1. Which of the following statements concerning the .docx

1. Which of the following statements concerning the usual
coordination-of-benefits (COB)
provision in group medical expense plans is (are) correct?
I. Coverage as a retired employee is primary to coverage as an
active employee.
II. Coverage as an active employee is primary to coverage as a
dependent.
A I only
B. II only
C. Both I and II
D. Neither I nor II
2. Which of the following statements concerning sick-leave
plans is (are) correct?

I. Most plans provide benefits equal to 100 percent of an
employee's regular pay.
II. Most plans contain a waiting period of 3 to 6 weeks before
benefits start.
A I only
B. II only
C. Both I and II
D. Neither I nor II
3. Which of the following statements concerning business
overhead insurance is (are)
correct?
I. These policies provide funds that can be used to cover many
of the ongoing
costs of operating a business while the owner is totally
disabled.
II. These policies tend to have benefit durations of 5 years or

more and have fairly
long waiting periods.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
4. Which of the following statements concerning a deferred
annuity is (are) correct?
I. Deferred annuities must be purchased with periodic
premiums paid over a period of
time.
II. Because of the delay feature, a deferred annuity is
unsuitable as a vehicle to
accumulate a sum for old age.
A. I only

B. II only
C. Both I and II
D. Neither I nor II
55. Which of the following statements concerning a joint-and-
last survivor annuity is (are)
correct?
I. It must be sold as an immediate annuity.
II. Annuity payments cease upon the first death of an annuitant.

A. I only
B. II only
C. Both I and II
D. Neither I nor II
6. Which of the following statements concerning a term life
insurance policy's convertibility
feature is (are) correct?
I. When the attained age method is used, the insured's age on
the date of the
conversion determines the premium rate for the new coverage.
II. When the retroactive (original age) method is used, the new
coverage uses the
insurer's contract that is effective on the date of the conversion.
A. I only

B. II only
C. Both I and II
D. Neither I nor II
57. Which of the following statements concerning insurers' use
of probability concepts is (are)
correct?
I. Using probability concepts enables an insurer to predict
losses for its entire
group of insured persons with complete accuracy.
II. Using probability concepts enables an insurer to eliminate
the possibility that its
losses and expenses will exceed its revenues.
A. I only
B. II only

C. Both I and II
D. Neither I nor II
8. Which of the following statements concerning the settlement
options in a whole life
insurance policy is (are) correct?
I. The policyowner must select a settlement option when
applying for insurance.
II. Settlement options provide alternative methods for
distributing the policy's death
benefit.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
59. In addition to most persons over age 65, which of the

following persons is (are) eligible for
9. In addition to most persons over age 65, which of the
following persons is (are) eligible
for Medicare Part A benefits?
I. Persons under age 65 who have been entitled to Social
Security disability
benefits for at least 24 months
II. Persons under age 65 who need long-term kidney dialysis
treatment or a kidney
transplant
A. I only
B. II only
c. Both I and II
D. Neither I nor II
10. Which of the following statements concerning optional life
insurance policy provisions is
(are) correct?

I. The accelerated benefits provision allows for withdrawal of a
portion of a policy's
death benefit if the insured is terminally ill.
II. The assignment provision describes the conditions under
which the policyowner
may have the right to transfer some or all ownership rights to
another person.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
11. Beth faces the risk that her car could run into someone
else's car as a result of her
negligence. If that happens, Beth would have to pay the costs of
repairing the other car.
This risk can be categorized as which of the following?

I. A liability risk
II. A speculative risk
A. I only
B. II only
C. Both I and II
D. Neither I nor II
12. Which of the following statements concerning annuities
utilized in structured settlements
is (are) correct?
I. If the claimant is expected to have a shorter life expectancy
due to the injuries,
the cost of a life annuity will be at rates higher than standard.
II. If the claimant is expected to have no reduction in life
expectancy due to the

injuries, the cost of a life annuity will be at standard rates.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
13. The key employees of a sole proprietorship are logical
choices to be purchasers of the
business at the sole proprietor's death for which of the
following reasons?
I. They are familiar with the business.
II. They want to protect their own future employment.
A. I only
B. II only

C. Both I and II
D. Neither I nor II
14. Which of the following statements concerning the use of
Medicaid to meet long-term care
needs is (are) correct?
I. It is available only if a person is poor or has a low income
and has exhausted
most other assets.
II. It eliminates the social stigma of accepting welfare.
A. I only
B. II only
C. Both I and II
D. Neither I nor II

