Free Types of Life Insurance Policies Practice Questions
Indiana Life, Accident & Health exam — 57 practice questions.
Subtopics: Group life eligibility, Group life conversion, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
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Sample questions & answers
1. An Indiana employer pays the entire premium for its group life plan. Who must the policy insure?
All eligible employees, except those who reject it in writing
IC 27-1-12-37(1)(B) requires a policy with no employee contributions to insure all eligible employees except those who reject coverage in writing (subject to evidence-of-insurability limits).
2. For an association to buy group life insurance in Indiana, it must have at least how many persons at the outset and have been active for how long?
100 persons and two years
IC 27-1-12-37(5) requires an association to have at least 100 persons at the outset, be organized for purposes other than obtaining insurance, and have been in active existence for at least two years.
3. A person losing Indiana group life coverage was never told of the conversion right. What is the latest the person can still convert?
60 days after the normal conversion period ends
IC 27-1-12-42 grants an extra period ending 15 days after notice is given, but it may never extend beyond 60 days after the normal conversion period expires.
4. Under IC 27-1-12-42, an extended conversion period arises when the insured person is not given notice of the conversion right at least how many days before the conversion period ends?
15 days
If notice is not given at least fifteen days before the end of the conversion period, the person gets an additional period expiring fifteen days after notice is given.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
