If Robert chooses to stay with his current insurer even after he becomes eligible for Medicare Part D, which of the following is true?

a. He will not be able to obtain Part D coverage after 31 days of becoming eligible.

b. He will be able to switch to coverage D with no penalty if he is over age 67.

c. He will be able to switch to coverage D at any time with no penalty.

d. He will have to pay a penalty fee to obtain Part D later.

Answer: D

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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The pro rata liability clause is designed to protect the principle of
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A domestic insurer issuing variable contracts must establish one or more
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Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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Which nonforfeiture option provides coverage for the longest period of time?
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Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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The pro rata liability clause is designed to protect the principle of
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What is the benefit of choosing extended term as a nonforfeiture option?
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All of the following statements concerning dividends are true EXCEPT:
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What is the purpose of establishing the target premium for a universal life policy?
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