Accident/Health insurance policies Flashcards
What are the two types of Flexible Spending Accounts?
Health care accounts and dependent care accounts
What is the capital sum in Accidental Death and Dismemberment coverage?
A percentage of the principal sum
What is the purpose of a buy-sell agreement Im for health insurance policies?
To specify how the business will pass between owners when one of them dies or becomes disabled
What is the role of the gatekeeper in an HMO plan?
To control costs for the service of specialists
What is the primary purpose of disability income insurance?
To replace income lost due to a disability
What types of injuries and services will be excluded from major medical coverage?
Injuries caused by war, intentionally self inflicted, injuries covered by workers comp, regular dental/vision/hearing care, custodial care, and elective cosmetic surgery
/HealthWhat is the main principle of an HMO plan?
Preventive care
What is the purpose of a buy-sell agreement for health insurance policies?
To specify how the business will pass between owners when one of them dies it becomes disabled
How can an AD&D policy be written?
As a rider to a health insurance policy, or as a separate policy
What provision in disability income policies specifies the conditions that automatically qualify the insured for full disability benefits?
Presumptive disability
What does the amount of disability benefit that an insured can receive depend on?
The insureds income at the time of policy application
Who is the gatekeeper in an HMO?
A primary care physician
What is a presumptive disability provision?
Provision found in most disability income policies that specifies the conditions that will automatically qualify for full disability benefits
Which of the following is not true of a major medical health insurance policy?
A. It is designed to pay in a first dollar or expense basis
B. It usually had max benefit amount
C. The benefits are subject to deductibles
D. It is designed to cover hospital and medical expenses if a catastrophic nature
A
Which of the following would NOT cause the Death Benefit to increase?
A. Accidental Death Rider
B. Payor Benefit Rider
C. Guaranteed Insurability Rider
D. Cost of Living Rider
B
