Carrillo-3

A health insurance issuer offering coverage in the individual market must provide premium rebates if its medical loss ratio (MLR) is less than what percentage? 80%

80%

The group medical plan provision that applies when a claimant has coverage under more than one plan is known as Coordination of benefits

Coordination of benefits

Vision care insurance usually covers all of the following EXCEPT Eye surgery

Eye surgery

Which of the following requires a reporting company to respond to a consumer's complaint that his file contains inaccurate information about them Fair Credit Reporting Act

Fair Credit Reporting Act

Part-time nursing that follows a hospitalization and can be provided in a patient's home is covered under Home health care benefit

Home health care benefit

All of the following actions by a person could be described as risk avoidance EXCEPT Investing in the stock market

Investing in the stock market

People commonly purchase an annuity to protect agains the risk of Outliving their financial resources

Outliving their financial resources

All of the following statements about key person life insurance are true, EXCEPT: Premiums for key person life insurance are not tax-deductible.

Premiums for key person life insurance are not tax-deductible.

Why is having a large number of similar exposure units important to insurers? The greater the number insured, the more accurately the insurer can predict losses and set appropriate premiums

The greater the number insured, the more accurately the insurer can predict losses and set appropriate premiums

loss retention is an effective risk management technique when all of the following conditions exist, except The probability of loss is unknown

The probability of loss is unknown

Which of the following is the best reason to purchase life insurance rather than annuities To create an estate

To create an estate

Which of the following is NOT a goal of risk retention To minimize the insured's level of liability I the event of loss

To minimize the insured's level of liability I the event of loss

Which of the following is correct concerning the taxation of a Key Person Life Insurance Policy Premium and death benefit? premiums are not deductible as a business expense and the death benefit is not taxable to the company

premiums are not deductible as a business expense and the death benefit is not taxable to the company

The payor rider on a juvenile life policy provides that if the payor dies or becomes disabled before the insured juvenile reaches the age specified on the policy The insurer will make the payments until the insured juvenile reaches the specified age

The insurer will make the payments until the insured juvenile reaches the specified age

Which group provides information about health-related issues to the elderly in California The national health care anti-fraud association. The health insurance counseling and advocacy program (HICAP)

The national health care anti-fraud association. The health insurance counseling and advocacy program (HICAP)

Which of the following would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount Buy-sell agreement

Buy-sell agreement

All of the following are examples of risk retention EXCEPT Premiums

Premiums

When a licensed agent submits a renewal application with applicable fee on or before the expiration date: The agent will be able to operate for up to 60 DAYS after the specified expiration date

The agent will be able to operate for up to 60 DAYS after the specified expiration date

Concerning Part B of Medicare, which of the following is incorrect? It is paid entirely by FICA (SS) payroll taxes

It is paid entirely by FICA (SS) payroll taxes

Kayla's husband die in the plane crash. She needs a new source if funding that will help her put her child through daycare. Which of the following would be the best source. Life Insurance Proceeds

Life insurance proceeds

What is the term used when a person sells his assets as a way to gain money Liquidation

Liquidation

All of the following types of insurance pay benefits in addition to those paid by other insurance policies held by the insured EXCEPT Medical expense

Medical expenses

During the disability elimination period No benefits are payable

No benefits are payable

Medicare Part A provides coverage for all of the following except Physician services (it's covered by part B)

Physician services (it's covered by part B)

The Employee Retirement Income Security Act of 1974 (ERISA) mandates requiring plan sponsor to provide participants with Plan descriptions and benefit statements

Plan descriptions and benefit statements

Which type of insurance guarantees the right to renew the policy each year, regardless of health, but at an increased premium Renewable term

Renewable term

What is the purpose of "key person" insurance? TO cover deceased business earnings due to the death of a key employee

TO cover deceased business earnings due to the death of a key employee

A hospital confinement indemnity insurance policy pays The daily befit coverage amount stated in the policy for each day the insured is confined in the hospital

The daily befit coverage amount stated in the policy for each day the insured is confined in the hospital

Which of the following is a correct statement about life insurance policy types? The initial premium for term insurance is lower than the initial premium for whole life insurance

The initial premium for term insurance is lower than the initial premium for whole life insurance

Which provision will pay a portion of the death benefit prior to the insured's death due to a serious illness Accelerated death benefit

Accelerated death benefit

Regarding the health benefit exchanges, as created by PPACA, all of the following statements are true EXCEPT An individual enrolling in a bronze level plan is not eligible for reduced cost-sharing

An individual enrolling in a bronze level plan is not eligible for reduced cost-sharing

The risk management technique is used to prevent a specific loss by not exposing yourself to the activity is called Avoidance

Avoidance

What does "liquidity" refer to in a life insurance policy Cash values can be borrowed at any time

Cash values can be borrowed at any time

Under social security, the definition of disability is the inability to engage in Any substantial gainful activity

Any substantial gainful activity