverage of $120 per day. The long-term care facility only charged a $100 per day. How much will the insurance company pay?	$120 a day
Jim is covered by a high deductible health plan. He makes regular contributions to this HSA. How are those contributions treated in regards to taxation?	The contributions are tax- deductible
How much controlled business in a calendar year is considered to be an unlawful rebate?	Twice the amount of the premiums for other health and/or life business.
A producer who omits a statement which may mislead or deceive the persons addressed has committed	Misrepresentation.
HSAs are designed to	Help individuals save for qualified health expenses.
Every small employer carrier shall, as a condition of transacting business in this state with small employers, actively offer to small employers at least how many health benefit plans?	2
Regarding Medicare Part D, beneficiaries must pay ____ of prescription drug costs when they are in the "doughnut hole," or once the initial benefit limit is reached.	100%
When Brad reads the first page of the cancer policy that was just delivered, what is one of the first things he should notice?	A limited policy notice
Which of the following is NOT the purpose of HIPAA?	To provide immediate coverage to new employees who had been previously covered for 18 months
Which of the following will NOT be covered under an individual health insurance policy?	The applicant�s grandchild
An insurance agent’s responsibilities include all of the following EXCEPT	Represent the client.
Insurance companies may be classified according to the legal form of their ownership. The type of company organization that offers their policy holders a risk sharing mechanism is called:	A reciprocal company.
What is the shortest possible elimination period for group short-term disability benefits provided by an employer?	0 days
In exiting a bus, Tom jumps down onto the street and breaks his ankle. Which of these is true?	The broken ankle was unintended and unforeseen.
Which statement is NOT the purpose of HIPAA?	To provide specific benefits to self employed people, pregnant women and the mentally ill.
Sharon Mills employs 500 workers and contributes to their Health Savings Accounts. To reduce turnover, Sharon wants to tell employees that they will lose their Health Savings Accounts if they leave the company. How should you advise Sharon?	The employees own the accounts and may take them with them when they leave. Sharon will have to find another way to improve retention.
When must an insurance company present an outline of coverage to a person?	At the time of application
Under a health insurance policy, benefits, other than death benefits, that have not otherwise been assigned, will be paid to	The insured.
The main purpose of ERISA is to ensure that	Employees receive the pension and other benefits promised by their employers.
After a divorce, when can a surviving spouse of a certificate holder qualify for continuance of coverage under a group health policy that provides coverage for medical expenses?	When the spouse is 55 years of age or older.
While you are reviewing Patrick’s employer’s contributions to his Health Savings Account with him, he asks you how the contributions affect his taxes. You should advise him that HSA contributions are	Not included in the individual taxable income.
Gary does not want to assume the risk that his wife may not have enough money if he dies. If he purchases insurance to help assume the risk what is he doing?	Risk Transfer
All of these events might terminate coverage when there is a change in insurance companies or loss of coverage, EXCEPT	The beginning of the last period for which the employee has made the required premium payments.
An applicant is denied insurance because of information found on a consumer report. What act requires that the insurance company supply the applicant with the name and address of the consumer reporting company?	Fair Credit Reporting Act
Which document helps to insure full and fair disclosure to the recipient of a policy?	Outline of Coverage
Which of the following is monitored by ERISA?	Stock profit-sharing plans
In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?	They obtain customer information through interviews with associates, friends and neighbors.
What type of coverage does ERISA monitor?	All of the above
Elise wants to know what are the tax implications of contributions to a Health Savings Account. You should advise her that the contributions are	Tax-free.
The suitability rules are designed to protect consumers from:	Unfair trade practices and producer misconduct
To be eligible for a Health Savings Account, an individual must be covered by	a High Deductible Health Plan.
As of January 1, 2009 Oregon will now perform all of the following checks on applicants for insurance licenses, EXCEPT:	A credit history check.
When advertisements are used, all of the following are true EXCEPT	When covering benefits payable, it is acceptable for certain illustrations to be slightly misleading.
Assuming that all of the following people are covered by a High Deductible Health Plan and are not claimed as dependents on anyone’s tax returns, which would NOT be eligible for a Health Savings Account?	Amanda is 67 and is covered by a basic medical expense policy
In a small employer medical plan, a preexisting condition provision applies to conditions for which medical advice or treatment was received within what time frame before the effective date of coverage?	6 months
Under the Fair Credit Reporting Act, a consumer may request the substance of the information contained in his/her report. If the consumer challenges the correctness of the information, the reporting agency must	Do nothing if the agency feels its report is accurate.
A business wants to make sure that if a key employee becomes disabled, the business will be protected from any resulting loss. Which kind of insurance will protect the business?	Business Disability
Evaluating information that establishes adverse selection risk is the purpose of which stage of insurance?	Underwriting
Which of the following programs expands individual public assistance programs for people with insufficient income and resources?	Medicaid
When acting within the scope of their contract, the actions taken by an agent/producer will be assumed to be the acts of the	Insurer.
Kevin and Nancy are married; Kevin is the primary breadwinner and has a health insurance policy that covers both him and his wife. Nancy has an illness that requires significant medical attention. Kevin and Nancy decide to legally separate, which means that Nancy will no longer be eligible for health insurance coverage under Kevin. Which of the following options would be best for Nancy at this point?	COBRA
Which of the following statements concerning group health insurance is CORRECT?	The employer is the policyholder.
In order for a sickness to qualify as a pre-existing condition, how many months before the submission of an application must the condition have been treated or addressed by a medical professional?	6 months
Anna has a policy with a $250 per year deductible that pays 80% of UCR up to $10,000 with a $1000 corridor deductible and then pays 100% of UCR. Which type of policy does she have?	Major Medical Insurance
Which of the following is NOT a characteristic of an insurance risk?	The loss must be catastrophic.
Welfare benefits include all of the following EXCEPT	Workers compensation.
The maximum amount than can be contributed to an MSA is ____ of the high-deductible plan for individuals.	75%
Which of the following statements is true, concerning the alteration of optional policy provisions?	An insurer may change the wording of optional provisions, as long as the change does not adversely affect the policyholder.
Long-term care premium payments are deductible as a medical expense to the extent that when added to all other unreimbursed medical expenses, the total exceeds of the taxpayer’s adjusted gross income if the taxpayer itemizes his/her deductions.	7.5%
A morale hazard may exist due to	Indifference to loss.
Under a Key Person disability income policy, premium payments	Are made by the business and are not tax-deductible.
If an insurer meets the State’s financial requirements and is approved to transact business in the state,	Authorized.
Suzie misstated her age on an application for an individual health insurance policy. The insurance company found the mistake after the contestable period had expired. The insurance company will take which of the following actions regarding any claim that has been issued?	Adjust the claim benefit to reflect Suzie’s true age
Which of the following provisions give an employee’s former spouse the right to exchange group insurance for an individual policy within 60 days of the separation or divorce?	Conversion provision
Which type of Medicare policy requires insureds to use specific hospitals, except in emergency situations?	SELECT
Which of the following is not a characteristic of an HMO?	Physician provider discount contracts
Can a group that is formed for the sole purpose of obtaining group insurance qualify for group coverage?	No, the group must be formed for a purpose other than obtaining group insurance.
