Alaska Life & Health Insurance License Exam

Q1.In Alaska, what is the primary function of a waiver of premium rider in a life insurance policy?

1. It requires a separate application to be filed after the disability occurs.
2. It provides a cash payout to the insured to cover living expenses while disabled.
3. It only pays for premiums during periods of partial disability.
4. It pays the life insurance premiums if the insured becomes totally and permanently disabled.Correct

Q2.Under Alaska law, if an insured individual moves from a low-risk office job to a high-risk construction role, how may the health insurance policy handle the indemnity payments?

1. The insurer must pay the full benefit regardless of the hazard level.
2. The insurer may pay only the portion of indemnities that the original premium would have purchased for a more hazardous occupation.Correct
3. The premium remains unchanged for the hazardous work.
4. The policy is automatically voided upon the change to a high-risk role.

Q3.In Alaska, when applying change of occupation provisions in a disability income insurance policy, which classification of risk and premium rates must be used?

1. The last filed rates before the loss or proof of change in the state where the insured resided when the policy was issued.Correct
2. The filing from the date of policy issuance only.
3. The current filing at the time of the loss.
4. The most recent filing by the insurer regardless of the state of residence.