Other

Question 1

Established when an insured plan member becomes totally disabled in order to maintain their life insurance benefits

Answer 1

Waiver of premium reserve for life insurance

Question 2

A portion of the groups benefit plan premium set aside for claims that are incurred in one contract year but not reported until the next contract

Answer 2

Incurred but not reported reserve IBNR

Question 3

Estimate of current value of all future payments to an LTD claimant

Answer 3

Disabled life reserve

Question 4

An annuity due is an annuity for which the cash flow occurs at the beginning of each.

Answer 4

Annuity Due

Question 5

An ordinary annuity is an annuity for which the cash flows occur at the end of each.

Answer 5

Ordinary annuity

Question 6

Where coordination of benefits guidelines apply with out of country healthcare claim, the first payer is the first plan/insurer that receives a claim. The first pair must manage and assess the claim. The first payer notifies the other plan to ensure coordination of benefits coverage. While other insurers may help in case management the first payer is responsible for the claim however the first payer is not liable for the claim if there is a clause in the insurance contract that exclude them from paying. It must advise individual and provide them with instructions to contact the other payer.

Answer 6

Out of country COB