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Overview of Disability Insurance FINAL EXAM (GA 47261) Copy

Posted on 01.03.19

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Question 1 of 39

1. Question
Which of the following is NOT another name for disability insurance?
- Liability insurance
- Disability income insurance
- Income protection
- DI
Question 2 of 39

2. Question
What is the primary goal of disability insurance?
- To protect the insured from costs that result from destroying company property.
- To insure an individual's income against any losses that result from a disability impairing that individual's ability to work.
- To insure an individual's physical body against any costs associated with treating a disability.
- To protect the insured from any court costs associated with injuring co-workers either on purpose or through negligence.
Question 3 of 39

3. Question
Originally conceived by a railway company, disability insurance was first known by which of the following names?
- Railway insurance
- Train insurance
- Accident insurance
- Happenstance insurance
Question 4 of 39

4. Question
Which of the following is true of the scope of disability policies?
- Disability policies have a much narrower scope than other lines of insurance.
- The scope of disability income insurance varies wildly and cannot be easily quantified.
- The fact that only the very young and the very old are in need of disability insurance policies significantly narrows their scope.
- Disability policies have a much broader scope than other lines of insurance.
Question 5 of 39

5. Question
Which of the following is not something covered by any available type of disability insurance?
- Wages lost due to occupation total disability
- Wages lost due to partial disability
- Liability of an insured person for injuries to another person
- Baggage and income lost due to unfortunate travel conditions.
Question 6 of 39

6. Question
Which of the following is an example of a principal type of loss covered by disability insurance?
- Fixed daily benefits for hospital confinement
- All available answers are examples of principal types of losses covered by disability insurance.
- Accidental death or dismemberment
- Loan payments becoming due while disabled.
Question 7 of 39

7. Question
Which of the following is not an example of a classification of disability coverages as determined by insurance regulations?
- Basic Car Expense Coverage
- Basic Hospital Expense Coverage
- Major Medical Expense Coverage
- Accident Only Coverage
Question 8 of 39

8. Question
A simple way to split disability insurance policies into categories is by looking at which of the following?
- Those that cover the insured against liability for injuries to third party individuals and those that do not.
- Those that only cover disability costs, those that cover disability and medical costs, and those that only cover medical costs.
- Those that cover costs associated with chronic illnesses, those that cover costs associated with some chronic illnesses, and those that do not cover costs associated with chronic illnesses.
- Expensive policies and inexpensive policies.
Question 9 of 39

9. Question
Which of the following is not one of the six paragraphs found in the Outline of Coverage?
- Benefits of This Policy
- Premium for This Policy.
- Drawbacks of This Policy
- Renewability of This Policy.
Question 10 of 39

10. Question
Who sets the regulations for the Outlines of Coverage?
- The insurer
- The agent
- The producer
- The Commissioner
Question 11 of 39

11. Question
Who receives benefits from blanket and group policies?
- An individual
- The heads of a household
- Members of eligible groups under circumstances specified in the Insurance Code.
- A master policy holder
Question 12 of 39

12. Question
Who gets issued blanket and group policies?
- The head of a household
- A master policyholder
- Members of eligible groups under circumstances specified in the Insurance Code.
- A producer
Question 13 of 39

13. Question
Who receives benefits from individual policies?
- An individual or the head of a household and their dependents
- A master policyholder
- Members of eligible groups under circumstances specified in the Insurance Code.
- The Insurance Commissioner
Question 14 of 39

14. Question
Individual policies are issued to which of the following?
- A master policyholder
- An individual or the head of a household
- Members of eligible groups under circumstances specified in the Insurance Code.
- The Insurance Commissioner
Question 15 of 39

15. Question
Which of the following policies allows the policyholder to have a direct contractual relationship with the insurer?
- A blanket policy
- A group policy
- An individual policy
- A health benefit plan.
Question 16 of 39

