Definitions Flashcards
Modified endowment contract (MEC)
excessive first years premiums to pay-up future benefits in seven years.
Medicare free look period Length?
30 days
Family maintenance
monthly income for set time then lump sum
COBRA allows continued coverage for max of ____ months
36
Universal Life policy
Flexible premium, renewable TERM INSURANCE and a cash value account PREMIUMS, INTEREST DEPOSITED INTO CASH VALUE ACCOUNT
Florida Affordable health care act established to
provide group health insurance to employers with up to 50 employees
Medicare Part A
hospitalization
Medicare Part B
physician services, medical services, and supplies
Medicare Part C
managed care plans
Medicare Part D
Drugs
Aleatory
The possibility of Unequal value exchange ex: insured pays 500 and dies Insurer pays 50,000
Survivorship
both covered die then the beneficiary gets paid
Grace period for monthly premium health
10 days
Modified whole life
Premiums slightly larger than term insurance for first few years, then goes up
maximum number of employees an employer can have to start a SIMPLE retirement plan?
100
Automatic Premium Loan Option is not a what
NONFORFEITURE OPTION
Entire contract provision
application and policy contain all provision
is dismemberment covered by social security
NO
What rider has a payable portion of the policies face amount if nsured suffers from a terminal i l l n e s s or injury.
Accelerated benefit rider
Adjustable life insurance
Adjustable premiums, amounts and time (term/whole life combo)
Risk classification
An underwriters assessment of an applicant
Variable annuities are regulated by what 2 entities
DOFS & SEC
Are tax sheltered annuities RECEIVED tax free?
(for nonprofit organizations)TSA income is not tax free. Contributions are tax differed
Groups of Doctors contract with insurance companies at prearranged cost
Preffered Provider Organization PPO
Min grace period for HMO plans
10 days
Health Reimbursement Arrangements (HRA) reimbursements are received tax free if the employee
pays for qualified medical expenses
Level Premiums ___________ Then level off
Charge more than what is needed in the earlier years
A Return of premium life policy is a whole life policy with a _______ term rider
Increasing
How is The Life and Health Insurance Guaranty Association that pays claims if an insurance company becomes insolvent funded
By assessments from admitted insurance companies