15. Which of the following statements concerning the trust
endorsement to a personal auto
policy (PAP) is (are) correct?
I. The endorsement modifies the PAP to handle situations in
which the vehicle is
titled solely in the name of a trust.
II. A client who establishes a revocable living trust for estate
planning reasons may
need to add this endorsement to his or her PAP.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
16. A client who goes on a whitewater rafting trip is asked to
sign a hold-harmless agreement.
Which of the following statements about hold-harmless
agreements is (are) correct?

I. A hold-harmless agreement is a type of noninsurance
transfer.
II. A person signing a hold-harmless agreement promises to
assume responsibility
for losses that might otherwise be somebody else's
responsibility.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
17. Which of the following statements concerning the damages
involved in liability claims is
(are) correct?
Compensatory damages are designed to financially compensate
a claimant who

has suffered a loss.
II. Punitive damages are designed to indemnify a claimant for
pain and suffering.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
18. Which of the following statements concerning state high-
risk pools for individual medical
expense coverage is (are) correct?
I. As a result of state subsidies, premiums tend to be much
lower than in the
regular market place.
II. Benefits for preexisting conditions are often subject to a

waiting period.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
19. Which of the following statements concerning coinsurance
under group major medical
plans is (are) correct?
I. Different coinsurance percentages may apply to different
categories of medical
expenses.
II. The coinsurance percentage typically is applied to a person's
covered expenses
prior to subtracting the deductible amount.
A. I only

B. II only
C. Both I and II
D. Neither I nor II
20. All the following statements concerning the financing of
Social Security and Medicare are
correct EXCEPT:
A. Payroll taxes are deposited into trust funds from which
benefits and administrative
costs are paid.
B. The tax rate for self-employed persons is one-half of the
combined tax rate for
employees and employers.
C. The earnings base on which taxes are paid increases
annually based on changes in
the national level of wages.

D. The program uses a system of partial advance funding.
21. All the following statements concerning the federal income
tax treatment of insured group
medical expense plans are correct EXCEPT:
A. Contributions by the employer for an employee's coverage
are generally tax
deductible to the employer.
B. Contributions by the employer for an employee's coverage
create an income tax
liability for the employee.
C. A portion of employee contributions under a contributory
plan may be deductible to the
employee as a medical expense.
D. Benefits are taxable to an employee to the extent they
exceed any medical expenses
incurred.
22. Financial advisors often recommend a life insurance policy

gifting program to their clients
for all the following reasons EXCEPT:
A. A gift of life insurance usually has little effect on the donor-
insured's financial position.
B. A gift of life insurance immediately removes the policy's
proceeds from the
donor-insured's federal taxable estate.
C. Potential federal estate tax savings are significant.
D. The recipient is less likely to dispose of the policy foolishly
than he or she would if
receiving a gift of cash.
23. All the following statements concerning the findings of
behavioral psychologists on the
subject of risk tolerance are correct EXCEPT:
A. People are more likely to be risk averse if the major impact
of a loss would fall on
them rather than on strangers.
B. People tend to overestimate low-probability risks and
underestimate higher probability

risks.
C. Most people have a greater fear of unfamiliar risks than
familiar risks.
D. Most people are more risk tolerant than they are risk averse.
24. While Ruth was on a winter vacation, somebody stole the
large outdoor propane tank that
fuels her furnace. She returned home to find severe plumbing
damage because many
frozen pipes burst when her furnace stopped operating. The fish
in her aquarium also
died because of the lack of heat. She rented a hotel room,
because her house cannot be
occupied without heat or plumbing. Ruth has an H0-3 policy
with adequate limits. All the
following statements concerning her homeowners insurance
coverage for this incident are
correct EXCEPT:
A. It will pay the additional cost of living in a hotel while her
house is being repaired.
B. It will pay the cost of repairing her plumbing.