16. Question
Which of the following is most true of uniform provisions?
- All disability policies must include all the compulsory uniform provisions
- All disability policies must include all the compulsory uniform provisions and optional uniform provisions.
- All disability policies must include all the compulsory uniform provisions and at least one of the optional uniform provisions.
- All disability policies must include all the compulsory uniform provisions and may include one or more optional uniform provisions.
Question 17 of 39

17. Question
If a formal application for reinstatement of the policy is not required, what does the acceptance of a premium mean?
- That the policy is reinstated but all benefits are on hold until administrative charges and fees are paid.
- That the policy is not reinstated and the premium must be refunded.
- That the policy is immediately reinstated.
- The policy is not reinstated and the premium does not have to be refunded.
Question 18 of 39

18. Question
Under which of the following circumstances would the insured lose the right to change the beneficiary?
- The insured is found liable of injuries sustained by a co-worker.
- The insured makes an irrevocable designation of beneficiary.
- The insured overpays his or her premium
- The Insurance Commissioner decides that the insured needs to lose his beneficiary privileges.
Question 19 of 39

19. Question
A change in occupation from a less hazardous occupation to a more hazardous occupation would have what effect on the insured’s disability insurance?
- The benefits payable will be reduced to whatever his or her premium would have purchased had he been engaged in that occupation at the time of the premium's payment.
- The benefits payable will be increased to whatever his or her premium would have purchased had he been engaged in that occupation at the time of the premium's payment.
- His benefits would not change from what was agreed upon when he paid his premium and the insurance company would have to pay for any loss.
- His benefits would not change because it is unethical and unfair to supply benefits based on a person's occupation.
Question 20 of 39

20. Question
A change in occupation from a more hazardous occupation to a less hazardous occupation would have what effect on the insured’s disability insurance?
- The benefits will be reduced to whatever his or her premium would have purchased had he been engaged in that occupation at the time of the premium's payment.
- The benefits will be increased to whatever his or her premium would have purchased had he been engaged in that occupation at the time of the premium's payment.
- His benefits would not change from what was agreed upon when he paid his premium and the insurance company would have to pay for any loss.
- His benefits would not change because it is unethical and unfair to supply benefits based on a person's occupation.
Question 21 of 39

21. Question
If the insured has duplicating coverage with other insurers, and the insurer supplying disability insurance does not know about the duplication, what happens to the premiums that represent the proportion of disability insurance benefits that were not necessary?
- The premiums are lost and can never be refunded.
- The premiums go into a reserve that helps the insurer deal with potential losses
- The proportion of the premiums are refunded.
- The entirety of the premiums are refunded and the insurer is fined $100.
Question 22 of 39

22. Question
If the insured receives payment for a claim while they have an unpaid premium, which if the following happens under the unpaid premium provision?
- There is no unpaid premium provision.
- The insured would never be able to receive a claim and have an unpaid premium at the same time.
- The cost of the premium is added to the claim.
- The cost of the premium is deducted from the claim.
Question 23 of 39

23. Question
If the unpaid premium provision was omitted, would the insurer be able to cancel the policy during a period for which the premium was paid?
- Yes, the insurer would be able to cancel the policy whenever they wanted.
- No, without the unpaid premium provision only the insured would be able to cancel the policy during a period for which the premium was already paid.
- No, neither the insurer or the insured would be capable of cancelling the policy during a period for which the premium was already paid.
- Yes, only the insurer can cancel the policy regardless of the provisions put in place by the insured.
Question 24 of 39

24. Question
Which individual disability policies need to comply with the Minimum Benefit Law?
- None, that law is specifically for group policies
- Virtually all individual policies must comply
- None, that law is specifically for blanket policies
- Only about half of all individual policies must comply
Question 25 of 39

25. Question
Which of the following answers accurately describes franchise policies?
- Individual policies issued to employees of a common employer
- Group policies sold to nationwide franchises with each franchise having its own master policyholder.
- Premade group policies sold nationwide like a franchise.
- Individual policies that are sponsored by specific franchises in order to generate more money for the insured.
Question 26 of 39