Regarding the concept of creditable coverage, the number of days of coverage spent under the group plan will be used to reduce the 12-month waiting period for pre-existing conditions coverage if the employee does not have a break in coverage of __ days or more.	63
Producer A is prosecuted for a crime. He must notify the Director within what time frame after the initial pretrial hearing date?	No later than 30 days
Which of the following is NOT true about an insurance consultant in the State of Oregon? 1) Consultants offer advice for a fee 2)Individuals may act as consultants in both life, health, property and casualty insurance 3) A consultant must hold a valid license 4) Any attorney-at-law may be considered a consultant	Any attorney-at-law may be considered a consultant.
A producer is proposing that his client, Richard, purchase a new life insurance policy. Which of the following is the producer NOT required to do? 1) Keep a record of the application on file for three years 2) Collect a signed statement from Ken about his existing life insurance. 3) Collect Ken’s fingerprints. 4) Place Ken’s premium in a trust account.	Collect Richards’s fingerprints
How often must a producer renew his or her insurance license?	Every 2 years
Notice of a hearing for a cease and desist order must be given at least how many days in advance?	7
Which type of report includes information regarding a consumer’s credit, character, reputation, and habits collected by a reporting agency from employment records, credit reports, and other public sources?	Consumer Report
Within what time period can a producer reinstate a lapsed license without having to pass a written examination?	12 months
Which of the following is an example of a producer’s fiduciary responsibilities?	A producer promptly forwarding premiums to the insurance company
How long must a producer keep records associated with an insurance policy?	3 years after the policy terminates
Who establishes the fees that must be paid in conjunction with an application for an insurance license?	The Director
The requirement that producers must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as	Fiduciary responsibility.
Which of the following best describes a misrepresentation?	Misrepresenting the true nature of a policy in order to induce the policyholder to replace it
Which of the following best describes the concept of company solvency?	Maintaining capital or surplus in excess of the required amount
Concerning insurance, the definition of a fiduciary is	A producer who handles insurer funds in a trust capacity.
If a licensee has been convicted of certain crimes while licensed, he or she is required to submit a supplementary application to the Director. Within what time period must this be done?	30 days after the date of the final judgment
The purpose of insurance regulation is to	Promote the public welfare.
What has the State of Oregon set up to protect people who purchase insurance from harm?	licensing procedures
A person convicted of violating Oregon Statutes may be subject to a criminal penalty of	one year in jail
In most cases, an insurer must give how many days notice before they are allowed to terminate a producer’s appointment?	90 days
It is legal in Oregon to pay, or offer to pay, anything of value specified in the insurance contract as an inducement to purchase insurance.	True But, it is illegal in Oregon to pay or offer to pay any of the following as an inducement to purchase insurance: 1. Any special favor or advantage in dividends or benefits. 2. Any stocks, bonds, securities, or accrued dividends or profits. 3. Anything of value NOT specified in the insurance contract.
When producers write insurance on themselves, their family, or their coworkers, it is called what?	controlled business
All of the following are examples of risk retention EXCEPT 1) Co-payments 2) Self-insurance 3) Deductibles 4) Premiums	Premiums
An agent is acting ethically in all of the following situations EXCEPT 1) Working within the conditions of his/her contract. 2) Representing the insurer, not the insured. 3) Always representing the insured. 4) Keeping customers’ best interests in mind.	Always representing the insured.
Retention usually results from three basic goals of the insured. Which of the following is NOT one of these goals? 3. Retention usually results from three basic goals of the insured. Which of the following is NOT one of these goals? 1) To minimize the insured’s level of liability in the event of loss 2) To fund for losses that cannot be insured 3) To reduce expenses and improve cash flow 4) To increase control of claim reserving and claims settlements	To minimize the insured’s level of liability in the event of loss
Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as	Contracts of adhesion
Events or conditions that increase the chances of an insured loss occurring are referred to as	Hazards.
In order for an insurer to legally transact insurance, it must obtain which of the following?	Certificate of Authority
The _________ an insured group becomes, the more likely the reported losses will equal the statistical probability of loss for that particular class.	Larger
When acting within the scope of their contract, the actions taken by an agent/producer will be assumed to be the acts of the	Insurer.
The authority granted to an agent is defined in the agent’s agreement setting forth the specific powers and functions of the agent, is referred to as	Express Authority.
George wants to transfer his personal insurance policy to his friend. Under what conditions would this be possible?	George will need the written consent of his insurer.
In life and health insurance, an offer is usually made	When the application is submitted.
The risk management technique that is used to prevent a specific loss by not exposing yourself to that activity is called	Avoidance.
Which of the following is NOT true regarding a Certificate of Authority? 1) It may be necessary for transacting business in a specific state. 2) It is issued to group insurance participants. 3) It is an equivalent of insurance license. 4) It is issued by the state department of insurance.	It is issued to group insurance participants.
A Participating Life Insurance Policy may do which of the following?	It may pay dividends to the policyowner.
Under what conditions would a contract between an insurer and prospective insured be legal? 1) The applicant is a 12-year-old student. 2) The applicant is high on methamphetamines at the time of application. 3) The applicant is drunk at the time of application. 4) The applicant has been convicted of a felony.	The applicant has been convicted of a felony
Health insurance is based on	Mathematical principals & Scientific principals
A peril is the immediate and specific event that causes a loss.	True
Risk Avoidance is a method of dealing with risk for a group or individual person, or a business with the same or similar exposure to loss.	False
What type of insurance company is a private organization that is publicly owned and incorporated under the laws of its state for the purpose of making a profit for its stockholders.?	stock insurance company
An insurance agent is also called what?	a producer
A health insurance plan that covers all accidents and sicknesses that are not specifically excluded from the policy is a ___ plan.	Comprehensive
Inspection reports may be obtained by an insurance company from	An independent investigating firm.
Which of the following types of risk will result in the highest premium?	Substandard risk
An applicant who receives a preferred risk classification qualifies for	Lower premiums than a person who receives a standard risk.
The policy, in combination with the application, is joined together into one entity called the	Entire Contract
Which type of hospital expense policy pays a fixed amount each day that the insured is in a hospital?	Indemnity
Medicaid is sponsored by what kind of sources?	Both state and federal
When an agent collects the premium, what else should be obtained?	A statement of good health
Which of the following best details the underwriting process for life insurance 1) Selection and issuance of policies 2) Selection, classification, and rating of risks 3) Selection, reporting, and rejection of risks 4) Evaluation and classification of risks	Selection, classification, and rating of risks
The Medical Information Bureau, which is supported by insurance companies, was designed to protect	Insurance companies from adverse selection by high risk persons.
What phase begins after a new policy is delivered?	Free-Look Period
A producer is acting in what capacity when he or she is trying to obtain creditable information about an applicant for health insurance?	Field underwriter
Limited health insurance policies	Only cover specific accidents or diseases.
The First Street Church plans to sponsor a summer camp for the youth of their congregation. They would like to purchase insurance that would pay benefits should one of the youth get injured while participating in the camp activities. The type of policy they would likely need is a/an	Blanket.
Another name for a substandard risk classification is	Rated.
