learn as you go 2
an ind. purchased a 100,000 joint life policy on himself and wife. 8 years later, he died in an automobile accident. how much will his wife receive
100,000
which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost?
Indemnity
which of the following does the insuring clause not specify
a list of available doctors (lists the insured, insurance company, what kind of losses are covered, for how much the losses would be compensated.
an ind. has been diagnosed with Alzheimers dz. He is insured under a LI policy with accelerated benefits rider. Which of the following is true regarding taxation of the accelerated benefits
a portion of the benefit up to a limit is tax free; the rest is taxable income.
Parts of medicare
a; hospital expenses. b; doctor expenses. c; allows people to receive all of their health care services through available provider organizations. d; prescription drugs.
In reference to the standard Medicare Supplement benefits plans, what does the term standard mean?
all providers will have the same coverage options and conditions for each plan.
a health insurance policy that pays a lump sum if the insured suffers a heart attack or stroke is known as
critical illness (critical illness policy covers multiple illnesses, such as heart attack, stroke, renal failure, and pays a lump sum benefit to the insured upon the diagnosis)
During a partial withdrawal from a universal life policy, which portion will be taxed?
interest
during replacement of joint life insurance, a replacing insurer must do which of the following
obtain a list of all life insurance policies that will be replaced
under a disability income policy, the insurer does not pay a monthly benefit that is equal to the insured's previous income. The reason for paying a benefit amount that is less than the insured's income is to
prevent over utilization and malingering.
which of the following is correct about medicare?
program provides complete medical care at no cost, part b is available to the insured at no cost, it is a federal program for welfare recipients.
which of the following statements about occupational vs. nonoccupational coverage is true
disability insurance can be written as occupational or nonoccupational (all disability insurance can be written on either an occupational or nonoccupational basis)
fixed period
if a beneficiary wants a guarantee that the benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?
an insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Which of the following best describes this practice?
illegal
an insurer receives a report regarding a potential insured that includes the insured's financial status, hobbies and habits. what type of report is it
inspection report
an insurer wishes to compare the info given in an insurance app. with previous ins. apps. by the same applicant but for diff. companies. What org. can help the insurer accomplish this
the MID (medical information bureau)
which of the following is true about the requirements regarding HIV exams
the applicant must give prior informed written consent
what happens if a deferred annuity is surrendered before the annuitization period
the owner will receive the surrender value of the annuity.
the owner of a life insurance policy wishes to name two beneficiaries for the policy proceeds. What will the soliciting insurance producer say?
the policy owner can specify the way proceeds are split in the policy
