Health and Life Insurance
What would a physician utilize if he wanted to know if a treatment is covered under insureds plan?
Prospective review
The paid up addition option uses the dividend to?
Purchase a smaller amount of the same type of insurance as original policy
What insurance option would be considered a risk sharing arrangement?
Reciprocal
What entity does not regulate variable life policies?
The Guaranty Association
Insurers are required to acknowledge the receipt of claim within how many days?
10
If an insurer terminates a producer appointment, the commissioner must be notified within how many days
30
What is the duration of free look period for medicare supp policies
30 days
How much patient care must be provided after vaginal delivery?
48 hours
Under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within
90 days
How soon following occurrence of a covered loss must an insured submit written proof of loss
90 days not exceeding 1 year
What does liquidity refer to in a life insurance policy?
Cash values an be borrowed at any time
Occasional visits by _________ will not be covered under LTC health care
attending physician
When an insurer offers services like pre-admission testing, second opinions regarding surgery what would apply?
case management provision
Under which nonforfeiture option does the company pay the surrender value and have no further obligation to the policy owner
cash surrender
What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident?
common disaster clause
which component increases in the increasing term insurance
death benefit
Making false statements about the financial condition of any insurer that is intended to hurt business
defamation
A typical Accidental Death & Dismemberment policy covers all of the following losses EXCEPT
income
Under a health insurance policy, benefits, other than death benefits will be paid to?
insured
Annually renewable term insurance
level term insurance
When insured initiates the cancellation of a policy, the unearned premium will be refunded on a
short rate basis
The interest earned on policy dividends is (taxable or non )?
taxable
Once a viatical contract has been established, how long does the viator have to rescind the contract?
15 calendar days
Once a mail-order solicitation has been filed, how long may it be used?
2 years
In viatical settlement, a terminally ill insured is expected to live no longer than
24 months
What process will the insurance company use to monitor the insureds hospital stay to make sure everything goes according to schedule?
concurrent review
Which policy component decreases in decreasing term insurance?
face amount
What is an eligibility requirement for all social security disability income benefits?
fully insured status
Events or conditions that increase the chances of an insured loss
hazards
Example of limited pay life policy
life paid up to age 65
insured purchased insurance 5 years ago. Last year she received a dividend check and this year she did not. What type of insurer did she purchase the policy?
mutual
Using a class designation for beneficiaries means
naming beneficiaries as a group
Which entity established the do not call registry
Federal Trade Commission
Violation of unfair discrimination law may result in the following penalties except?
Fine up to 1000 per act
What entity has the authority to make changes to an insurance policy
Insurers executive office
What best describes bail out provision
It allows the owner to surrender the annuity without charge
What type of benefit helps pay for accidental injuries that are not severe enough to qualify as disabilities?
Medical reimbursement benefit
OBRA requires that a large group health plan must provide primary coverage for?
age 65 and not retired
What is a short term annuity that limits the amounts paid to a certain fixed period or until a certain fixed amount?
annuity certain
Which universal life option has gradually increasing cash value and level death benefit
Option A
Upon the submission of a death claim under a life insurance policy, when should the insurer pay the policy benefit?
immediately after receiving written proof of loss
Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?
option b
What kind of policy allows withdrawals or partial surrenders
universal life