Accidental bodily injury is typically defined as	an unforeseen and unintended injury
Name one of the three major categories of Health and Accident Insurance.	1. medical expense insurance 2. Accidential death and dismemberment insurance 3. Disability income insurance
Name one of the three classes of Health Insurance Policies.	Individual or Group policies Private or Government policies Limited or Comprehensive policies
An insurance company or producer may claim that its policies are guaranteed by the Life and Health Insurance Guaranty Association.	False
The contract provision which allows the insurer to not renew health coverage if certain events occur, like early retirement, is	Conditionally Renewable.
Which provision states that the insurance company must pay Medical Expense claims immediately?	Time of Payment Claims
What statement best describes the Free Look provision?	It allows the insured to return the policy within 10 days and receive a full refund of premiums.
Fraudulent statements made by the insured that are found in a health insurance application give the insurance company the right to:	Deny all claims related to preexisting conditions for the first two years the policy is in force.
Victor purchased a noncancelable health insurance policy 1 year ago. All of these are circumstances where the insurance company could cancel or void this policy EXCEPT 1) Within two years of the application, the insurer discovers a misrepresentation. 2) Victor does not pay the premium. 3) Victor reaches the maximum age limit specified in the policy. 4) Victor does not like his policy.	Victor does not like his policy.
Physical Exam and Autopsy" provision, in the case of death of the insured, allows the insurer to conduct an autopsy. The expense for this procedure is paid by	The insurer.
Paul is injured while robbing a convenience store. How does his major medical policy handle the payment of his claim?	Claim is denied if Paul’s policy contains the Illegal Occupation provision
If a policy that is issued in Oregon covers a person who resides in another state and who has a claim outside the state of Oregon, the insurance company must:	Conform to the statutes of the state where the policyholder lives.
In a legal health insurance contract, both parties to the contract are required to provide consideration. The applicant’s consideration is the premium and the application. What is the insurance company’s consideration?	to provide a promise to pay covered claims
Teresa pays a monthly premium of $100 for her health insurance. What would be the duration of the grace period under her policy?	10 days
Which of the following will vary the length of the grace period in health insurance policies?	The mode of the premium payment
All of the following are correct about the required provisions of a health insurance policy EXCEPT 1) Proof-of-loss forms must be sent to the insured within 15 days of notice of claim. 2) A reinstated policy provides immediate coverage for an illness. 3) A grace period of 31 days is found in an annual pay policy. 4) The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract.	A reinstated policy provides immediate coverage for an illness.
A policy with a 31-day grace period implies	The policy remains in force without penalty for 31 days even though the premium due has not been paid.
Which of the following statements is true, concerning the alteration of optional policy provisions?	An insurer may change the wording of optional provisions, as long as the change does not adversely affect the policyholder.
All of the following renewability and cancellation provisions are permitted in Oregon, EXCEPT: 1) Cancellable. 2) Guaranteed renewable. 3) Optionally renewable. 4) Conditionally renewable.	Cancellable.
The National Association of Insurance Commissioners (NAIC) Uniform Individual Accident and Sickness Provision Law was developed in 1950.	True
Required health insurance policy provisions state that no statement or misstatement made in the application at the time it is issued will be used to deny a claim after the policy has been in force for two years.	True
The grace period for policy premium payments cannot be less than _______ days in Oregon,	10
The purpose of the free look period is to give the insured time to review a policy and make sure it meets all of his or her needs and expectations once it has been delivered.	True
Underwriting for disability insurance is unique due to the type of risk involved. Which of the following situations illustrates this? 1) A stunt-person pays a lower premium than a data entry operator. 2) An attorney pays a higher premium and receives a poorer classification of disability. 3) A construction worker pays a low premium and receives a higher classification of disability. 4) A construction worker pays a higher premium and receives a poorer classification of disability.	A construction worker pays a higher premium and receives a poorer classification of disability.
. A policy that uses the accidental bodily injury definition will provide coverage that is _________ than a policy that uses the accidental means definition.	Broader
Workers Compensation benefits are regulated by which entity?	State government
Alden is involved in a small plane accident that renders him permanently deaf, although he does not sustain any other major injuries. Alden is still able to perform his current job. To what extent will he receive Presumptive Disability benefits?	Full benefits
Pete, the owner of a TV sales store, is the insured under a disability buy-sell policy. Were Pete to die or become disabled, the policy would provide	Cash to Pete’s business partner to accomplish a buy-out.
6. Which of the following statements regarding Key Person Disability Income policies is NOT true? 1) The policy benefits are paid to the insured. 2) The premiums are paid by the business. 3) The policy is owned by the business. 4) The business must have the consent of the insured to purchase the insurance.	The policy benefits are paid to the insured.
What is the elimination period for Social Security disability benefits?	5 months
Most disability income policies will consider the insured to be totally disabled if he/she suffers the loss of two limbs, hearing, sight, or speech. This type of disability is known as	Presumptive disability.
Income replacement contracts agree	To replace the insured’s income up to a stated percentage if the insured suffers a loss due to a covered accident or sickness.
An employer offers a short-term disability plan to its employees. How much of a given employee’s income would be covered under the plan?	70%
Which of the following occupations would have the lowest disability insurance premiums?	Personal Trainer
John owns a medical expense policy that he purchased for his family. John’s employer purchased a Group Disability Income policy for John and all eligible employees. John subsequently suffered an accident on the job that left him unable to work for four months. If John receives benefits from his disability income policy, which of the following would be true?	Benefits received that are attributable to employer contributions are fully taxable to the employee as income.
Julie is 37 years old and owns a policy with a Future Increase Option Rider (FIO). Julie would like to increase the benefit amount offered by her policy. What documentation will be required?	No documentation is required.
Neville is involved in a boating accident, which injures his legs severely enough to confine him to a wheelchair. He works as a booking agent for an airline, which means that in order for Neville to work, he must sit at a desk all day. What disability benefits would Neville receive?	Nothing
Which agreement specifies how a business will transfer hands when one of the owners dies or becomes disabled?	Disability Buy-Sell
Disability insurance is specifically designed to do what?	replace the lost income in the event of disability
‘Own occupation’ is clearly the more liberal definition of disability and is more advantageous to the insured and has a higher premium.	True
The partial disability benefit is typically what percent of the regular benefit provided by the policy?	50%
Some cost of living (COLA) riders provide cost of living increases using	1. compound interest adjustments. 2. simple interest adjustments.
The Cash Surrender rider in a policy creates a cash value of around what percent of the premiums that are paid into a disability income insurance policy in excess of claims paid out?	70%
All of the following would be true about an HMO, EXCEPT 1) HMOs do not work like health insurance. 2) HMOs transfer risk to health care providers. 3) HMOs focus on preventive care. 4) The federal government requires groups with 25 or more employees to offer an HMO as an alternative plan.	The federal government requires groups with 25 or more employees to offer an HMO as an alternative plan.
Which of the following provisions is mandated by HIPAA? 1) Dependent coverage up to age 19 regardless of student status. 2) All plans must cover preventive care. 3) All policies offered to small employers must be guaranteed issue. 4) All plans must offer high maximum limits.	All policies offered to small employers must be guaranteed issue
When an insurer offers services like preadmission testing, second opinions regarding surgery, and preventative care, which term would best apply?	Cost containment
What process will the insurance company use to monitor the insured’s hospital stay to make sure that everything is proceeding according to schedule?	Concurrent review
The 2010 patient Protection and Affordable Care Act (PPACA) in-acted health care reform that:	1) Extended dependent coverage for adult children up to age 26 2) Elimination of pre-existing condition exclusions for children ages 19 and under
What is a reasonable annual deductible for individual coverage under a medical savings account?	$2,000
The type of plan that will reimburse the insured (or the provider if the insured assigns the benefits) a payment for each different type of medical service that has been provided is called what?	Fee for Service
Which of the following is true of a PPO? 1) Its goal is to channel patients to providers that discount services. 2) No copayment fees are involved. 3) A most common type of PPO is the staff model. 4) Claim forms are completed by members on each claim	Its goal is to channel patients to providers that discount services.
