FREE Life and Health Insurance Assessment Questions and Answers

Question 1

What is the MOST important thing for an insurance agent to think about when talking to a client about who should be the beneficiary of their life insurance plan?

Accepted Answer

Whether the insurance policy is court-ordered

Answer

Insurer rating

Answer

Length of the policy grace period

Answer

All of the above

Question 2

At the moment, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury has the power to:

Accepted Answer

Both United States and international insurance matters

Answer

Aspects of the United States insurance sector only

Answer

Annuities only

Answer

International insurance matters only

Question 3

Insurance is governed by:

Accepted Answer

States

Answer

Federal government

Answer

Counties

Answer

Local government

Question 4

The legislation that rules and regulates the insurance business is known as:

Accepted Answer

Insurance Regulatory Law

Answer

Insurer rights law

Answer

Risk avoidance law

Answer

NAIC model law

Question 5

Which of the following concerns is NOT a life insurance plan rider example?

Accepted Answer

Delayed acceptance rider

Answer

Waiver of premium for disability insurance rider

Answer

Return-of-premium insurance rider

Answer

Child insurance rider

Question 6

Which division of an insurance firm approves or denies applications and assigns risk categories?

Accepted Answer

Underwriting department

Answer

Finance department

Answer

Legal department

Answer

Claims department

Question 7

The 11 extra provisions that can be added to life insurance contracts are mostly restrictions on:

Accepted Answer

Insured

Answer

Third party administrator

Answer

Insurance company

Answer

Agent

Question 8

Who decides which of the 11 optional life insurance provisions will be part of an insurance contract?

Accepted Answer

Insurers

Answer

The states

Answer

Third-party administrators

Answer

Federal agencies

Question 9

A Qualified Health Plan is considered "affordable" as of January 2025 if the individual's premium contribution for the lowest priced plan does not exceed:

Accepted Answer

9.12% of the employee’s household income

Answer

12% of the employee’s take-home pay

Answer

5% of the national poverty level

Answer

$1000 annually

Question 10

Which of the following is not one of the Affordable Care Act's 10 categories of "minimum essential coverage (MEC)":

Accepted Answer

Cosmetic surgery

Answer

Emergency services

Answer

Outpatient care

Answer

Pregnancy, maternity and newborn care