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[General] Insurance Licensing PA-Life-Accident-and-Health Study Group | New PA-Life-Accide

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【General】 Insurance Licensing PA-Life-Accident-and-Health Study Group | New PA-Life-Accide

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Insurance Licensing Pennsylvania Life, Accident and Health Exam Sample Questions (Q100-Q105):NEW QUESTION # 100
A contract of indemnity is one in which
  • A. one party must adhere to the agreements written by the other party.
  • B. both parties are expected to act in complete honesty.
  • C. one party is obligated to assume the legal liability of another party.
  • D. one party is restored to the same financial position the party was in before the loss occurred.
Answer: D
Explanation:
Specified disease insurance policies provide coverage for particular diseases listed in the policy. The most common type of specified disease insurance is cancer insurance, which offers financial protection and support specifically for cancer diagnosis and treatment-related expenses. This type of policy helps cover costs not typically covered by standard health insurance, such as experimental treatments, travel, and accommodation during treatment.

NEW QUESTION # 101
The ownership provision of a life insurance policy states that during the insured individuals lifetime, the rights and privileges belong to the
  • A. owner only.
  • B. insured individual's family.
  • C. insured individual only.
  • D. beneficiaries.
Answer: A
Explanation:
Theownership provisionof a life insurance policy under Pennsylvania Life Insurance law states that allrights and privilegesof the policy belong to thepolicyownerduring the insured individual's lifetime. These rights include naming or changing beneficiaries, borrowing against cash value, assigning the policy, and surrendering the policy.
Pennsylvania-approved insurance study materials clarify that the policyowner may or may not be the insured.
When the owner and insured are different individuals, the insured does not automatically have control over policy decisions. Beneficiaries also have no rights while the insured is alive unless designated as irrevocable.
The insured's family likewise has no ownership rights unless specifically named as policyowners or irrevocable beneficiaries. Therefore, ownership rights rest exclusively with theowner only, making optionBthe correct and verified answer under Pennsylvania Life, Accident, and Health Insurance regulations.

NEW QUESTION # 102
Which is NOT a characteristic of a major medical expense policy?
  • A. Coinsurance
  • B. Elimination periods
  • C. Deductibles
  • D. Stop loss limits
Answer: B
Explanation:
Amajor medical expense policyunder Pennsylvania Accident and Health Insurance guidelines is designed to provide broad coverage for catastrophic medical costs. These policies are characterized by several standard features, includingdeductibles,coinsurance, andstop-loss limits.
Deductibles require the insured to pay a specified amount before coverage begins. Coinsurance requires the insured to share a percentage of covered expenses after the deductible is met. Stop-loss limits protect the insured by capping out-of-pocket expenses, after which the insurer pays 100% of covered costs.
Anelimination period, however, is not a feature of major medical insurance. Elimination periods apply primarily todisability income policies, where benefits begin only after a waiting period following the onset of disability. Medical expense policies pay based on incurred expenses rather than elapsed time.
Because elimination periods do not apply to major medical expense coverage, option C is the correct and verified answer under Pennsylvania insurance documentation.

NEW QUESTION # 103
The type of annuity in which all payments cease upon the death of an annuitant is referred to as a
  • A. life annuity.
  • B. terminal annuity.
  • C. variable annuity.
  • D. equity annuity.
Answer: A
Explanation:
Alife annuityis the type of annuity in whichall payments cease upon the death of the annuitant. Under Pennsylvania annuity principles, life annuities are designed to provide income that the annuitant cannot outlive, but they do not guarantee payments beyond the annuitant's lifetime.
Pennsylvania-approved insurance study materials explain that once the annuitant dies, no further payments are made to beneficiaries unless a specific settlement option or rider-such as a period certain or refund provision-was elected. Without such provisions, the insurer retains any remaining value, which is how the longevity risk is managed.
The other options are incorrect. Equity annuities and variable annuities describe investment structures, not payout duration. A terminal annuity is not a recognized annuity classification under Pennsylvania insurance definitions. Therefore,life annuityis the correct and verified answer according to Pennsylvania Life, Accident, and Health Insurance documentation.

NEW QUESTION # 104
An Insurance producer may NOT withdraw funds from a premium trust account to
  • A. return premiums to an insured.
  • B. return deposits to insureds.
  • C. pay premium to insurers.
  • D. pay claims to an insured.
Answer: D
Explanation:
In Pennsylvania, insurance producers who collect premiums must deposit those funds into apremium trust account. These accounts are regulated to protect consumer funds and ensure proper handling of premiums.
Pennsylvania insurance regulations clearly define how funds in a trust account may be used.
Permissible uses of trust account funds include paying premiums to insurers, returning unearned premiums or deposits to insureds, and holding funds temporarily until they are properly allocated. However,producers are strictly prohibited from paying claims directly to insureds from a premium trust account.
Claim payments are the responsibility of the insurance company, not the producer. Allowing producers to pay claims would expose consumers to financial risk and violate fiduciary standards. Such an action could result in serious penalties, including license suspension or revocation.
Because paying claims to an insured is not an authorized use of a premium trust account, option B is the correct and verified answer.

NEW QUESTION # 105
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