9. Which of the following is NOT the purpose of HIPAA? 1) To prohibit discrimination against employees based on their health status 2) To limit exclusions for pre-existing conditions 3) To guarantee the right to buy individual policies to eligible individuals 4) To provide immediate coverage to new employees who had been previously covered for 18 months	To provide immediate coverage to new employees who had been previously covered for 18 months
All individual and group health insurance policies that provide medical benefit expense insurance on any type of a cost incurred or service basis which provides coverage for the dependent family members of an insured participant are required to cover the newborn child of the insured starting when?	At moment of birth
When does coverage begin for an adopted child?	From the moment the child is placed in the insured�s home.
Non-qualified distributions from a health savings account have a __________ penalty tax.	10%
13. Under HIPAA, which of the following is INCORRECT regarding eligibility requirements for conversion to an individual policy? 1) An individual who doesn’t qualify for Medicare may be eligible. 2) An individual who was previously covered by group health insurance for 6 months is eligible. 3) The gap of coverage for eligibility is a period of 63 or less days. 4) An individual who was previously covered by group health insurance is eligible.	An individual who was previously covered by group health insurance for 6 months is eligible.
14. Utilization Management consists of the evaluation and assistance with all of the following, EXCEPT: 1) The appropriateness of care. 2) The quality of care. 3) Prospective review. 4) Estimating the insured’s out of pocket costs for care.	Estimating the insured’s out of pocket costs for care.
When someone is converting from a group plan to another group plan, he or she must have had at least how many months of creditable coverage under the old plan in order to carry over their coverage under HIPAA.	12 months of creditable coverage
When someone becomes a member of an HMO they must choose a primary care physician.	True
Some HMOs charge the primary care physician the cost of the specialist’s services when they refer one of their patients as a disincentive to provide referrals.	True
Emergency care will not be provided for a member if they are outside the HMO service area.	False
An HMO is required to provide the member with inpatient hospital care inside or outside of the service area for at least how many days per year for the treatment of each injury or sickness	90 days
The precertification department might recommend alternatives to inpatient hospital care and other hospital services such as 1. home health care. 2. hospice care. 3. ambulatory care. 4. all of the above.	all of the above.
All individual and group health insurance policies that provide medical benefit expense insurance on any type of a cost incurred or service basis which provides coverage for the dependent family members of an insured participant are required to cover an adopted child of the insured after 31 days.	False
There is an exemption from the 10% penalty on premature IRA withdrawals if they are used to pay medical expenses in excess of what percent of a person’s adjusted gross income?	7.5%
1. According to Oregon law, all of the following must be included in the treatment of pre-existing conditions, EXCEPT: 1) Pre-existing condition limits may be applied to some adopted children. 2) Credit must be given to anyone who changes plans within 63 days. 3) Pregnancy may be treated as a pre-existing condition. 4) Genetic information does not ever constitute evidence of a pre- existing condition.	Pre-existing condition limits may be applied to some adopted children
In Oregon, a small employer health benefit plan must be renewed at the option of the employer unless:	The employer elects not to renew all health benefit plans.
An insurance company may cancel a small employer plan only if:	They discontinue all small employer plans for 5 years.
If a firm has between 2 and 50 employees that are actively engaged in business on at least 50% of its working days during the preceding calendar quarter, what is its classification?	Small Employer
When a group insurance plan is terminated, there is normally a provision for an extension of benefits to any insured or dependent who is totally disabled for a period of ____________ or until the person is no longer totally or continually disabled.	12 months
The classification Small Employer means any person actively engaged in a business that on at least 50% of its working days during the preceding year employed	At least 2 and not more than 50 persons.
An employer that fails to meet the continuation requirements for COBRA:	May not take a tax deduction for the premiums paid.
Which of the following factors would be an underwriting consideration for a small employer carrier? 1) Percentage of participation by the employees 2) Claims experience 3) Health status 4) Medical history	Percentage of participation by the employees
To qualify as a true group, an association must	Have at least 100 members.
Which of the following options best depicts how the eligibility of members for group health insurance is determined? 1) By the physical conditions of the applicants at the time of employment 2) In such a manner as to establish individual selection as to the amounts of insurance 3) By conditions of employment 4) Eligibility is not determined, but simply accepted	By conditions of employment
In a noncontributory health insurance plan, what percentage of eligible employees must participate in the plan before the plan can become effective?	100%
All of the following groups qualify for group health insurance, EXCEPT: 1) Employment related groups. 2) Fraternal benefit societies. 3) Sole proprietorships with at least one employee. 4) Multiple Employer Trusts	Fraternal benefit societies.
All of the following are differences between individual and group health insurance EXCEPT 1) In individual policies, the individual selects coverage options, while in a group plan all employees are covered for the same coverage which is chosen by the employer. 2) Individual coverage can be written on an occupational or non- occupational basis, while group plans cover only non-occupational. 3) Individual insurance does not require medical examinations, while group insurance does require medical examinations. 4) Individual policies are renewable at the option of the insured, while group usually terminates when the individual leaves the group.	Individual insurance does not require medical examinations, while group insurance does require medical examinations.
All of the following conditions must be met for an association group to buy group insurance for its members EXCEPT 1) The group is contributory. 2) The group has a constitution and by-laws. 3) The group holds semiannual meetings. 4) The group has at least 50 members.	The group has at least 50 members.
Which statement best defines a Multiple Employer Welfare Arrangement (MEWA)? 1) A joining together by employers to provide health benefits for employee 2) A group health plan that covers medical expenses arising from work related injuries 3) A plan that provides hospice care for terminally ill employees 4) A government health plan that provides health care for the unemployed	A joining together by employers to provide health benefits for employee
In Oregon, insurance companies that insure small employers are required to actively offer small employers at least three medical plans.	False
A small employer is defined in Oregon as any employer that has employed an average of at least two but not more than 50 employees on business days during the preceding calendar year. The majority of the employees must be employed within Oregon and the employer must employ at least two eligible employees on the date on which the coverage becomes effective.	True
A preexisting conditions provision in a small employer health benefit plan must apply only to a condition that a person sought medical advice, treatment, diagnosis, care or for which treatment was recommended during how many month period immediately preceding the enrollment date of the enrollee or late enrollee?	6 month
The Consolicated Omnibus Budget Reconciliation Act (COBRA) stipulates that employers with 20 or more employees must offer a continuation of group health coverage for a specified period of time to qualified employees and their beneficiaries who would not otherwise be eligible for continued coverage because of a particular qualifying event involving the covered employee, including death, divorce, or termination of employment (for reasons other than misconduct). If someone is laid off from their job, that length of time would be	18 months
To improve the availability and affordability of health benefit coverage for small employers, Oregon has established the	Small Employer Carrier Advisory Committee
If an employee enrolls in a health plan during open enrollment, the preexisting condition provision does not apply.	False
Which of the following is NOT considered to be a basic service, under a nonscheduled plan? 1) Fillings 2) Endodontics 3) Oral surgery 4) Dentures	Dentures
Which type of dental treatment involves the replacement of natural teeth with artificial devices?	Prosthodontics
Julie must have orthodontic work performed on her incisors. Which type of service would this be called, under a nonscheduled plan?	Major service
Which of the following is not covered under a dental insurance plan? 1) Endodontics 2) Respite Care 3) Orthodontics 4) Restoration Care	Respite Care
Max needs to have his wisdom teeth removed. Which dental treatment would cover the costs of the extraction?	Oral surgery
All of the following are usually provided under an employer group dental insurance plan EXCEPT 1) Coverage for cosmetic treatment. 2) The dental plan places limits on such procedures as braces and appliances. 3) Preventive care for up to 2 visits per year. 4) The dental plan is typically written in conjunction with group health insurance.	Coverage for cosmetic treatment.
