General Review Flashcards
How is the National Association of Insurance Commissioners (NAIC) involved in the regulation of insurance?
The NAIC is indirectly involved in the regulation of insurance through the exchange of information and preparation of recommendations. The NAIC also accredits state insurance regulatory offices.
Describe some benefits of a noncancelable health insurance policy
The premium is fixed and cannot be increased during the policy period.
When are funds lost from an FSA?
2 and a half months after the end of the plan year
What are the disability requirements for receiving Social Security
- Must be disabled for 5 months
- Unable to perform the duties of any occupation
- The disability is expected to last for 12 months or result in death
Is longevity insurance expensive
No. Longevity insurance is usually a deferred annuity purchased at retirement age and payable around 20 years later, this generally puts the payable age past life expectancy so the cost is kept affordable.
Are replacement cars covered under Part A of the Personal Auto Policy
No
Are borrowed cars covered under Part A of the Personal Auto Policy
Yes
Are rented cars covered under Part A of the Personal Auto Policy
Yes
What coverage applies to a pedestrian being hit by the insureds vehicle?
This is covered under the liability insurance.
What perils are excluded from an HO-3 policy
Earth movement Power failure Nuclear hazard Collapse, neglect, wear and tear Mold, fungus, rot Smog, corrosion, smoke, pollutants Law, government action, war Construction theft, vandalism Birds, vermin, owned animals Water damage
Section II is the same across all HO policies, what is it?
Personal Liability
If an auto insurance policy coverage is 10/25/15, what is the coverage
$10,000 - Bodily injury for one person
$25,000 - Bodily injury for all persons
$15,000 - Property damage
What ranges are the following ranks for FICO scores? Poor Fair Good Very Good Exceptional
Poor - 300-579 Fair - 580-669 Good - 670-739 Very Good - 740-799 Exceptional - 800-850
How are Supplemental Security Income benefits funded
By the U.S. Treasury through Trusts:
Hospital Insurance Trust for Medicare Part A
Supplementary Medical Insurance Trust for Medicare Part B