26. Question
Which of the following is form of a group disability insurance policy?
- Father-son/daughter policy
- Borrower-purchaser policy
- Owner-seller policy
- Franchise-buyer policy
Question 27 of 39

27. Question
If an employer pays all or part of the premiums for a group policy, who is responsible for paying the premiums during work stoppages due to labor disputes?
- The employer
- The government
- The employees
- The Insurance Commissioner
Question 28 of 39

28. Question
Which of the following is not typically important information when underwriting individual disability insurance policies?
- The occupation of the applicant
- The health condition of the applicant
- A medical examination of the applicant
- The relationship status of the applicant
Question 29 of 39

29. Question
How are waivers used in disability insurance?
- The same way they are used in all other forms of insurance.
- As a way of excluding coverage for losses resulting from specified diseases that the insurer has decided are too expensive to treat.
- As a way of excluding coverage for losses resulting from specified disabilities of which the insured has a prior history.
- Waivers are not present in disability insurance.
Question 30 of 39

30. Question
Are insurers allowed to ask about an applicant’s personal history, past addictions, or criminal record when trying to determine disability insurance coverage?
- No, such questions are prying and inappropriate.
- Yes, The insurer may include questions in the application which the insurer believes pertinent for the underwriting of the particular type of policy applied for.
- No, the insurer would never be able to prove or disprove anything said by the insured so such questions would be a waste of time.
- Yes, insurers are required to do full background checks before insuring any new clients.
Question 31 of 39

31. Question
Which of the following would be most important for an accurate application for loss-of-time coverage?
- Economic insurability
- Other insurance
- Moral Hazards
- Health conditions
Question 32 of 39

32. Question
Why are an applicant’s other insurance policies important when an insurer is trying to determine disability insurance coverage?
- To help determine their moral hazards and potential risk.
- To help determine and avoid any duplicity present in the multiple plans.
- The help determine the insured's level of health and associated risks.
- To help determine how much they can spend on other insurance and, thereby, how much money that have in savings.
Question 33 of 39

33. Question
Which of the following answers is a definition of total disability?
- Total disability is not a term used in disability insurance policies.
- The inability to walk properly or move all five fingers.
- The inability to perform the important material or occupational duties required for the insured's occupation.
- The insured's inability to perform one or more, but not all, the material or important occupational duties required for the insured's occupation.
Question 34 of 39

34. Question
Which of the following answers is a definition of partial disability?
- Partial disability is not a term used in disability insurance policies.
- The inability to use one leg and one arm while still retaining mobility in at least one leg and one arm.
- The inability to perform the important material or occupational duties required for the insured's occupation.
- The insured's inability to perform one or more, but not all, the material or important occupational duties required for the insured's occupation.
Question 35 of 39

35. Question
Which individuals typically get issued nonoccupational policies?
- Individuals with especially safe occupations that would not need insurance otherwise.
- Individuals who have many insurance options.
- Individuals with especially hazardous occupations that would make them uninsurable otherwise.
- All disability policies are occupational. There are no nonoccupational policies.
Question 36 of 39

36. Question
Transportation tickets do not typically offer coverage for which of the following answers?
- Baggage lost while traveling during a specific journey
- Baggage lost while traveling during any future journey
- Losses attributed to injuries that happened during a specific journey
- Accidental death or dismemberment that took place during a specific journey.
Question 37 of 39

37. Question
Over which of the following aspects of disability insurance does the Insurance Commissioner have direct control?
- Credit disability insurance premiums
- Premium rate schedules for individual disability policies
- Premium rate schedules for group disability policies
- Group disability insurance premiums
Question 38 of 39

38. Question
What is the fine for an agent that issues or delivers a disability policy in willful violation of the law?
- $10
- $100
- $1,000
- $10,000
Question 39 of 39

39. Question
What can the Insurance Commissioner do to agents that willfully violate the law?
- Force the agent to move to another state
- Increase the agent's fine
- Revoke or suspend the agent's license
- Demote an agent to a pledge.

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