The type of dental plan which is incorporated into a major medical expense plan is a	Integrated dental plan.
A child is being fitted for braces. Which type of dental care is this?	Orthodontics
Most scheduled plans provide first-dollar benefits without	Co-insurance and Deductibles.
Which of the following is not applied toward the deductible under a nonscheduled plan? 1) Gingivitis treatment 2) Root canal 3) Wisdom tooth extraction 4) Annual dental exam	Annual dental exam
Which type of dental care would cover operative treatment of the mouth?	Oral surgery
If a dental plan is integrated, it is combined with what type of plan?	Medical
Which of the following statements is true concerning employer group dental plans? 1) They always contain a conversion privilege. 2) They seldom contain a conversion privilege. 3) They are only marketed as stand-alone plans. 4) They are exempt from COBRA laws	They seldom contain a conversion privilege.
Which clause allows both the insured and dentist to know in advance which benefits will be paid?	Precertification
Which type of care re-establishes functional use to natural teeth?	Restorative
Which of the following is true? 1. A scheduled plan is called a basic plan. 2. A basic plan is a comprehensive plan. 3. There are two varieties of dental indemnity plans. 4. None of the above	A scheduled plan is called a basic plan.
Dental plan benefits are usually divided into three categories:	True, They are diagnostic/preventive services, basic services, and major services
Which of the following is not an exclusion in a dental expense benefit plan? 1.The replacement of lost appliances 2. Oral hygiene instruction 3. Treatment for preexisting conditions 4. Cosmetic services necessary as a result of an injury	Cosmetic services necessary as a result of an injury
Nick purchases a Medicare supplement policy in March and decides to replace it with another in May. Nick’s history of coronary artery disease is considered to be a pre-existing condition. Which of the following is true?	The preexisting condition waiting period that he served on the old policy will be transferred to the new policy, the new one picking up where the old one left off.
What do long-term care policies offer to policyholders to account for inflation?	They offer the option of purchasing coverage that raises benefit levels accordingly.
Hospice care is intended for	The terminally ill.
What is the duration of the free-look period for Medicare supplement policies?	30 days
Medicaid provides all of the following benefits EXCEPT 1) Eyeglasses. 2) Family planning services. 3) Income assistance for work-related injury. 4) Home health care services.	Income assistance for work- related injury
All of the following are types of care that is provided under LTC’s home health care EXCEPT 1) Occasional visits by licensed vocational nurses. 2) Occasional visits by registered nurses. 3) Occasional visits by pediatric nurses. 4) Occasional visits by licensed practical nurses.	Occasional visits by pediatric nurses
A long-term care shopper’s guide must be presented at what point?	Prior to the time of application
Which type of Medicare policy requires insureds to use specific healthcare providers and hospitals, except in emergency situations?	Select
Issue age policy premiums increase in response to which of the following factors?	Increased benefits
When must the Medicare Supplement Buyer’s Guide be presented?	At the time of application
Which of the following programs expands individual public assistance programs for people with insufficient income and resources?	Medicaid
Who was the Oregon Medical Insurance Pool designed to protect?	People who have been denied medical coverage
A long-term care insurance shopper’s guide must be provided in the format developed by the	NAIC
Which of the following provisions must be included on the first page of a Medicare supplement policy and states the insurer’s right to change premium amounts?	Continuation Provision
Which of the following is NOT covered under a "core" policy, Plan A, in Medigap insurance? 1) The first three pints of blood each year. 2) Approved hospital costs for 365 additional days after Medicare benefits end. 3) The 20% Part B coinsurance amounts for Medicare approved services. 4) The Medicare Part A deductible	The Medicare Part A deductible.
Medicare Part A helps a person pay for inpatient hospital care for up to how many days in a participating hospital in any benefit period.	90 days
All necessary blood is covered under Medicare Part A.	False
Medicare Part A will cover what services in a skilled nursing facility? 1. Part time skilled nursing care 2. Occupational therapy 3. Medical social services 4. None of the above	None of the above
Under certain conditions, Medicare Part A can help to pay for hospice care for people who are terminally ill if the care is provided by a Medicare- certified hospice. There are special benefits periods that apply to hospice care. Part A pays for two 60 day periods and one 30 day period.	False
A service covered by Part B, Supplemental Medical Insurance is	physician services.
What Act changed the name of Part C from Medicare + Choice to Medicare Advantage?	medicare modernization act of 2003
HMOs allow participants to receive services from providers outside the plan but with higher cost sharing requirements.	False PPOs allow participants to receive services from providers outside the plan but with higher cost sharing requirements.
Anyone who is qualified for Medicare is also qualified to purchase a Medicare Supplement policy by paying the required premium for the level of benefits that most suits their needs. OBRA states that Medicare Supplement insurance cannot be denied on the basis of an applicant’s health status, claims experience or medical condition during the first 6 months after a Medicare beneficiary turns 65 or during the first 6 months after the beneficiary enrolls in Part B.	True
Medicare Part B, Supplemental Medical Insurance	Must be purchased & Is supplemented by the Federal Government out of general revenue
Which of the following regarding a long term care insurance policy is NOT true? 1. No long term care insurance policy that offers only nursing home benefits may be sold in Oregon. 2. All long term care insurance policies must pay benefits when the beneficiary is receiving covered services from a nursing home, assisted living facility, home care agency and an adult foster care center. 3. The policy may contain a provision establishing a new waiting period in the event that existing coverage is converted to or replaced by a new policy within the same company, unless the insured person or group policyholder voluntarily selects to increase benefits. 4. None of the above	The policy may contain a provision establishing a new waiting period in the event that existing coverage is converted to or replaced by a new policy within the same company, unless the insured person or group policyholder voluntarily selects to increase benefits.
Which of the following is NOT correct concerning taxation of disability income benefits? 1) If the insured paid the premiums, any disability income benefits are tax-free. 2) If the benefits are for a permanent loss, they are not subject to income taxation no matter who paid the premium. 3) If the employer paid the premiums, income benefits are taxable to the insured as ordinary income. 4) If paid by the individual, the premiums are tax deductibl	If paid by the individual, the premiums are tax deductible.
