ICA Logo
The IQ logo

Q&A: Test Your Knowledge

Q&A: Test Your Knowledge
  1. C1 Language of Medicine
    Two forms of arthritis are osteoarthritis (OA) and rheumatoid arthritis (RA). With respect to these two types of arthritis, it generally is correct to say that:
    1. both OA and RA involve the joints, and both can be treated with aspirin and other analgesics to relieve inflammation and pain.
    2. both OA and RA involve the joints, but only OA can be treated with aspirin and other analgesics to relieve inflammation and pain.
    3. only OA involves the joints, and only OA can be treated with aspirin and other analgesics to relieve inflammation and pain.
    4. only RA involves the joints, and only RA can be treated with aspirin and other analgesics to relieve inflammation and pain.
  2. Course C2 Life and Health Insurance Law
    Marcus Emory was the policyowner-insured of a $75,000 life insurance policy that contained a one-year contestable period and a typical suicide exclusion provision with a two-year suicide exclusion period. Mr. Emory committed suicide 20 months after his policy became effective, and the beneficiary filed a claim for the policy benefit. In situations such as this, the general rule is that the beneficiary of the policy is entitled to receive:
    1. $0, because the insured committed suicide during the suicide exclusion period.
    2. a refund of all premiums paid, less any indebtedness, because the fact that the contestable period had expired does not bar the insurer from asserting the suicide exclusion.
    3. $75,000, less any indebtedness, because insurance industry regulations prohibit an insurer from including in a policy a contestable period that is shorter than the suicide exclusion period.
    4. $75,000, less any indebtedness, because the fact that the contestable period had expired means that the insurer will be barred from asserting the suicide exclusion.
  3. C3 Claim Administration
    Abdul Hafeez, a United States resident, was the policyowner-insured of a life insurance policy that named his son, Rafik, as the policy beneficiary. Upon Abdul's death, the insurer was unable to locate Rafik, so the policy proceeds became subject to unclaimed property statutes. According to the National Association of Insurance Commissioners (NAIC) Uniform Disposition of Unclaimed Property Act, if the insurer is still unable to locate Rafik after a specified period of time, usually seven years, the policy proceeds become subject to the unclaimed property statutes of the state in which:
    1. Abdul died.
    2. The policy was issued.
    3. Rafik was last known to live.
    4. Abdul was living at the time of his death.
  4. C4 Management of Claim Operations
    Claim examiners at the Valient Life Insurance Company use the tool below to aid in their decisions to pay or deny claims: The qualitative decision-making technique Valient is using in this situation is known as a:
    1. brainstorming technique.
    2. game theory.
    3. payoff matrix.
    4. decision tree.

Correct Answers:

  1. C1-B
  2. C2-B
  3. C3-C
  4. C4-D