C. It will pay to replace her fish.
D. It will pay to replace the stolen tank and its contents.
25. Every insurance contract has a set of declarations. The
declarations of a typical
insurance policy include all the following information EXCEPT
A. exclusions
B. name of the insured
C. name of the insurer
D. effective date
Problems
The problems use the customer, orderTbl, and Employee tables
of the simplified Order Entry database. Chapters 4 and 10
extend the database to increase its usefulness. The customer
table contains clients who have placed orders. The orderTbl

contains basic facts about customer orders. The Employee table
contains facts about employees who take orders. The primary
keys of the tables are CustNo for Customer, EmpNo, for
Employee, and OrdNo for orderTbl.
Customer
CustNo
CustFirstName
CustastName
CustCity
CustState
Custzip
CustBal
C0954327
Sheri
Gordon
Littleton
CO
80129-5543
$230.00
C1010398
Jim
Glussman
Danver
CO
80111-0033
$200.00
C2388597
Beth
Taylor
Seattle
WA
98103-1121
$500.00
C3340959
Betty

Wise
Seattle
WA
98178-3311
$200.00
C3499503
Bob
Mann
Monroe
WA
98013-1095
$0.00
C8543321
Ron
Thompson
Renton
WA
98666-1289
$85.00
Employee
EmpNo
EmpFirstName
EmpLastName
EmpPhone
EmpEmail
E1329594
Landi
Santos
(303)789-1234
[email protected]
E8544399
Joe
Jenkins
(303)221-9875
[email protected]

E8843211
Amy
Tang
(303)556-4321
[email protected]
E9345771
Colin
White
(303)221-4453
[email protected]
E9884325
Thomas
Johnson
(303)556-9987
[email protected]
E9954302
Mary
Hill
(303)556-9871
[email protected]
OrderTbl
OrdNo
OrdDate
CustNo
EmpNo
01116324
01/23/2010
C0954327
E8544399
02334661
01/14/2010
C0954327
E1329594
03331222
01/13/2010

C1010398
02233457
01/12/2010
C2388597
E9884325
04714645
01/11/2010
C2388597
E1329594
05511365
01/22/2010
C3340959
E9884325
07989497
01/16/2010
C3499503
E9345771
01656777
01/11/2010
C8543321
07959898
01/19/2010
C8543321
E8544399
1) Write a create table statement for the customer table. Choose
data types appropriate for the DBMS used in your course. Note
that the custBal column contain numeric data. The currency
symbols are not stored in the database. The custFirstName and
custLast Name columns are required (not null).
2) write a create table statement for the Employee table.
Choose data types appropriate for the DBMS used in your
course. The EmpFirstNames, EmpLastName, and EmpEMail
columns are required (not null).

3) write a create table statement for the orderTbl table. Choose
data types appropriate for the DBMS used in your course. The
ordData column is required (not null).
4) Identify the foreign keys and draw a relationship draw a
relationship diagram for the simplified order entry database.
The CustNo column references the customer table and the
EmpNo column references the Employee table. For each
relationship, identify the parent table and the child table.
5) Extend your create table statement from problem (3) with
referential integrity constraints. Updates and deletes on related
rows are restricted.
6) From examination of the sample data and your common
understanding of order entry business, are null values allowed
for the foreign keys in the orderTbl table? Why or why not?
Extend the create table statement in problem (5) to enforce the
null value restrictions if any.
7) Extend your create table statement for the employee table
(problem 2) with a unique constraint for EmpEMail. Use a
named constraint clause for the unique constraint.
9) Show the result of a restrict operation that lists the customers
residing in seattle, WA.
10) Show the result of a project operation that lists the CustNo,
CustFirstName, CustLastName, column of the customer table.
12) Show the result of a natural join that combines the customer
and orderTbl tables.
15) Show the result of a one-sided outer join between the
Employee and orderTbl table. Preserve the rows of the orderTbl
table in the result.
16) Show the result of a full outer join between the Employee
and orderTbl table.
17) Show the result of the restrict operation on customers where
the condition is CustCity equals “Denver” or “Seattle” followed
by a project operation to retain the CustNo. CustFirstName,