Which of the following are true? 1. The entire premium for a personally-owned medical plan is paid for by the insured. 2. Premium payments on personally-owned disability income insurance are not tax deductible by the individual. 3. The entire premium for a personally-owned long term care policy is paid for by the insured. 4. All of the above	All of the above
John owns a medical expense policy he purchased for his family. John’s employer purchased a group Disability Income policy for John and all eligible employees. John subsequently suffered an accident on the job that left him unable to work for four months. If John receives benefits from his disability income policy, which of the following would be true?	Benefits received by John that are attributable to employer contributions are fully taxable to the employee as income.
Which of the following is NOT true regarding benefits paid to disabled employees? 1) The benefits are attributable to the employer’s contribution. 2) They are exempt from the Social Security tax after 12 months. 3) They are subject to FICA withholding for Social Security. 4) Tax withholding is required for the first 6 months	They are exempt from the Social Security tax after 12 months.
Benefits paid to disabled employees are exempt from the Social Security tax after what period of time?	6 months
For group medical and dental expense insurance, what percentage of premium paid by the employer is deductible as a business expense?	100%
Which of the following determines whether insurance benefits are taxed?	If the premiums were or were not taxed
The benefits received by the business in a Disability Buy-Sell policy are	Income tax free
Group disability income premiums are	Deductible to the employer as an ordinary business expense.
Which of the following group plans allow benefits to be collected income tax-free by the employee, without exception? 1) Accidental Death and Dismemberment 2) Employer Group Health 3) Long-Term Care 4) Both 1 and 2	Both 1 and 2
Under a Key Person disability income policy, premium payments	Are made by the business and are not tax-deductible.
What percentage of individually-owned disability income is taxable?	0%
Sole proprietors and partners may deduct ____ of the cost of a medical expense plan provided to them and their families because they are considered self-employed individuals, not employees.	100%
Long-term care premium payments are deductible as a medical expense to the extent that when added to all other unreimbursed medical expenses, the total exceeds of the taxpayer’s adjusted gross income if the taxpayer itemizes his/her deductions.	7.5%
Under which condition would an employee’s group medical benefits be exempt from income taxes?	An employee’s group medical benefits are generally exempt from taxation as income.
The taxation of insurance benefits for personally- owned policies (policies owned by individuals for personal reasons) is usually determined according to how the premiums are paid.	true If someone pays the premium with money that has already been taxed, the benefits are usually dispersed tax free, meaning they do not have to be reported as personal income on a Federal tax return. If the premium is paid with pre-tax money (money that you have not already paid taxes on) as you might for a qualified plan, or is tax deductible, then the benefits are usually dispersed as taxable income and should be reported as such on a Federal tax return.
With personally owned long term care insurance, the benefits received are taxable and have to be reported as income on a tax return when they are disbursed.	The statement is false Personally owned long term care insurance policy benefits are received tax-free and do not have to be reported as income on a tax return when they are disbursed.
The type of policy that provides the necessary funds for the business to purchase the interest of a disabled partner is called a ______________?	disability buy-sell policy
What is the main responsibility of a company’s underwriting unit?	Risk selection
Who is the owner of the policy and who pays the premium in an Executive Bonus Plan?	Executive is the owner and the Executive pays the premium.
Which of the following individuals must have insurable interest in the insured?	Applicant
A policy that does not pay dividends to policy owners is a	Non-participating policy.
Which of the following statements is INCORRECT? 1) A deferred compensation fund is usually a qualified plan. 2) Deferred compensation funds can be established by employers. 3) Deferred compensation funding can be made with cash deposits to an annuity. 4) Deferred compensation funds generally provide additional retirement benefits.	A deferred compensation fund is usually a qualified plan.
What kind of policy issues certificates of insurance to insureds?	Group insurance
Two equal partners in a business worth $150,000 are using a Cross Purchase plan to protect against each other’s death. Which of the following statements would be correct?	Partner A buys a $75,000 policy on Partner B naming Partner A as beneficiary
Mortality tables are statistical tables used by life insurance companies to help predict	Life expectancy and the death rates for specific groups of individuals.
Eddie submitted an application for life insurance without paying the premium. The application was approved, and now the agent is delivering the policy. What should the agent have Eddie sign?	Statement of Good Health
The duty (or duties) of a producer where replacement is involved include 1) Leaving a copy or original of all solicitation material used for presentation to the applicant. 2) Submitting to the replacing insurer a copy of all soliciting material. 3) Submitting to the replacing insurer a statement signed by the applicant as to whether or not he has existing life insurance. 4) All of the above	All of the above
Which of the following is INCORRECT regarding the agent’s duties and responsibilities at the time of the application? 1) The agent should check to make sure that there are no unanswered questions on the application. 2) The agent should change an incorrect statement on the application by personally initialing next to the corrected statement. 3) The agent should explain the nature and type of any receipt he/she is giving to the applicant. 4) The agent should probe beyond the stated questions if he/she feels the applicant is misrepresenting or concealing information.	Which of the following is INCORRECT regarding the agent’s duties and responsibilities at the time of the application?
An insurer wants to begin underwriting procedures for an applicant. What source will it consult for the majority of its underwriting information?	Application
What are a life contract’s liquid resources?	The cash values you can borrow from your whole life insurance policy
Which is generally true regarding insureds who have earned Preferred status?	Their premiums are lower.
Which of the following statements would best describe the difference between life settlements and accelerated death benefits?	Life settlements are funded by a third party, and Accelerated Death benefits are provided by the insurer that issued the original policy.
Employers and insurance companies are given some latitude in setting minimum eligibility requirements for employee participants. These may include	Employees must be full time workers. & A probationary period.
When an employer or a group provides group life insurance where the benefit is greater than $25,000, the benefit is taxable to the employee.	The answer is false. When an employer or a group provides group life insurance where the benefit is greater than $50,000, the benefit is taxable to the employee.
What is the name of a policy where the insurance company distributes its dividends to policy owners in the form of cash payments, reduced premiums, units of paid up insurance, a savings program or by purchasing term insurance.	participating or mutual policy
A replacing insurer must be able to produce copies of the Notification Regarding Replacement for at least how many years after a policy has been replaced?	5 years
Sometimes it is possible to get a lower premium rate by backdating the insurance application.	True
All of the following are true regarding the convertibility option under a term life insurance policy EXCEPT 1) Upon conversion, the premium for the permanent policy will be based upon attained age. 2) Evidence of insurability is not required. 3) Most term policies contain a convertibility option. 4) Upon conversion the death benefit of the permanent policy will be reduced by 50%.	Upon conversion the death benefit of the permanent policy will be reduced by 50%.
All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?	Lower
An insurance policy that only requires a payment of premium at its inception and no further premiums contributions, and in addition to providing insurance protection for the life of the insured, endows at the insured’s age 100, is called	Single premium whole life
Which type of life insurance policy generates immediate cash value?	Single Premium
Ed decided to purchase a $100,000 Annual Renewable Term Life Policy to provide additional protection until his children finished college. Ed discovered that his policy	Required a premium increase each renewal.
In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT 1) The length of coverage. 2) The premium payment period 3) The type of investment. 4) The amount of insurance.	The type of investment.
