Free Life Accident and Health Insurance Basics Practice Questions
Pennsylvania Life, Accident & Health exam (series 16-03) — 118 practice questions.
Subtopics: Insurable interest, Risk classification, Life line of authority, Variable products, Insurable interest definition, Employer-owned life, Charitable ownership, Transfer of policy, Altering applications, Illustrations, Financial planner titles, Financial planning fees, Policy delivery date, Disclosure timing, Cost comparison, Disclosure exemptions, Viatical rescission, Viatical broker duty, Viatical notice to insurer, Viatical disclosures, Guaranty life limits, Senior advertising, Permitted exclusions, Health replacement notice, Guaranty health limits, Personal uses, Determining amount, Business uses, Viatical settlements, Classes of policies, Premium factors, Premium frequency, Producer responsibilities, Policy delivery, Company underwriting, Classification of risks, Legal concepts, Definitions of perils, Types of losses and benefits, Limited health policies, Replacing health insurance, Premium determination, Conditional receipt, Binding receipt, Insuring clause, Consideration clause, Free-look provision, Policy ownership, Third-party ownership, Mortality table, Level premium concept, Net amount at risk, Policy reserves, Living benefits of cash value, Attending physician statement, Inspection report, Declined risk, Flat extra premium, Replacement, Buyer's Guide, Controlling adverse selection, Premature death, Final expense insurance, Estate liquidity, Charitable uses, Survivorship policy, Juvenile insurance, Life settlement, Creditor insurable interest, Human life value, Application signatures, Third-party consent, Application changes, Incomplete application, Premium receipt, Substandard rating, Underwriting sources, Accelerated underwriting, Genetic information, STOLI, Needs analysis, Social Security, A&H types of losses, AD&D, Limited policies, Workers compensation, Subrogation, Health underwriting, Dependent coverage, Newborn coverage
Read the Life Accident and Health Insurance Basics study guide
Sample questions & answers
1. In life insurance, insurable interest must exist:
At the time the policy is applied for (inception)
For life insurance, insurable interest must exist at policy inception, not necessarily at the time of loss.
2. Grouping applicants as preferred, standard, or substandard based on expected mortality is:
Risk classification in underwriting
Sorting applicants into risk classes by expected loss is lawful underwriting, not unfair discrimination.
3. Under Pennsylvania law, the life line of authority covers life insurance and also includes:
Annuities, and may include accidental death and disability income
The life line covers insurance on human lives, including endowments and annuities, and may include accidental death and disability income benefits.
4. To sell variable life insurance and variable annuities in Pennsylvania, a producer needs a life license and:
FINRA registration; no separate state exam
The Department grants the variable life and variable annuity authority without a state exam to licensees who hold the required FINRA registration.
All Life, Accident & Health topics
Practice: Life Accident and Health Insurance Basics
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.