CustLastName, and CustCity columns.
18) Show the result of a natural join that combines the customer
and orderTbl tables followed by a restrict operation to retain
only the Colorado customers (CustState=”CO”).
19) Show the result of a summarize operation on customer. The
grouping column is CustState and the aggregate calculate is
COUNT. COUNT shows the number of rows with the same
value for the grouping column.
20) Show the result of a summarized operation on customer.
The grouping column is CustState and the aggregate
calculations are the minimum and maximum CustBal values.
21) what tables are required to show the CustLastName,
EmpLastName, and OrdNo columns. In the result table?
24) What relational algebra operator do you use to find products
contained in every order? What relational algebra operator do
you use to find products contained in any order?
25) Are the customer and Employee tables union compatible?
Why or why not?
27) Using the database after problem (23), what tables must be
combined to list the products names ordered by customer
number C 09543227
IRM 3301: Chapter 9 Quiz
INSTRUCTIONS: Provide the # of each question with your
answer directly within the body of an e-mail.
Do not restate the question and - no attachments, please. You
can use your book, notes, and any other

study materials you developed throughout this course. This is
your own work and should be completed
exclusively by you.
1. In Chapter 9, the _________________ clause/provision
states that the policy (including any riders)
and the application constitute the entire contract.
2. Which of the following statements concerning assignment of
a life insurance policy is (are) correct?
I. The assignment provision in the policy specifies the
conditions under which the policyowner
may assign the policy.
II. The policyowner may assign the policy to someone who
lacks an insurable interest in the
insured’s life.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
3. What is a key requirement for applying for a life insurance
policy loan?
4.T/F Misstatement of age on an insurance application voids the
policy
5. Concerning the settlement options in a whole life insurance
policy, is the policyowner required to

select a settlement option when applying for insurance?
6. Nonforfeiture options in a whole life insurance policy include
all of the following EXCEPT
A. Accumulation at interest
B. Extended term insurance
C. Cash surrender
D. Reduced paid-up insurance
7. Every insurance contract has a set of declarations. The
declarations of a typical insurance policy
include all of the following information EXCEPT
A. exclusions
B. name of the insured
C.name of the insurer
D. effective date
IRM 3301: Chapter 7 & 8 Quiz

exclusively by you.
1. T/F The face amount of a survivorship insurance policy is
paid upon the death of the last of two or
more lives insured under the single contract.
2. T/F First-to-die policies are sometimes used for funding
business buy-sell agreements.
3. The social security tax rate for self employed persons is
different from W-2 employees in what way?
4. T/F The social security earnings base on which taxes are paid
increases quarterly based on changes in
inflation.
5. T/F Variable life insurance policies are fixed-premium
contracts.
6. T/F In all cases, variable universal life insurance policies
link the death benefit directly to investment
performance.

7. T/F Medicare may cover home health care services up to
certain limits.
8. All of the following are examples of social insurance
EXCEPT
A. Medicare supplement insurance
B. Workers’ compensation insurance
C. Social Security
D. Unemployment insurance
9. As of this year, Brad, aged 35, has 36 credits of covered
employment under the Social Security
program. These credits were all earned in the last 40 calendar
quarters. What is Brad’s insured status
under the program?
a) He is currently, fully, and disability insured
b) He is disability insured, but neither fully nor currently
insured
c) He is currently and fully insured, but not disability insured
d) He is currently insured, but neither fully nor disability
insured

10. Where must Medicare prescription drug plans allow for
participants to fill their prescriptions?
11. True/False Under a Medicare Advantage Plan, beneficiaries
may receive coverage that is broader
than original Medicare.
IRM 3301: Chapter 5 & 6 Quiz
exclusively by you.
1. A state requires prior approval of proposed rate changes only
if they exceed 5 percent of existing
rates. No prior approval is needed for proposed rate changes at
5 percent or less. This is an example of:
a) A use-and-file law
b) A file-and-use law
c) A flex-rating law

d) Open competition
2. In a certain insurance policy, although the insurer cannot
terminate the policy during its annual term,
the insurer has the right to refuse to renew a contract and the
right to alter policy provisions if the
contract is renewed. This type of renewable provision is
referred to as _____________________ .
3. In a valued insurance contract the amount of recovery
depends on
a. amount awarded by the courts
b. amount necessary to indemnify the policyholder
c. financial value of the contract
d. amount specified in the contract
4. You are an insurance agent working for an insurer that has
not yet gained approval from the dept of
insurance where you will be selling insurance. Your company
is known as
a. Alien insurer
b. Unregistered party
c. Unapproved firm
d. Unauthorized entity
5. In an insurance policy, the principle of _______________

ensures that there is no gain from a loss,
rather the insured is made whole. Provide an example of how
you’ve experienced this either through
business or personal insurance and risk management.

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