Sally has a life insurance policy that requires that she only pay premiums for a specified number of years or until death (if death occurs before the end of the specified period). What kind of policy does she have?	Limited-pay Life Insurance Policy
Credit Life insurance	Insures the life of a debtor
Which component must increase in the increasing term insurance?	Death benefit
All of the following are characteristics of a Universal Life policy EXCEPT 1) The insurance company reserves the right to adjust the mortality charges and/or interest rate. 2) The policy is a cash value account at a guaranteed interest rate and endowment insurance. 3) In effect, Universal Life is a combination of term insurance and a separate savings account joined in a single contract. 4) The planned premium pays for mortality charges and expenses and any excess is returned to the policy owner.	The planned premium pays for mortality charges and expenses and any excess is returned to the policy owner.
At age 30, Tom wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit Tom’s needs?	Adjustable Life
In a group life insurance policy, the employer may select all of the following EXCEPT 1) The amount of insurance. 2) The beneficiary. 3) The premium payor. 4) The type of insurance.	The beneficiary.
he following are all characteristics of group life insurance, EXCEPT: 1) The group must be a natural group. 2) The group must be strong financially. 3) Underwriters prefer groups with low turnover. 4) The larger the group, the more accurately it can be underwritten.	Underwriters prefer groups with low turnover
Jack purchased a $100,000 Joint Life policy that covered his life and the life of his wife, Jill. Eight years later, Jack died in an automobile accident. How much will Jill receive from the policy?	$100,000
A group of 15 skydivers meet at a seminar and begin talking about life insurance during a break. Because it is expensive to get individual life insurance, they decide to band together to form a small group so that they will be eligible. They apply for small group life insurance and are rejected. Why?	The purpose of the group was to purchase life insurance.
When the insured person or policy owner sells, renews or converts a term policy, the premium is figured at the insured person’s age at the time. This is called the ___________age.	attained
The process of determining the suitability of certain types of policies for various situations will make it easier for you to distinguish the differences between the many types of policies.	True
Whole life insurance is also referred to as what type of insurance?	permanent insurance
Single premium whole life endows for the face amount of the policy at what age?	100
The dividend option in which the policy owner uses dividends to purchase a term policy for one year is referred to as the	One-year term option.
Alex falls from his roof and damages his spinal column enough to render him disabled for a year. His insurance policy carries a Disability Income Benefit rider. Which of the following benefits will he receive?	Monthly premium waiver and monthly income
Which of the following is true about warranties?	They are guaranteed to be true.
Which of the following would be deducted from the death benefit paid to a beneficiary, if a partial accelerated death benefit had been paid while the insured was still alive?	Amount paid with the accelerated benefit, plus the earnings lost by the insurance company in interest income from the accelerated benefit
Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policy owner?	Cash surrender
An individual purchased a Whole Life Insurance policy and named his wife as the owner. After 20 years the policy has cash values of $12,000. Who has the right to the cash values?	The policy owner
Which of the following is true of a children’s rider added to an insured’s permanent life insurance policy?	It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age.
. If both the insured and the primary beneficiary died in the same car accident and it is impossible to determine who died first, which of the following will most likely receive the death benefit?	The insured’s secondary beneficiary
With regard to income taxation, how does a policy loan from a life insurance policy differ from a complete surrender?	The cash received in a complete surrender is income taxable to the extent the surrender exceeds the premiums paid.
All of the following statements concerning Waiver of Premium riders are correct EXCEPT 1) Once activated, the Waiver of Premium will continue until the insured’s recovery or the maturity of the policy, whichever occurs first. 2) Waiver of Premium riders require that disability needs to last for a certain period of time. 3) An insured who has recovered from a disabling injury will be required to repay the insurer for any premiums that were waived. 4) There is a maximum age limit for the Waiver of Premium rider to activate.	An insured who has recovered from a disabling injury will be required to repay the insurer for any premiums that were waived.
Representations are written or oral statements made by the applicant which	Are considered true to the best of the applicant’s knowledge.
What provision in a life or health insurance policy extends coverage beyond the premium due date?	Grace period
Mary, the primary beneficiary of her husband’s life policy, found that no settlement option was stated in the policy on the date of her husband’s death. Who will select the settlement option to be used?	Mary
When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?	It is reduced to the amount of what the cash value would buy as a single premium
Which of the following determines the length of time that benefits will be received under the Fixed Amount settlement option?	Size of each installment
Regardless of the makeup of the specific policy and how it works, the only person who has ownership rights and the powers that go with them is who	the policy owner
What are the two types of policy assignment?	absolute and collateral assignment
The right to examine provision is commonly referred to as what?	the free look period
If the insured person dies during the grace period, then the insurance company is not obligated to pay the death benefit	False
Which of the following is NOT true regarding the accumulation period of an annuity? 1) It is also known as the pay-in period. 2) It is the period over which the annuitant makes payments into an annuity. 3) It is the period during which the annuity payments earn interest. 4) It would not occur in a deferred annuity	It would not occur in a deferred annuity.
A 56-year-old annuitant decides to withdraw all the money from the annuity before he retires. Which of the following is correct?	An age-based penalty will be imposed for withdrawing the annuity.
Which of the following is NOT true regarding Equity Indexed Annuities? 1) They earn lower interest rates than fixed annuities. 2) The insurance company keeps a percentage of the returns. 3) They have guaranteed minimum interest rates. 4) They are less risky than variable annuities.	They earn lower interest rates than fixed annuities.
Under which of the following annuity options does the annuitant select the time period for the benefits, and the insurer determines how much each payment will be?	Installments for a fixed period
If an annuitant dies before annuitization occurs, what will the beneficiary receive?	Either the amount paid into the plan or the cash value of the plan, whichever is the greater amount
. Your client uses $50,000 in inheritance money to purchase a single premium immediate annuity. How soon can he begin receiving income payments	No later than 1 year from the time of purchase
If an annuitant chooses a lump-sum settlement at annuitization, which of the following taxes would be imposed in all cases?	Taxes on interest earned during the accumulation period
What characteristic must an annuity have if it is used to accumulate funds in an IRA?	Tax-qualified
If an annuitant selects the straight life annuity settlement option, in order to receive all of the money out of the contract, it would be necessary to	Live at least to his life expectancy.
Which of the following is NOT true about a group annuity? 1) The annuity could be obtained through a group of people identified by their relationship to a single entity buying a contract. 2) The annuity must be purchased by a group, but could be owned by an individual. 3) Group annuity could be considered qualified. 4) The employer may be the owner of the contract	The annuity must be purchased by a group, but could be owned by an individual.
When an annuity is annuitized, whose life expectancy is taken into account?	Annuitant
In reference to fixed annuities, what comprises most of a life insurance company’s general account?	Conservative investments like bonds
What type of annuity can be purchased with a single premium and provides benefit payments immediately?	Immediate
The annuity purchased with multiple payments, whose benefit is paid more than one year after the purchase is known as which type of annuity?	Flexible Premium Deferred Annuity
Which of the following is a similarity between equity indexed annuities and fixed annuities?	They have a guaranteed minimum interest rate.
If an annuitant dies during the ____________ period, either the cash value or the premiums that have been paid (whichever amount is greater) will be paid to a designated beneficiary. If the beneficiary is not named, the benefit will be paid to the annuitant’s estate.	accumulation period
Randy transfers his life insurance policy to his son Andy two years before Randy’s death. Which of the following is true?	The entire face value of the policy will be included in Randy’s taxable estate.
