EXAM Flashcards
when an insured applies for reinstatement of a health policy and recieves a conditional receipt, how long does the insurer have to approve or deny
within 45 days of the date of application
typically, a disability income rider will pay
a monthly income for as long as the insured remains totally and completely disabled
extended residence in a nursing home is covered by a
long term care policy
if premiums are paid more frequently than annually, the policyowner can expect to
have a higher total outlay of dollars for the coverage for that year
on Nov 10 ozzies major medical policy is reinstated. he is later injured in an automobile accident on Nov 13 and immediately hospitalized. he is elidgable for
full benefits
periodic benefit payments must be made no less frequently than
monthly
the notice of claim provision states the insured notify the insurance company within…… days of a claim
20
the proceeds of a life insurance policy can be paid in a form other than lump sum called
settlement options
medicare advantage (part C) allows utilization of benefits through
HMO, PPO, or traditional insurer
the long term care partnership program is designed to allow seniors to
shelter assets from the spend down requirements of medicaid
what is not true regarding medicare supplement policies
must include a minimum 20-day free-look provision
what is true concerning the fixed period option?
the principal amount gradually decreases to zero
what will not result in an increase in life insurance policy dividends
higher reserves
janet is retired and looking to invest a lump sum of money through an insurance company. which product would be best suited for this?
annuity
medicare eligibility is typically based on
age
the witholding of facts in an insurance application is called
concealment
under a HMO service providers are paid a fixed monthly fee for each member. this is called
capitation
what is vesting?
the employees right to the employers contributions in a retirement plan if employment terminates prior to retirement
the period of time during which a surviving spouse doesnt qualify for social security survivor or retirement benefits is called
the blackout period
a policyowner can collect the face amount on what type of policy?
endowment policy
a collateral assignment allows a policyowner to assign
a portion of the policy proceeds to the assignee
john is an annuitant who has surrendered his annuity at age 55. what will he pay?
tax on the interest earned
A long term care policy has a minimum renewability level of:
guaranteed renewable
carol is a life insurance policyowner who has transferred her ownership to a third party in exchange for a percentage of the death benefit. what is this called?
viatical settlement agreement
eligible participants are required to make premium payments for which part of Medicare
part B
anita is an office clerk at the time she purchases a disability income policy. she later changes her career to a king crab fisherman. if she ever becomes injured on the boat, the change of occupation provision states that the insurer can
adjust the benefits
bart is injured and provides notice of a health claim to his insurer he later recieves the required claims forms. within how many days of the loss must bart file proof of loss with the insurance company?
90
jan is named irrevocable beneficiary of jim’s life insurance policy, what does he need her permission for?
to borrow the policy’s loan value
katherine is a retiree and was recently hospitalized for 10 days. which type of insurance policy would best cover her for excess hospital expenses?
medicare supplement
the premium payment mode which results in the highest total premium is
monthly
the notice of claim provison states that the insured notify the insurance company within…… days of a claim
20
a preferred provider organization (PPO) contract typically uses which payment arrangement
negotiated fee-for-service
a retirement plan intended for a sole proprietor and his/her employees would be an
keogh plan
what will not result in an increase in life insurance policy dividends
higher reserves
health maintenance organizations and preferred provider organizations are both considered to be
managed health care systems
what best describes a health maintenance organization
provides full medical services that stress preventative medicine
what is not an example of insurable interest
an airline insuring the lives of its passengers
why are insurance contracts said to be contracts of adhesion
one party writes the contract and the other party must accept the contract as written
at what point does a whole life policy pay the face amount
upon insureds death or reaching age 100
a collateral assignment allows a policyowner to assign
a portion of the policy proceeds to the assignee
within how many calender days must all clean electronic health insurance claims be paid in alabama
30
when can a lapsed life insurance policy usually be reinstated
within 3-5 years of policy lapsing
john is an annuitant who has surrendered his annuity at 55. what will he pay
tax on interest earned
a life insurance policyowner has just exercised the policy’s reduced paid up option. what is true
the amount of coverage will be much less than the original coverage
a life insurance producer’s agency agreement normally authorizes the licensee to do all of the following except
issue policies
tim has a universal life policy. the cash value growth in his policy is
interest sensitive
what will the insurance company pay once the stop loss is exceeded on a major medical policy
100% of covered expenses
buying land with the anticipation of it going up in value is an example of
speculative risk
john purchases insurance because he expects to experience a loss. this is known as
adverse selection
risk is best defined as the
uncertainty of loss
after the insurance company recieves a written request, an insured may have health insurance benefits paid to
anyone designated by the insured
katherine is a retiree and was recently hospitalized for 10 days, what type of insurance policy would best cover her for excess hospital expenses
medicare supplement
the long term care partnership program is designed to allow seniors to
shelter assets from the spend down requirements of medicaid
which of the following is true concerning the fixed period option
the principal amount gradually decreases to zero
under a HMO service prviders are paid a fixed monthly fee for each member. this is called
capitation
a policyowner can collect the face amount on what type of policy
endowment policy
