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Insurance Flashcards

1
Q

What are the dividend options with life insurance?

A

Cash
Reduce premium
Accumulate interest
Paid-up additions
One-year term policy

CRAPO

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2
Q

What are the nonforfeiture options for life insurance?

A

Cash surrender value
Reduced paid-up
Extended term insurance

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3
Q

Are life insurance premiums paid by the insured tax deductible by the insured?

A

No

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4
Q

Are group life insurance premiums paid by an employer deductible by the employer?

A

Yes

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5
Q

Are group life insurance premiums paid by the employer taxable income to the employee?

A

Only in excess of $50k

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6
Q

What year did the taxation of annuity withdrawals change from FIFO to LIFO?

A

1982

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7
Q

At what age can catch-up contributions begin for HSAs?

A

55

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8
Q

At what age do penalties for non-qualified medical expense distributions end for HSAs?

A

65

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9
Q

How long does COBRA continue for each circumstance?

A

18 months for termination or reduction of hours, 36 months for everything else

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10
Q

How does the taxation of disability insurance benefits work?

A

-if employee pays the premium with after tax dollars, premiums are not deductible and the benefits are tax free
-if employer pays the premium, the premiums are deductible to the employee, but the benefits are taxed
-if the employee pays with pre-tax dollars, benefits are taxed

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11
Q

What is the difference between named and open peril policies?

A

The named peril policies are basic and broad, and actually name what’s covered, whereas the open perils policies names what isn’t covered

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12
Q

What isn’t covered by Medicare Part B?

A

-dental care, dentures
-cosmetic surgery
-hearing aids
-eye exams

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13
Q

What is the coinsurance formula?

A

(Insurance face value / 80% x replacement cost) x loss, - deductible

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14
Q

What are the 6 ADLs?

A

BED To Chair

Bathing, Eating, Dressing, Transferring, Toilet, Continence

WALKING IS NOT AN ADL

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15
Q

Name the HOI forms

A

1 - basic
2 - broad
3 - open
4 - rental
6 - condo
8 - historic

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16
Q

What is the difference between a peril and a hazard?

A

Peril causes a loss,
Hazard creates or increases the likelihood of a loss

17
Q

What is the difference between implied, express, and apparent authority?

A

Implied: based on business cards, letterhead, signage, etc.
Express: agreement between the agent and the company
Apparent: when no authority actually exists

18
Q

What is the benefit period of Medicare Part A?

A

-begins on 1st day
-ends after 60 days of no further skilled care

19
Q

What is the deductible for Medicare Part A?

A

$1600 per benefit period

20
Q

What are the Medicare Part A costs after 60 days?

A

Days 61-90: $400
Days 91-150: $800

21
Q

What are the Medicare Part A skilled nursing costs?

A

1-20: free
21-100: $200 per day

22
Q

Are custodial care services provided by Medicare Part A?

A

No

23
Q

How many lifetime reserve days are there with Medicare Part A?

A

60 (days 91-150)

24
Q

How much does a child under 18 or a spouse with a child under 16 receive for purposes of
Retirement?
Survivorship?
Disability?

A

Retirement: 50%
Survivorship: 75%
Disability: 50%

25
Q

How much does a dependent parent receive for purposes of OASDI benefits?

A

0% for everything but Survivorship

26
Q

What is the social security definition of disability?

A

Expected to last 12 months or will result in death AND cannot perform the duties of any occupation

27
Q

What is the breakdown of OASDI and Medicare tax?

A

OASDI is 6.2% up to $160,200
Medicare is 1.45% with an additional .9% of income exceeds $200k/250

28
Q

What are the parts of a PAP?

A

A: liability
B: medical payments to others
C: uninsured motorists
D: damage to your auto
E: duties after an accident
F: general provisions

29
Q

Does HO3 cover watercraft?

A

Only boats up to 25hp

30
Q

What are the parts of HOI, and which are in each section?

A

Section 1
A. Dwelling
B. Other structures
C. Personal property
D. Loss of use

Section 2
E. Personal liability
F. Medical payments to others

31
Q

What are the basic named perils?

A

SLWFVVVHEART (slow favorite)

Smoke
Lightning
Wind(storm)
Fire
Vandalism
Volcano
Vehicles
Hail
Explosion
Aircraft
Riot
Theft

32
Q

What are the broad named perils?

A

FASFWD (fast forward)
Falling objects
Accidental overflow of water
Sudden bursting of appliances
Freezing of system or appliance
Weight of snow, sleet, ice
Damage from electrical current

33
Q

What are generally excluded from all HO policies?

A

Movement of ground (earthquake)
Ordinance or law
Damage from water (flood)
War or nuclear hazard
Power failure
Intentional act
Neglect (termites)

34
Q

What is one thing that will deem an employee ineligible for COBRA?

A

termination due to gross misconduct

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