What method is used to determine the taxable portion of each annuity payment?	The exclusion ratio
If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy?	It is only taxable if the cash value exceeds the amount paid for premiums.
What are the conditions for the interest in a corporate-owned annuity to grow tax deferred?	Corporate-owned annuities need to be written with a measurable life as the annuitant.
A participant contributes more than the maximum amount to her Roth IRA. What kind of tax penalty will he or she have to pay?	6%
In life insurance policies, cash value increases	Grow tax deferred.
Death benefits payable to a beneficiary under a life insurance policy are generally	Not subject to income taxation by the Federal Government
What is the main purpose of the Seven-pay Test?	It determines if the insurance policy is an MEC.
An employee quits her job where she has a balance of $10,000 in her qualified plan. If she decides to rollover her plan to a Traditional IRA, how much will she receive, if not a direct rollover, from the plan administrator and how long does she have to complete the tax-free rollover?	$8,000, 60 days
A policy owner cancels his life policy but instructs the insurance company to transfer the cash value of his policy to an annuity. This non taxable transaction is called	1035 exchange.
If a life insurance policy develops cash value faster than a seven-pay whole life contract, it is	A Modified Endowment Contract.
Which of the following describes the taxation of an annuity when money is withdrawn during the accumulation phase?	Withdrawn amounts are taxed on a last-in-first-out basis.
. A direct rollover or trustee-to-trustee transfer from one pension trustee to another pension trustee is	Not subject to the 20% withholding tax.
When must an IRA be completely distributed when a beneficiary is not named?	December 31 of the year that contains the fifth anniversary of the owner’s death.
Which of the following statements is INCORRECT concerning an IRA? 1) Married individuals can contribute into two separate accounts, up to a specified amount for each person. 2) Anyone with earned income can have an IRA. 3) Married individuals must contribute into one account for both spouses, up to a specified amount for each person. 4) An individual can contribute 100% of earned income up to a specified limit.	Married individuals must contribute into one account for both spouses, up to a specified amount for each person.
when the policy endows or is surrendered, any cash value that exceeds the amount the policy owner contributed with premium payments (excess of basis), it _____ taxable as ordinary income in the year it is received by the	is
As a general rule life insurance benefits are not taxable	True
The Tax Reform Act of ________ eliminated many traditional tax shelters	1984
If the annuity owner or the annuitant dies before the distributions begin, the entire interest must be distributed in full on or before April 1 st. of the calendar year that contains the fifth anniversary of the owner’s death, unless the owner is the designated beneficiary.	False
Keogh plans are provided specifically for	Self-employed.
All of the following would be eligible to establish a Keogh retirement plan EXCEPT 1) A sole proprietor of film development store with no employees. 2) A hair dresser who operates her business in her home. 3) The president and employee of one’s family’s corporation. 4) A sole proprietor of a service station who employs four employees.	The president and employee of one’s family’s corporation
Which of the following scenarios will incur a 10% tax penalty on distributions?	Distributions are made on a policy before age 59 1/2
Ted and Fred are attorneys at law and operate their practice as a partnership. They want to start a program through their practice that will provide retirement benefits for themselves and three employees. They would likely choose	HR-10 (Keogh plan).
A tax sheltered annuity is a special tax-favored retirement plan available	Certain groups of employees only, like public educators.
Which of the following is an example of a non- qualified retirement plan	Executive bonus plan
Which of the following describes the tax advantage of a qualified retirement plan?	Contributions and earnings of the plan are exempt from the employee’s taxable income
All of the following are general requirements of a qualified plan EXCEPT 1) The plan must provide an offset for social security benefits. 2) The plan must be communicated to all employees. 3) The plan must be for the exclusive benefits of the employees and their beneficiaries. 4) The plan must be permanent, written and legally binding.	The plan must provide an offset for social security benefits.
If a retirement plan or annuity is "qualified", this means	It satisfies all requirements of the Internal Revenue Service for favorable tax treatment.
An employer has sponsored a qualified retirement plan for its employees where the employer will contribute money whenever a profit is realized. What is this called?	Profit sharing plan
Which of the following is true concerning profit sharing plans that do not provide a specific formula for calculating the profits to be shared?	Contributions must be substantial and regular
Which of the following statements concerning a Simplified Employee Pension plan (SEP) is INCORRECT? 1) SEPs allow the employer to make annual tax deductible contributions up to 25% of an employee’s earned income, not to exceed $46,000. 2) SEPs limit participation to members of closely held corporations. 3) SEPs have a higher tax deductible contribution limit than an IRA. 4) SEPs offer ease of plan administration with minimal reporting requirements.	SEPs limit participation to members of closely held corporations.
The advantage of qualified plans to employers is	Tax deductible contributions.
Cinderella divorces Prince Charming at age 35 and collects distributions on their retirement plan as a result. What penalties will she have to pay?	None
Which of the following is true of a qualified plan? 1) It has a tax benefit for both employer and employee. 2) It does not need to have a vesting schedule. 3) It may discriminate in favor of highly paid employees. 4) It may allow unlimited contributions.	It has a tax benefit for both employer and employee.
Which of the following criteria is NOT correct regarding a qualified retirement plan? 1. The plan need not be permanent 2. The plan’s benefit or contribution formula cannot discriminate in favor or the so called ‘prohibited group’, which consists of the company’s officers, stockholders, and highly paid executives. 3. The plan must be for the exclusive benefit of the employees and their beneficiaries. 4. The plan must be approved by the IRS	The plan need not be permanent
Benefits are taxable to the plan participant when they are received during the retirement and when the retired person may be in a much lower tax bracket. Distributions prior to age 70 � impose a 10% tax penalty.	False
The primary difference between a SEP and an IRA is the much larger amount that can be contributed each year to a SEP	True
The contribution limit for a HR10 or Keogh plan is 100% of the total earned income up to $_____________ per year. The contribution is tax deductible and the funds accumulate interest on a tax deferred basis until they are withdrawn.	$45,000
A 401 (k) qualified retirement plan allows employees to take a reduction in their current salaries by deferring amounts into the retirement plan.Does it also allow the company to match the employee’s contribution?	yes
Annually Renewable Term	One Year Term
Level Term	Specific period of years with level premium
Decreasing Term	Death Benefit decreases each year
Incontestability Provision	Unique to insurance contracts
Restored to its original status	reinstatement provision
misstatement of age	policy adjustment allowed
accumulation period	earn tax differed interest
payout period	annuitization period
owner	purchases policy
annuitant	insured
receives payment	beneficiary
beneficiary	may elect lump sum or periodic payments
pure life	pays highest monthly benefit
life with refund	life with minimum guaranteed
The entire face amount of a policy will be included in a persons taxable estate if The entire face amount of a policy will be included in a persons taxable estate if 1. the insured person is the owner of the policy at the time of death. 2. the insured person’s estate is the designated beneficary at the time of the insured person’s death. 3. the insured person is the policy owner and assigns or transfers ownership of the policy, or makes a policy a gift within three years prior to his or her death, 4. all of the above	all of the above
oral surgery	an operation that might be required for extraction
endodontics	the treatment of the pulp inside the tooth
periodontics	the care and treatment of the gums
prothodontics	includes bridges and dentures
orthodontics	using braces and appliances for repositioning

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